Farmington, Jan. 31, 2023 (GLOBE NEWSWIRE) -- The global Underground Construction Equipment Market is expected to grow at a CAGR of 5.5% during the forecast period, 2023-2030. Underground construction equipment is a broad collection of devices used to excavate and tunnel beneath the earth's surface. This study segments the global market for underground construction equipment into four categories: tunnelling equipment, piercing tools, vibratory ploughs, and load and haul equipment. In addition, the report categorises the market by oil & gas, railway, highway, municipal engineering, and other applications.
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From 2023 to 2030, the underground construction equipment market is anticipated to increase by an average annual rate of 5.5%. This expansion will occur within the period of the forecast. The market's expansion may be to blame for the increasing demand to construct new infrastructure in all regions of the world and the rising investments in the transportation sector.
Underground Construction Equipment Market Recent Developments:
- Sandvik Mining and Construction, in partnership with Volvo Construction Equipment Europe, recently hosted a series of machinery demonstrations and customer events at Eskilstuna, Sweden, from the 4th – 7th of October.
- October 26, 2022: Tunnelling technology award for Herrenknecht
The award was given for the next innovation boost in the mechanised production of tunnel infrastructure in soft ground formations with and without water-bearing layers.
Underground Construction Equipment Market Segmentation Analysis:
Tunnelling equipment is a type of construction equipment used to excavate tunnels beneath the earth's surface. This category includes machines such as tunnel boring machines (TBMs), pipe jacking machines, and microtunnelling systems. Tunneling equipment is required for the construction of water and sewage systems, highways, and railroads.
During construction, piercing tools are used to break up soil and rock into smaller bits. The primary function of these tools is to dig a clean hole in which to bury pipelines or wires. They have replaceable steel and tungsten carbide tips.
Vibrating ploughs that move on their own are used to put in underground services like cables, pipes, and conduits. In addition to subsurface utilities, conduits and pipelines can also be installed. Each of these devices is equipped with a vibrating blade that is attached to the cutting surface. As the machine advances, the blade helps to pulverise the soil and rock.
Load-and-haul equipment is utilised in the construction and mining industries to load, transport, and dump various types of materials.
In 2019, the railway and highway application sector dominated the market and accounted for more than 40.0% of all global revenue. This is because more people are travelling, cities are expanding rapidly, and infrastructural demands are increasing. Because of these factors, there are more construction projects, which has led to the expansion of this industry. Other nations' governments, including those of China, India, Japan, and Germany, are also working on a variety of railway expansion projects.
The oil and gas industry makes extensive use of underground construction equipment, particularly for drilling and completing wells. In addition, it is anticipated that this market will expand significantly throughout the period covered by the study due to the increasing global demand for natural gas.
Regional Outlook:
During the projection period, it is anticipated that the Asia-Pacific region will continue to generate more revenue than the rest of the global market. The Asia-Pacific region held over 40.0% of the global market in 2019. In countries such as China, India, Japan, South Korea, and Australia, underground construction has become increasingly popular. This has contributed to the region's rapid economic growth in recent years. South Korea, Japan, and Australia are more countries in the region. In addition, the rapid growth of cities is anticipated to enhance the demand for infrastructure, which will further benefit the regional industry. Europe was responsible for more than 10% of the total in 2019.
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Scope of Report:
| Report Attributes | Details |
| Growth Rate | 5.5% from 2023 to 2030 |
| By Type | Tunnelling Equipment, Piercing Tools, Vibratory Plows, Load and Haul Equipment |
| By Applications | Oil & Gas, Railway and Highway, Municipal Engineering, Others |
| By Companies | Mitsubishi, Sandvik Group, Tenbusch Inc., Herrenknecht, CREC, CRCHI, Robbins, Tianhe, Wirth, Komatsu, NHI, Kawasaki, Ishikawajima-Harima, Terratec, SELI, Tianye Tolian, Geospatial Corporation, and Others |
| Base Year | 2022 |
| Historical Year | 2017 to 2021 |
| Forecast Year | 2023 to 2030 |
Underground Construction Equipment Market Key Segments Covered:
Top Market Players:
Mitsubishi, Sandvik Group, Tenbusch Inc., Herrenknecht, CREC, CRCHI, Robbins, Tianhe, Wirth, Komatsu, NHI, Kawasaki, Ishikawajima-Harima, Terratec, SELI, Tianye Tolian, Geospatial Corporation, and Others.
By Type
- Tunnelling Equipment
- Piercing Tools
- Vibratory Plows
- Load and Haul Equipment
By Application
- Oil & Gas
- Railway and Highway
- Municipal Engineering
- Others
Regions and Countries Covered
- North America: (US, Canada, Mexico, Rest of North America)
- Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
- Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
- The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
- Latin America: (Brazil, Argentina, Rest of Latin America)
- Rest Of the World
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