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Growing Infrastructure Development Activities Fueling The Growth Of The Market Due To Increasing Investment And Urbanization: Critical Driver Shaping the Tunneling And Rock Drilling Equipment Market in 2025
Tunneling And Rock Drilling Equipment Market
Tunneling And Rock Drilling Equipment Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
The market size for tunneling and rock drilling equipment has seen significant expansion in the recent past. Projected to increase from $13.8 billion in 2024 to $14.55 billion in 2025, it will witness a compound annual growth rate (CAGR) of 5.4%. This growth in the historical period is credited to the escalating demand for infrastructure development amidst increasing urbanization, growth in mining operations, rising demand for energy resources, as well as the boost in government spending on public works.
Tunneling And Rock Drilling Equipment Market Size Forecast: What's the Projected Valuation by 2029?
There is a forecast of robust increase in the market size of tunneling and rock drilling equipment, which is set to reach $17.76 billion by 2029, growing at a compound annual growth rate of 5.1%. Factors contributing to this expansion during the forecast period include heightened attention on renewable energy initiatives, a rise in smart city projects, an upward trend in construction automation and digitalization, a surge in investments towards transportation infrastructure, and an increased necessity for more effective tunneling methodologies. Key trends to watch out for include advancements in automation technologies, the advent of highly efficient drill rigs, innovative developments in tunnel boring equipment, improvements in remote monitoring and control systems, and high-performance, durable materials.
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What Are the Drivers Transforming the Tunneling And Rock Drilling Equipment Market?
The escalation in infrastructure development ventures is anticipated to spur the expansion of the tunneling and rock drilling equipment market in the foreseeable future. Infrastructure development refers to the orchestration, establishment, and upkeep of essential physical infrastructures such as transportation conduits, energy solutions, water and communication networks. Economic expansion and urbanization ignites these development activities, bolstering the demand for advanced transportation, energy, and public utilities systems. Tunneling and rock drilling equipment bolster these development ventures by facilitating effective subterranean excavation and rock removal, vital for the construction of tunnels, roads, and utilities. They enhance project pace and safeguard worker safety, aiding in the establishment of robust and intricate infrastructure systems. For example, the Office for National Statistics, a UK-based government department, reported in July 2024 that infrastructure investment in the market sector had reached $17.25 billion (£13.8 billion) in 2023, indicating a 3.9% rise from 2022. Consequently, these escalating infrastructure development ventures are catalyzing the expansion of the tunneling and rock drilling equipment market.
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What Long-Term Trends Will Define the Future of the Tunneling And Rock Drilling Equipment Market?
In the tunneling and rock drilling equipment market, top firms are concentrating on creating products that are technologically advanced and environmentally friendly, such as emission-free surface drills, to fulfil sustainability and regulatory requirements. These are drilling machines that are powered by electricity or other clean energy sources, designed to operate without emitting harmful gases. For example, in November 2023, Sandvik AB, an engineering and manufacturing company based in Sweden, rolled out its second battery-electric concept surface drill rig. This cutting-edge rig can drill down-the-hole (DTH) holes with diameters of up to 229 mm (9 inches). It combines battery-powered mobility with a highly reliable cable-connected system, delivering a hybrid structure that improves operational flexibility while minimizing emissions in surface drilling.
Which Segments in the Tunneling And Rock Drilling Equipment Market Offer the Most Profit Potential?
The tunneling and rock drilling equipment market covered in this report is segmented -
1) By Type: Tunneling Equipment, Rock Drilling Equipment
2) By Power Source: Electric, Hydraulic, Diesel, Other Power Sources
3) By Control Systems: Manual, Semi-Automatic, Automated
4) By Sales Channel: Direct Sales, Distributors And Dealers, Online Sales, Rental Services
5) By End-User Industry: Construction, Mining, Oil And Gas, Renewable Energy, Water And Wastewater Treatment
Subsegments:
1) By Tunneling Equipment: Tunnel Boring Machines (TBMs), Roadheaders, Continuous Miner, Shaft Boring Machines (SBMs), Drill and Blast Equipment
2) By Rock Drilling Equipment: Rotary Drilling Rigs, Percussion Drilling Equipment, Down-the-Hole Drills, Top Hammer Drills, Hydraulic Drills
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Which Firms Dominate the Tunneling And Rock Drilling Equipment Market by Market Share and Revenue in 2025?
Major companies operating in the tunneling and rock drilling equipment market are Caterpillar Inc., Komatsu Ltd., Liebherr-International AG (Liebherr Group), Atlas Copco AB, Xuzhou Construction Machinery Group Co. Ltd. (XCMG Group), Kawasaki Heavy Industries Ltd., SANY Group Co. Ltd., Sandvik AB, Hitachi Construction Machinery Co. Ltd., J.C. Bamford Excavators Limited (JCB Ltd.), Zoomlion Heavy Industry Science & Technology Co. Ltd., Epiroc AB, Astec Industries Inc., Boart Longyear Ltd., Sunward Intelligent Equipment Co. Ltd., Normet Group Oy, Herrenknecht Aktiengesellschaft (Herrenknecht AG), The Robbins Company, Furukawa Rock Drill Co. Ltd., China National Machinery Industry Corporation (SINOMACH) - Changlin Company.
Which Regions Offer the Highest Growth Potential in the Tunneling And Rock Drilling Equipment Market?
North America was the largest region in the tunneling and rock drilling equipment market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the tunneling and rock drilling equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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