Press release
Transformative Trends Impacting the Tunnel Market Landscape: Innovations Drive Technological Transformation In The Tunnel Industry
Tunnel
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How Large Will the Tunnel Market Size By 2025?_x000D_
There has been a substantial growth in the tunnel market size over the past few years. The market, which is set to rise from $26.4 billion in 2024 to $27.74 billion in 2025, is expected to show a compound annual growth rate (CAGR) of 5.1%. The considerable growth observed in the historical period is due to factors such as urbanization and infrastructure development, environmental regulations, high population density and congestion, the need for emergency and security infrastructure, along with mining and resource extraction activities._x000D_
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How Big Is the Tunnel Market Size Expected to Grow by 2029?_x000D_
In the coming years, the tunnel market size is predicted to experience substantial growth, escalating to $36.07 billion by 2029, with a 6.8% compound annual growth rate (CAGR). The anticipated growth in the forecast period is likely due to factors such as the inclusion of renewable energy infrastructure, the implementation of smart infrastructure, high-speed rail projects, subterranean urban development, adaptation to climate change and trans-border transportation. Key trends forecast in this period encompass technological breakthroughs in tunneling, innovation in tunnel boring machine (TBM), emphasis on sustainability, resilience and security, digitization and the use of building information modeling (BIM)._x000D_
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Which Key Market Drivers Powering Tunnel Market Expansion and Growth?_x000D_
The surge in road traffic is predicted to fuel the expansion of the tunnel market in the future. Road traffic pertains to the flow of vehicles and people across any part of a network of roads intended for public use. Tunnels are built for transport in an effort to optimize the use of underground space by diverting traffic away from urban centers and minimizing environmental harm caused by significant modifications during construction. For example, a report issued by Government Technology, a US-based IT magazine, stated that in January 2023, drivers spent almost 4.8 billion hours in traffic in 2022. The report further said that in 2022, the average American driver lost $869 due to traffic delays, an increase from $305 in 2021. Consequently, the escalating road traffic is bolstering the expansion of the tunnel market._x000D_
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What Are the Key Trends Driving Tunnel Market Growth?_x000D_
The emergence of advanced technology is an increasing trend in the tunnel market. Significant enterprises within the tunnel market leverage these advanced technological solutions to bolster their market presence. For instance, Acciona S.A., based in Spain and specializing in infrastructure and construction, unveiled Digitunnel in January 2023. This real-time tunnel technology optimizes control and boosts progress in tunnel building projects. It is a solution that amasses and assimilates large quantities of real-time data from the project site, converting it into handy and valuable information for all stakeholder parties. This innovation offers real-time progress tracking, enhances worker safety, and remarkably diminishes the need for human supervision and documentation. In addition, this technology can swiftly identify any dangerous gases present in the tunnel, therefore increasing workers' safety._x000D_
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What Are the Emerging Segments in the Tunnel Market?_x000D_
The tunnel market covered in this report is segmented -_x000D_
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1) By Tunnel Type: Railway Tunnel, Highway And Roadway Tunnel_x000D_
2) By Material: Steel, Concrete, Composite Material_x000D_
3) By Application: Commercial Construction, Government Construction_x000D_
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Subsegments:_x000D_
1) By Railway Tunnel: Urban Railway Tunnels, Long-Distance Railway Tunnels _x000D_
2) By Highway Tunnel: Single-Bore Highway Tunnels, Multi-Bore Highway Tunnels _x000D_
3) By Roadway Tunnel: Underwater Roadway Tunnels, Urban Roadway Tunnels _x000D_
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Who Are the Global Leaders in the Tunnel Market?_x000D_
Major companies operating in the tunnel market include China Railway Construction Corporation Limited, Bouygues Construction, Shanghai Construction Group Co., Ltd., Vinci Construction, Larsen & Toubro Limited, Bechtel Corporation, Strabag SE, Skanska AB, Obayashi Corporation, Kiewit Corporation, AECOM, Acciona, S.A., Taisei Corporation, Balfour Beatty plc, Webuild S.p.A. (formerly Salini Impregilo), Sacyr, S.A., PORR AG, Tutor Perini Corporation, Aecon Group Inc., Granite Construction Incorporated, Hatch Ltd., Systra Group, McConnell Dowell Corporation, Dragados USA Inc., 3TI Progetti S.p.A., Aktor S.A., ACS Group, Eiffage S.A. _x000D_
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Which are the Top Profitable Regional Markets for the Tunnel Industry?_x000D_
North America was the largest region in the tunnel market in 2024. Europe is expected to be the fastest-growing region in the global tunnel market report during the forecast period. The regions covered in the tunnel market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa._x000D_
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