Tunnel Boring Machine Market Report and Forecast 2025-2034

The global tunnel boring machine market stood at a value of around USD 6.65 billion in 2024. The market is further expected to grow at a CAGR of 6.00% in the forecast period of 2025-2034 to attain USD 11.91 billion by 2034.

Growing Awareness about the Advantages of Slurry Type TBM to Bolster the Growth of the Tunnel Boring Machine Industry

Based on machine type, slurry TBM accounts for a significant share in the market, owing to the growing awareness about the various advantages of this type, including high specific gravity and high viscosity, which pressure controls the cutting face, resulting in stability that is obtained even under high pressure. The diameter of slurry TBM is high, making it ideal for high-magnitude excavation. Meanwhile, the shielded TBM segment is anticipated to grow at a significant rate in the forecast period, owing to its suitability for a broad range of ground conditions. The shielded TBM can work efficiently in between tough rocks, soft strata, and fractured zones, among others. The product secures a large internal space, which enables safety maintenance and facilitates efficiency in operations.

The Asia-Pacific Accounts for a Significant Share in the Market

The Asia-Pacific is anticipated to be a significant region contributing to the growth of the market. This can be attributed to the increasing tunnel construction projects in countries like India, China, and South Korea, among others. Further, the market is expected to be aided by the increasing government investments towards the improvement of road and rail networks. A surge in government investments in tunnel projects to bolster the commutation between major cities is expected to aid the regional market.

Tunnel Boring Machine: Market Segmentation

A tunnel boring machine, also referred to as a mole, is a machine designed to excavate tunnels. The machine can carry out deep underground excavations, or can even excavate tunnels with a highly specific circular cross-section and sharp curves.

Based on machine type, the market is divided into:

• Slurry TBM
• Earth Pressure Balance Shield TBM
• Shielded TBM
• Multi-mode TBM
• Other Machines

On the basis of geology type, the industry is segmented into:

• Soft Ground
• Hard Rock Ground
• Heterogenous Ground
• Variable Ground

The significant end use of the product include:

• Road Transport
• Railway Transport
• Metro and Transit
• Utilities
• Mining
• Oil and Gas
• Others

The regional markets for the product include:

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

Rapid Development of Road and Railway Tunnels, Particularly in Emerging Nations, to Boost the Growth of the Tunnel Boring Machine Industry

The global tunnel boring machine industry is driven by the rapid urbanisation and industrialisation and the growing use of the product to develop road and railway tunnels. The increasing government expenditure towards the development of road and railway networks in emerging economies to enhance the convenience of the working class is aiding the industry growth. In addition, the rising travel and tourism sector in various countries is expected to be a significant factor driving the market growth. Over the forecast period, the increasing underground mining operations in developing countries are expected to provide a further impetus to the market.

Key Industry Players in the Global Tunnel Boring Machine Market

The report gives a detailed analysis of the following key players in the global tunnel boring machine market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• Komatsu Ltd.
• China Railway Engineering Equipment Group Co., Ltd.
• Herrenknecht AG
• Hitachi Zosen Corporation
• Kawasaki Heavy Industries, Ltd.
• Others

The comprehensive report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.