Dublin, Nov. 28, 2024 (GLOBE NEWSWIRE) — The “Tunnel Global Market Opportunities and Strategies to 2033” report has been added to ResearchAndMarkets.com’s offering.
This report describes and explains the tunnel market and covers 2018-2023, termed the historic period, and 2023-2028, 2033F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.
Growth in the historic period resulted from the strong economic growth in emerging markets, surging road traffic, rising demand for efficient transportation and rise in disposable income. Factors that negatively affected growth in the historic period include skilled labor shortages and rising material costs.
Going forward, the increasing infrastructure investments, increasing international trade and growing population and urbanization will drive the market. Factors that could hinder the growth of the tunnel market in the future include high construction costs.
The tunnel market is segmented by tunnel type into railway tunnel and highway and roadway tunnel. The highway and roadway tunnel market was the largest segment of the tunnel market segmented by tunnel type, accounting for 53.3% or $13.73 billion of the total in 2023. Going forward, the railway tunnel segment is expected to be the fastest growing segment in the tunnel market segmented by tunnel type, at a CAGR of 7.6% during 2023-2028.
The tunnel market is segmented by material into steel, concrete, composite materials and other materials. The concrete market was the largest segment of the tunnel market segmented by material, accounting for 54% or $13.93 billion of the total in 2023. Going forward, the composite materials segment is expected to be the fastest growing segment in the tunnel market segmented by material, at a CAGR of 9.3% during 2023-2028.
The tunnel market is segmented by application into commercial construction and government construction. The government construction market was the largest segment of the tunnel market segmented by application, accounting for 65.4% or $16.86 billion of the total in 2023. Going forward, the commercial construction segment is expected to be the fastest growing segment in the tunnel market segmented by application, at a CAGR of 8.6% during 2023-2028.
Asia-Pacific was the largest region in the tunnel market, accounting for 44.5% or $11.48 billion of the total in 2023. It was followed by North America, Western Europe and then the other regions. Going forward, the fastest-growing regions in the tunnel market will be the Middle East and Africa, where growth will be at CAGRs of 22.9% and 22.4% respectively. These will be followed by South America and Asia-Pacific, where the markets are expected to grow at CAGRs of 12.4% and 7.4% respectively.
The global tunnel market is fragmented, with a large number of small players operating in the market. The top ten competitors in the market made up to 9.33% of the total market in 2023. China Railway Construction Corporation Limited was the largest competitor with a 4.82% share of the market, followed by China Communications Construction Company, Ltd with 1.85%, Vinci SA with 1.15%, Skanska AB with 0.95%, Taisei Corporation with 0.17%, AECOM with 0.14%, Larsen & Toubro Limited with 0.14%, Shanghai Tunnel Engineering Co., Ltd with 0.05%, Turner Construction Company with 0.04% and Eaton Corporation PLC with 0.02%.
The top opportunities in the tunnel market segmented by tunnel type will arise in the highway and roadway tunnel segment, which will gain $5.82 billion of global annual sales by 2028. The top opportunities in the tunnel market segmented by material will arise in the concrete segment, which will gain $5.59 billion of global annual sales by 2028. The top opportunities in the tunnel market segmented by application will arise in the government construction segment, which will gain $6.56 billion of global annual sales by 2028. The tunnel market size will gain the most in India at $1.76 billion.
Market-trend-based strategies for the tunnel market include focus on innovations drive technological transformation in the tunnel industry, focus on integration of tunneling intelligence solutions for enhanced efficiency and safety, focus on integration of advanced wireless communication technologies in tunnel safety systems and focus on strategic collaborations and partnerships among market players.
Player-adopted strategies in the tunnel market include focus on strengthening business operations through new tunnel construction projects, focus on new project agreements to strengthen position in the market and focus on expanding business capabilities through strategic partnerships.
To take advantage of the opportunities, the analyst recommends the tunnel companies to focus on technological advancements to drive growth, focus on tunneling intelligence solutions for enhanced operational efficiency, focus on integrating advanced wireless communication technologies for tunnel safety, focus on railway tunnel segment, expand in emerging markets, continue to focus on developed markets, focus on strategic partnerships, provide competitively priced offerings, participate in trade shows and events and focus on targeting end-users in commercial construction segment.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 342 |
| Forecast Period | 2023 – 2033 |
| Estimated Market Value (USD) in 2023 | $25.8 Billion |
| Forecasted Market Value (USD) by 2033 | $50.9 Billion |
| Compound Annual Growth Rate | 7.0% |
| Regions Covered | Global |
Major Market Trends
- Innovations Drive Technological Transformation in the Tunnel Industry
- Integration of Tunneling Intelligence Solutions for Enhanced Efficiency and Safety
- Integration of Advanced Wireless Communication Technologies in Tunnel Safety Systems
- Strategic Collaborations and Partnerships Among Market Players
Markets Covered:
- Tunnel Type: Railway Tunnel; Highway And Roadway Tunnel
- Material: Steel; Concrete; Composite Materials; Other Materials
- Application: Commercial Construction; Government Construction
Competitive Landscape and Company Profiles
- China Railway Construction Corporation Limited
- China Communications Construction Co Ltd
- Vinci S.a.
- Skanska AB
- Taisei Corporation
Other Major and Innovative Companies
- AECOM
- Larsen & Toubro Limited
- Shanghai Tunnel Engineering Co., Ltd
- Turner Construction Company
- Eaton Corporation PLC
- Strabag SE
- Lane Construction Corp
- Kiewit Corporation
- Jacobs Solutions Inc
- SYSTRA
- PORR AG
- Rites LTD
- Tutor Perini Corporation
- VSL International
- Bouygues Construction
Key Mergers and Acquisitions
- Patel Engineering Acquired Shail Tunnelling
- PERI Acquired KERN Tunneltechnik
- Stantec Acquired ZETCON Engineering
- Hillcore Group Acquired Ruskin Construction
- Afrimat Acquired Lafarge South Africa
- SYSTRA Group Acquired Bamser
- Egis Group Acquired Italrom
- National Investment and Infrastructure Fund Acquired Navayuga Quazigund Expressway
- SYSTRA Group Acquired SWS Engineering
- M Group Services Acquired Skanska
- THI Investments Acquired WJ Group
For more information about this report visit https://www.researchandmarkets.com/r/jqc81i
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