North America Tunnel Boring Machine Market
A tunnel boring machine is used to excavate tunnels. The machine can bore through numerous ground conditions, such as soft ground, hard rock, variable, and heterogeneous ground. The tunnel diameters can range from 1 meter to ~16 meters. The machine is incorporated with an innovative navigation system to ensure that it digs precisely along the tunnel alignments. It is scrutinized 24 hours a day, seven days a week, and fully equipped with staff facilities. The machine is effective for catering smooth cut, together with constructing concrete shields around the bored tunnels. At the front end of the shield is a rotating cutting wheel, whereas behind the cutting wheel is a chamber. Tunnel boring machines are deployed in several major industries. The successful application of this machine depends on selecting a suitable equipment and cutting tools for the ground conditions to be encountered. Rising tunnel infrastructure upgrade and increase in tunnel safety regulations are also expected to boost the growth of the North America tunnel boring machine market during the forecast period of 2020 to 2027. Also, increasing infrastructure projects related to roads is expected to create a significant demand for tunnel boring machine in the coming years, which is further anticipated to drive the North America tunnel boring machine market.
North America is severely affected by the COVID-19 pandemic. North America, particularly the US, witnessed an unprecedented rise in the number of confirmed cases resulting in large-scale lockdown across different regions and industrial activities. It is one of the most important regions for the adoption and growth of new technologies due to favorable government policies to boost innovation, a huge industrial base, and the high adoption of automation in various industries, especially in developed countries such as the US and Canada. Hence, any hindrance on the growth of industries adversely affects the economic growth of the region. In January 2021, due to a pandemic, restrictions were imposed by British Columbia, Canada. Thus, it disrupted work at construction locations of a Rio Tinto hydropower project and BC Hydro’s Site C dam. The project is likely to resume operations after receiving an approval to surge the number of onsite workers to safely operate the tunnel boring machine. Moreover, the component manufacturer, supply chain, and distributor's lack of availability have significantly disrupted the production of tunnel boring machines. Thus, the market witnessed a drop in the demand from the end-users in 2020 and it is likely to recover from the impact of the COVID-19 pandemic in mid-2021.
Strategic insights for the North America Tunnel Boring Machine provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.
| Report Attribute | Details |
|---|---|
| Market size in 2019 | US$ 1,448.63 Million |
| Market Size by 2027 | US$ 2,106.47 Million |
| Global CAGR (2020 - 2027) | 5.2% |
| Historical Data | 2017-2018 |
| Forecast period | 2020-2027 |
| Segments Covered |
By Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The geographic scope of the North America Tunnel Boring Machine refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.
The tunnel boring machine market in North America is expected to grow from US$ 1,448.63 million in 2019 to US$ 2,106.47 million by 2027; it is estimated to grow at a CAGR of 5.2% from 2020 to 2027. The North America road infrastructure and construction industry is growing at an impressive pace due to rising population and urbanization levels, especially in the developed and developing countries of the North America. Rising government expenditure on infrastructure and swiftly growing road network expansions across all the countries are driving the North America market. Spending on new transport infrastructure in various potential countries and upgrade of existing infrastructure are fueling the demand for tunnel boring machines. Infrastructure upgrading activities, development of smart cities, and rise in trend of tunnel automation are some of the major factors fueling the North America market.
In terms of type, the slurry TBM segment accounted for the largest share of the North America tunnel boring machine market in 2019. In terms of geology, the soft ground segment held a larger market share of the North America tunnel boring machine market in 2019. In terms of end-user, the transportation segment held a larger market share of the North America tunnel boring machine market in 2019.
A few major primary and secondary sources referred to for preparing this report on the tunnel boring machine market in North America are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are Dalian Huarui Heavy Industry Group Co., Ltd.; Herrenknecht AG; Hitachi Zosen corporation; IHI Corporation; Kawasaki Heavy Industries, Ltd.; Komatsu Ltd.; TERRATEC Ltd.; The Robbins Company.
The North America Tunnel Boring Machine Market is valued at US$ 1,448.63 Million in 2019, it is projected to reach US$ 2,106.47 Million by 2027.
As per our report North America Tunnel Boring Machine Market, the market size is valued at US$ 1,448.63 Million in 2019, projecting it to reach US$ 2,106.47 Million by 2027. This translates to a CAGR of approximately 5.2% during the forecast period.
The North America Tunnel Boring Machine Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the North America Tunnel Boring Machine Market report:
The North America Tunnel Boring Machine Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The North America Tunnel Boring Machine Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the North America Tunnel Boring Machine Market value chain can benefit from the information contained in a comprehensive market report.
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