Global tunnel boring machine (TBM) market is anticipated to witness an exponential growth in the forecast period. A tunnel boring machine (TBM), also termed as a "Mole", is used to excavate tunnels with a circular cross section through a variation of rock and soil layers. They can be used for micro tunneling. Tunnel boring machines are used for special-purpose machines, mainly used in building tunnels for railways, roads, and pipelines.
The factors that propel the growth of the market include increasing demand, growing urbanization, technological advancement, increase in expenditure on railway and road infrastructure, rising construction activities and they are used as a substitute to drilling and blasting (D&B) procedures.
On the other hand, there are factors that may hamper the growth of the market including difficult to transport and high cost. Tunnel boring machine market is anticipated to expand at a significant CAGR in the upcoming period as the scope, product types, and its applications are increasing across the globe. Tunnel boring machine (TBM) market could be explored by type, application and geography. Market by type could span Soft Ground TBMs and Hard Rock TBMs.
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The key applications that could be explored in the market include Municipal Engineering, Railway and Highway, City Rail System and Others. The “Railway and Highway” segment led the tunnel boring machine (TBM) market in 2017 and will continue to lead in the forecast period. The key factors that may be attributed to the growth of market includes growing demand and increasing government funds.
Asia-Pacific accounted for the major share of the market in 2017 and will continue to lead in the forecast period. The factors that could be attributed to the growth include development of technology and industry, rising demand, increasing government spending on infrastructure and rapid rail and road network development in the region. Asia-Pacific is followed by North American and European region owing to increasing expenditure on roads in the region.
Some of the key players that fuel the growth of the tunnel boring machine (TBM) industry comprise CRCHI, Herrenknecht, CRTG, LNSS, Tianhe, Mitsubishi, Komatsu, Kawasaki, NHI, Terratec, IHI, Tianye Tolian, SELI, Xugong Kaigong, Hitachi Zosen, JIMT, and STEC. The leading companies are taking up partnerships, mergers and acquisitions, and joint ventures in order to boost the inorganic growth of the industry.
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