The Tunnel Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Tunnel Global Market Report 2024, The tunnel market size has grown steadily in recent years. It will grow from $25.63 billion in 2023 to $26.58 billion in 2024 at a compound annual growth rate (CAGR) of 3.7%. The growth in the historic period can be attributed to urbanization and infrastructure development, environmental concerns and regulations, population density and congestion, emergency and security infrastructure, mining and resource extraction.
The tunnel market size is expected to see steady growth in the next few years. It will grow to $31.22 billion in 2028 at a compound annual growth rate (CAGR) of 4.1%. The growth in the forecast period can be attributed to renewable energy infrastructure, smart infrastructure integration, high-speed rail projects, underground urban development, climate change adaptation, cross-border transportation. Major trends in the forecast period include technological advancements in tunneling, tunnel boring machine (TBM) innovation, focus on sustainability, resilience and security, digitalization and building information modeling (BIM).
The rising road traffic is expected to propel the growth of the tunnel market going forward. Road traffic refers to the movement of vehicles and pedestrians along any stretch of a network of roads that have been designated for public. Tunnels are constructed for transportation to provide the effective use of underground space through the rerouting of traffic from town centers and reducing landscape damage brought by major changes during construction. For instance, in January 2023, according to a report published by Government Technology, a US-based information technology magazine in the United States, drivers sat in traffic for almost 4.8 billion hours in 2022. According to the report, the average American driver lost $869 in 2022 due to traffic delays, up from $305 in 2021. Therefore, rising road traffic is driving the growth of the tunnel market.
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The tunnel market covered in this report is segmented –
1) By Tunnel Type: Railway Tunnel, Highway And Roadway Tunnel
2) By Material: Steel, Concrete, Composite Material
3) By Application: Commercial Construction, Government Construction
Major companies operating in the tunnel market are developing advanced technologies, such as tunneling intelligence solutions, to meet larger customer bases, increase sales, and increase revenue. Tunneling intelligence solution is a decision support system that integrates shift planning data, work progress data, asset tracking, and personnel tracking into one system for underground mines and tunnel sites. For instance, in May 2022, Epiroc AB, a Sweden-based manufacturer of mining and infrastructure equipment, launched Mobilaris Tunneling Intelligence. The distinctive feature of Mobilaris Tunneling Intelligence lies in its ability to elevate safety measures while simultaneously enhancing productivity. Veidekke Entrepenør AS, the initial adopter of these innovative solutions for a tunnel project north of Oslo in Norway, benefits from a comprehensive suite of tools. This includes planning, productivity enhancement, 3D situational awareness, reporting, and safety tools. Notably, Mobilaris Tunneling Intelligence significantly improves traceability and facilitates real-time planning and scheduling by leveraging data from ongoing operations.
The tunnel market report table of contents includes:
1. Executive Summary
2.Tunnel Market Characteristics
3. Tunnel Market Trends And Strategies
4.Tunnel Market analysis
5.Tunnel Market Size And Growth
6.Tunnel Segmentation
7.Tunnel Regional And Country Analysis
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27.Tunnel Competitive Landscape And Company Profiles
28.Tunnel Key Mergers And Acquisitions
29.Tunnel Future Outlook and Potential Analysis
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