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Tunnel Global Market Report 2024 - By Share, Size, Industry Demand, Outlook By 2033
Tunnel Market
As per the report, 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 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%.
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Surging Road Traffic Ignites Growth In The Tunnel Market
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.
Innovations Drive Technological Transformation In The Tunnel Industry
Technological advancement is a key trend gaining popularity in the tunnel market. Major companies operating in the tunnel market are adopting technological advance solutions to strengthen their position in the market. For instance, in January 2023, Acciona S.A., a Spain-based construction and infrastructure company, introduced Digitunnel, a real-time tunnel technology that provides better control and ensures progress in tunnel construction projects. This technology is a solution that collects and combines huge amounts of real-time data generated at the project site, transforming it into information that is useful and accessible to all parties. This invention provides real-time updates on the status of the project, improves worker safety, and significantly reduces the need for human control and documentation. Moreover, this technology will quickly detect any potentially hazardous gases in the tunnel, improving worker safety.
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
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Major companies operating in the tunnel market report are China Railway Construction Corporation Limited, Bouygues Construction, Shanghai Construction Group Co, Ltd., Vinci Construction, Larsen & Toubro Limited, Eaton Corporation plc, Bechtel Corporation, Strabag SE, Skanska AB, Obayashi Corporation, Turner Construction Company, Kiewit Corporation, AECOM, Acciona, S.A., Taisei Corporation, Balfour Beatty plc, Salini Impregilo S.p.A., Sacyr, S.A., PORR AG, Tutor Perini Corporation, Aecon Group Inc., Granite Construction Incorporated, Hatch Ltd., Systra Group, McConnell Dowell Corporation, Construction Partners, Inc., Dragados USA Inc., Duro Felguera, S.A., 3TI Progetti S.p.A., Aktor S.A., ACS Group, Eiffage S.A.
Contents of the report:
1. Executive Summary
2. Tunnel Market Report Structure
3. Tunnel Market Trends And Strategies
4. Tunnel Market - Macro Economic Scenario
5. Tunnel Market Size And Growth
…..
27. Tunnel Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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