Portland, OR, March 18, 2021 (GLOBE NEWSWIRE) -- According to the report, the global tunnel boring machine market was pegged at $5.4 billion in 2019 and is projected to garner $7.5 billion by 2027, registering a CAGR of 6.0% during the forecast period. The report provides an extensive analysis of market dynamics, top investment pockets, market definition & scope, key market trends and market size.
Growth in infrastructure in the railway and road highways, government investment in railway pipeline project, and rapid urbanization and industrialization among developing countries drive the growth of the global tunnel boring machine market. On the other hand, high cost and lack of flexibility and fluctuation in raw material prices curb the growth to certain extent. Nevertheless, technological advancements in tunnel boring machine with automation and rock cutting technology are anticipated to provide multiple opportunities to the market in the near future.
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Covid-19 Scenario-
- The outbreak of covid-19 has massively impacted the global market. The prolonged lockdown has disrupted the supply chain management and manufacturing activities.
- Nevertheless, the government bodies in various regions have now ensured unlock periods, and several region are now back on regular routine. This factor is anticipated to assist the industry to recoup soon.
The global tunnel boring machine market is segmented on the basis of machine type, geology type, end user, and region. Based on geology type, the heterogeneous ground segment dominated the market with nearly two-fifths of the total market in 2019 and is expected to maintain its top status till 2027. On the other hand, the soft ground segment is anticipated to manifest the fastest CAGR of 7.7% during the forecast period.
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Based on end-user, the metro & transit segment held the highest market share in 2019 with nearly one-third of the total market share. Furthermore, the segment is expected to lead the trail throughout the forecast period. In addition, the segment is also anticipated showcase the fastest CAGR of 6.9% throughout the forecast period.
Based on region, the market is analyzed across various regions including North America, Asia-Pacific, Europe, and Latin America, LAMEA. The market across Asia-Pacific held the largest share in 2019, contributing to about nearly half of the market, and is also expected to dominate the market throughout the forecast period. In addition, the region is also anticipated to portray a CAGR of 6.5% during the forecast period.
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Leading Players :
The report analyzes the key market players including Dalian Huarui Heavy Industry Group Co., Ltd., Herrenknecht AG, Hitachi Zosen Corporation, IHI Corporation, Kawasaki Heavy Industries Ltd, Komatsu Ltd., Northern Heavy Industries Group Co., Ltd. (The Robbins Company, Inc.), Qinhuangdao Tianye Tolian Heavy Industry Co., Ltd China Railway Construction Heavy Industry Co. Ltd., and China Railway Engineering Equipment Group Co., Ltd.
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