Fairfield Market Research Tunnel Boring Machine Market Size, Share, Growth, Trends 2030

Tunnel Boring Machine Market

Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)

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Industry: Chemicals & Materials

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This study intends to analyse diverse aspects of the global tunnel boring machine market. The insights offered in this report are expected to aid in market growth examination over the forecast timeline.

Key Report Findings

  • Greater investments toward infrastructural developments to boost TBM market growth prospects
  • Technological innovations to play a critical role in uplifting tunnel boring machine industry
  • Rampant urbanization to increase the demand for tunnel boring machines
  • Asia Pacific’s tunnel boring machine market to account for the maximum revenue share

Market Analysis in Brief

Tunnel boring machines are widely employed for underground construction applications. Tunnel excavations through a wide range of soil strata and rock types are afoot in the various parts of the world. An ascending number of civil tunnel construction projects, and escalating requirements coming in from the hard rock mining sector further indicate an influx of opportunities existing for vendors in the global tunnel boring machine market. In the light of remarkably growing infrastructural investments, consumption of tunnel boring machines will be buoyant in near term. Preliminary research shows ample opportunity residing in Asian markets. Amidst volatility of financial markets, consistent trade unrest, and evolving regulatory landscape, the global tunnel boring machine market expects a promising outlook.

Growth Drivers

Increasing Investments in Infrastructural Developments

There has been a steady increase in investments by governmental authorities toward the initiation or completion of several infrastructural projects, including transportation, water, and energy projects. This is most prominent in various emerging economies around the world. This is a major factor that is expected to have a positive influence on the growth trajectory of the global tunnel boring machine market. Moreover, greater importance is now being given to sustainable tunneling practices, specifically in using renewable energy sources to power TBMs and reducing the overall environmental footprint of tunneling projects. These factors are expected to have a profound impact on the further progression of the global tunnel boring machine market over the forecast period.

Technological Advances in Automation, and Rock-cutting Technology

Technological innovations are slated to play a key role in boosting the growth trajectory of the global tunnel boring machine market. Automation offers improved safety, reduced labor costs, higher productivity, and more efficient use of available resources. Whereas the use of technological innovations such as high-power water jets and diamond wire cutting for rock excavation purposes are slated to have a significant impact on adoption rates and further expansions prospects for the various players engaged in the tunnel boring machine market.

Growth Challenges

High Capital Costs, and Wide Availability of Alternative Tunneling Methods Create Hindrances

TBMs are expensive machines, both to manufacture and operate, making them cost-prohibitive for smaller-scale projects. Additionally, while tunnel boring machines are an effective and efficient method to tunnel, there are alternative methods that can be used in certain geological conditions. Alternative methods such as cut and cover or drill and blast tunneling may be more practical or cost-effective in certain situations. Factors such as these are expected to negatively influence the further progression of the global tunnel boring machine market in the years to come.

COVID-19 Impact

The onset of the COVID-19 pandemic resulted in the imposing of restrictions by respective governments on the movement of people and goods, as well as the hampered supply of necessary raw materials, among other operational hurdles. This led to a significant decline in generated revenues for many industries and this was no different for the global tunnel boring machine market. However, as restrictions were gradually relaxed, post the 3rd and 4th waves, the global tunnel boring machine market regressed to its pre-COVID state of projected operations.

Growth Opportunities Across Regions

Asia Pacific to Remain the Frontrunner

Owing to the increasing number of projects or initiatives being undertaken across various emerging economies in the Asia Pacific region due to elements such as growing population figures, higher investments, rapid urbanization, as well as strong economic growth are all expected to lead to this region accounting for the majority share of this global market. Europe is expected to follow suite, accounting for the second-highest market share, while North America’s tunnel boring machine market is expected to come in third.

Tunnel Boring Machine Market: Competitive Landscape           

Major players in the tunnel boring machine market include China Railway Construction Heavy Industry Co. Ltd., China Railway Engineering Equipment Group Co. Ltd., 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.), and Qinhuangdao Tianye Tolian Heavy Industry Co. Ltd., to name a few. To gain a competitive edge, various established industry players are now more focused on new product launches, partnerships, collaborations, acquisitions, and alliances.

Recent Notable Developments

  • In September 2022, China Railway Equipment Engineering Group and Sinohydro Bureau 14 jointly developed the “Hongyi," the largest diameter hard rock tunnel boring machine in the world

  • In June 2022, Kawasaki Heavy Industries Ltd. announced the delivery of Crystal Oasis, an 84,000 m3 LPG carrier, to Kumiai Navigation Pte Ltd.

  • In April 2021, Elon Musk’s The Boring Company raised about US$675 million in a ‘Series C’ funding to scale its underground Loop projects and create a next generation tunneling device

  • In July 2019, the Italian Government allotted US$33.79 Bn towards the development of a railway infrastructure project in the country

Regional Classification of Global Tunnel Boring Machine Market is Listed Below:

North America

  • U.S.
  • Canada


  • Germany
  • France
  • Spain
  • U.K.
  • Italy
  • Russia
  • Rest of Europe

Asia Pacific

  • China
  • Japan
  • India
  • Southeast Asia
  • Rest of Asia Pacific

 Latin America

  • Brazil
  • Mexico
  • Rest of Latin America

Middle East and Africa

  • GCC
  • South Africa
  • Rest of Middle East and Africa

*Regions and countries are subject to change based on data availability.

Key Elements Included In The Study: Global Tunnel Boring Machine Market

  • Tunnel Boring Machine Market by Product/Technology/Grade, Application/End-user, and Region
  • Executive Summary (Opportunity Analysis and Key Trends)
  • Historical Market Size and Estimates, Value and Volume, 2019 - 2022
  • Volume Consumption at Regional and Country Level, 2023 - 2030
  • Market Dynamics and Economic Overview
  • Market Size in Value and Volume, Growth Rates, and Forecast Figures, 2023 - 2030
  • Competitive Intelligence with Financials, Key Developments, and Portfolio of Leading Companies 
  • Regional and Product/Grade/Application/End-user Price Trends Analysis
  • Value Chain and Five Force’s Analysis
  • Regional/Sub-region/Country Market Size and Trend Analysis
  • Company Market Share Analysis and Key Player Profiles

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Our Research Methodology

Considering the volatility of business today, traditional approaches to strategizing a game plan can be unfruitful if not detrimental. True ambiguity is no way to determine a forecast. A myriad of predetermined factors must be accounted for such as the degree of risk involved, the magnitude of circumstances, as well as conditions or consequences that are not known or unpredictable. To circumvent binary views that cast uncertainty, the application of market research intelligence to strategically posture, move, and enable actionable outcomes is necessary.

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