Press Release
Press Release
The tunnel boring machine industry is being driven by the growing application of tunnel boring machines in the mining sector. This can be attributed to the numerous advantages of TBMs over drilling and blasting that pose challenges to the safety of workers. In this regard, with the use of TBM during the excavation process, the ground disturbance can be drastically reduced, resulting in a stable opening. Over the forecast period, the technological advancements in TBMs aimed at enhancing their efficiency and facilitating cost savings, are likely to provide impetus to the market growth. The market is expected to be further augmented by the thriving end use industries of the product including oil and gas, road transport, and rail transport, among others.
In Q1 2021, Hitachi Zosen Corporation and Kawasaki Heavy Industries, Ltd. (OTCMKTS: KWHIY) signed an agreement to start detailed studies for the establishment of a new company in the tunnel boring machine business, likely to open in October 2021. This will allow both the companies to expand their presence in the TBM industry in Europe, North America, and the Asia Pacific.
In terms of region, the Asia Pacific is estimated to account for a significant share in the market, owing to the rising government expenditure on tunnel development to bolster the rail and road networks. This factor is likely to propel the demand for TBM in the forecast period. Further, the growing mergers and acquisitions by major market players to expand their market presence are likely to contribute to the market growth in the forecast period.
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The major players in the global tunnel boring machine market are Komatsu Ltd., China Railway Engineering Equipment Group Co., Ltd., Herrenknecht AG, Hitachi Zosen Corporation, and Kawasaki Heavy Industries, Ltd., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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