Pune, India, Dec. 28, 2021 (GLOBE NEWSWIRE) -- The global tunnel boring machine market reached USD 6.2 billion in 2021 and is expected to grow at a CAGR of 5.80% during the forecast period, as per a recent market study by Quince Market Insights. A tunnel boring machine is also termed a mole machine. It is mainly to excavate tunnels through the soil and hard rock.
It is existing in several diameter sizes of 49 inches to 60 feet. It comprises a hydraulic braking system, cutter head, and conveyor. The cutter head revolves 360°. Alongside the tunnel surface under huge pressure, the cutter head eliminates rocks and mud from the surface of the tunnel.
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The surge in government capitalization for infrastructural growth is anticipated to drive the development of the market. On the other hand, high capitalization prices and lack of flexibility are anticipated to restrict the market growth.
Technological progression in rock cutting technology is expected to offer lucrative opportunities in the forecast period. The increase in acceptance of tunnel boring machines in the mining industry is anticipated to propel the development of the global tunnel boring machine market.
The surge in spending on road railway infrastructure and railway infrastructure growth in emerging economies such as China and India, and others, are anticipated to propel the development of the global tunnel boring machine market.
Unexpected outbreak of the COVID-19 had led to the execution of severe lockdown rules across numerous nations resulting in interruptions in export and import activities of tunnel boring machines. The QMI aims to offer several data of pre and post-pandemic impact on the tunnel boring machine market.
In the COVID-19 situation, several manufacturing industries in the market stopped their business manufacturing plants on account of lockdown implemented in different developing and developed economies. This stop directly impacted the sales of tunnel boring machine companies.
Additionally, the lack of raw materials and manpower impacted the supply chain of the market. On the other hand, the introduction of vaccines for COVID-19, and the reopening of manufacturing services are predictable to lead to the recovery of the tunnel boring machine market.
Market Segmentation
By Machine Type
There are several types of machine types in the tunnel boring machine market, some of the major types are slurry TBM, earth pressure balance shield TBM, shielded TBM, multi-mode TBM, open gripper TBM, and others.
The open gripper TBM segment is the fastest-growing segment in the forecast period. The growth is on account of increasing allowance and new product presentations likely to propel the segment growth in the forecast period.
By Geology Type
There are four major types of geology, which mainly include soft ground, hard rock ground, heterogenous ground, and variable ground.
The soft ground segment is projected to be the fastest-growing segment during the forecast period. There are several factors that are attributed to the growth of the market. Soft ground TBM is more appropriate when the water contented in the rock is significantly high (soily rock). The custom or dual-mode TBM are particularly designed for a precise rock type and terrain.
By End User
Transportation, utilities, metal & mining, oil & gas, and others are the major types of end users in the tunnel boring machine market.
The oil and gas segment is the fastest-growing sector. This is on account of high demand from this sector, which will propel market growth during the forecast period.
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By Region:
Europe holds the fastest growing market on account of surging tunneling schemes and infrastructure improvement projects throughout the region.
In addition, refurnishing schemes are emerging in European tunneling projects as a part of operational and safety requirements. On account of these factors, the demand for tunnel boring machines is expected to remain high in Europe during the projected time frame.
Key Companies Developments in the Market are
- September 2019- Terratec Ltd. (India), has come into a contract with Maharashtra Metro Rail Corporation Ltd. To ship four tunnel boring machines to India for Pune metro.
- March 2019-The first 1,800-tonne tunnel boring machine that will be primarily used to build Sirius Minerals 23-mile mineral transportation tunnel was authoritatively presented in Europe.
Some Major Findings of the Global Tunnel Boring Machine Market Include:
- Profiles of major market players operating in the global market include Kawasaki Heavy Industries, Ltd. (Japan), Komatsu Ltd. (Japan), Herrenknecht AG (Germany), Hitachi Zosen Corporation (Japan), China Railway Engineering Equipment Group Co., Ltd. (China), and Others.
- Impact of COVID-19 pandemic on the global tunnel boring machine market.
For more insights, please check report titled, “Global Tunnel Boring Machine Market, by Machine Type (Slurry TBM, Earth Pressure Balance Shield TBM, Shielded TBM, Multi-Mode TBM, Open Gripper TBM, Others), Geology Type (Soft Ground, Hard Rock Ground, Heterogenous Ground, Variable Ground), End Users (Transportation, Utilities, Metal & Mining, Oil & Gas, Others), Region (North America, Europe, Asia Pacific, Middle East & Africa, South America)” in-depth analysis along with the table of contents (ToC).
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