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.
The global tunnel market reached a value of nearly $25.79 billion in 2023, having grown at a compound annual growth rate (CAGR) of 5.9% since 2018. The market is expected to grow from $25.79 billion in 2023 to $36.93 billion in 2028 at a rate of 7.4%. The market is then expected to grow at a CAGR of 6.6% from 2028 and reach $50.88 billion in 2033.
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.
The global tunnel market reached a value of nearly $25.79 billion in 2023, having grown at a compound annual growth rate (CAGR) of 5.9% since 2018. The market is expected to grow from $25.79 billion in 2023 to $36.93 billion in 2028 at a rate of 7.4%. The market is then expected to grow at a CAGR of 6.6% from 2028 and reach $50.88 billion in 2033.
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.
Table of Contents
1 Executive Summary
6 Market Characteristics
7 Major Market Trends
8 Tunnel Market - Macro Economic Scenario
10 Global Market Size and Growth
11 Global Tunnel Market Segmentation
12 Tunnel Market, Regional and Country Analysis
13 Asia-Pacific Market
14 Western Europe Market
15 Eastern Europe Market
16 North America Market
17 South America Market
18 Middle East Market
19 Africa Market
20 Competitive Landscape and Company Profiles
21 Other Major and Innovative Companies
24 Key Mergers and Acquisitions
25 Opportunities and Strategies
26 Tunnel Market, Conclusions and Recommendations
27 Appendix
Executive Summary
Tunnel Global Market Opportunities And Strategies To 2033 provides the strategists; marketers and senior management with the critical information they need to assess the global tunnel market as it emerges from the COVID-19 shut down.Reasons to Purchase::
- Gain a truly global perspective with the most comprehensive report available on this market covering 15 geographies.
- Understand how the market is being affected by the coronavirus and how it is likely to emerge and grow as the impact of the virus abates.
- Create regional and country strategies on the basis of local data and analysis.
- Identify growth segments for investment.
- Outperform competitors using forecast data and the drivers and trends shaping the market.
- Understand customers based on the latest market research findings.
- Benchmark performance against key competitors.
- Utilize the relationships between key data sets for superior strategizing.
- Suitable for supporting your internal and external presentations with reliable high-quality data and analysis.
Description
Where is the largest and fastest-growing market for tunnel? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The tunnel market global report answers all these questions and many more.The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market’s history and forecasts market growth by geography. It places the market within the context of the wider tunnel market; and compares it with other markets.
The report covers the following chapters
- Introduction and Market Characteristics- Brief introduction to the segmentations covered in the market, definitions and explanations about the segment by tunnel type, by material and by application.
- Key Trends- Highlights the major trends shaping the global market. This section also highlights likely future developments in the market.
- Macro-Economic Scenario- The report provides an analysis of the impact of the Russia-Ukraine war, impact of the COVID-19 pandemic and impact of rising inflation on global and regional markets, providing strategic insights for businesses in the tunnel market.
- Global Market Size And Growth- Global historic (2018-2023) and forecast (2023-2028, 2033F) market values and drivers and restraints that support and control the growth of the market in the historic and forecast periods.
- Regional And Country Analysis- Historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison by region and country.
- Market Segmentation- Contains the market values (2018-2023) (2023-2028, 2033F) and analysis for each segment by tunnel type, by material and by application in the market. Historic (2018-2023) and forecast (2023-2028) and (2028-2033) market values and growth and market share comparison by region market.
- Regional Market Size and Growth- Regional market size (2023), historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison of countries within the region. This report includes information on all the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region.
- Competitive Landscape- Details on the competitive landscape of the market, estimated market shares and company profiles of the leading players.
- Other Major And Innovative Companies- Details on the company profiles of other major and innovative companies in the market.
- Competitive Benchmarking- Briefs on the financials comparison between major players in the market.
- Competitive Dashboard- Briefs on competitive dashboard of major players.
- Key Mergers and Acquisitions- Information on recent mergers and acquisitions in the market covered in the report. This section gives key financial details of mergers and acquisitions, which have shaped the market in recent years.
- Market Opportunities And Strategies- Describes market opportunities and strategies based on findings of the research, with information on growth opportunities across countries, segments and strategies to be followed in those markets.
- Conclusions And Recommendations- This section includes recommendations for tunnel providers in terms of product/service offerings geographic expansion, marketing strategies and target groups.
- Appendix- This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report.
Markets Covered:
1) By Tunnel Type: Railway Tunnel; Highway And Roadway Tunnel2) By Material: Steel; Concrete; Composite Materials; Other Materials
3) By Application: Commercial Construction; Government Construction
Key Companies Mentioned: China Railway Construction Corporation Limited; China Communications Construction Company; Ltd.; Vinci SA; Skanska AB; Taisei Corporation
Countries: China; Australia; India; Indonesia; Japan; South Korea; USA; Canada; Brazil; France; Germany; Italy; Spain; UK; Russia
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets; GDP proportions; expenditure per capita; tunnel indicators comparison.
Data Segmentation: Country and regional historic and forecast data; market share of competitors; market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Companies Mentioned
- China Railway Construction Corporation Limited
- China Communications Construction Company Ltd.
- Vinci SA
- Skanska AB
- Taisei Corporation
- AECOM
- Larsen & Toubro Limited
- Shanghai Tunnel Engineering Co., Ltd.
- Turner Construction Company
- Eaton Corporation PLC
- Patel Engineering Limited
- Gamuda Berhad
- SYSTRA Group
- Bamser
- Navayuga Quazigund Expressway Private Ltd (NQEPL)
- National High-Speed Rail Corporation Limited (NHSRCL)
- Shail Tunnelling & Infra Pvt Ltd
- PT Hutama Karya (Persero)
- Daewoo E&C
- Hyundai Engineering
- Construction Co Ltd
- Daelim Industrial Co Ltd
- LT Sambo Co Ltd
- CIMIC Group Limited
- Austunnel
- McConnell Dowell
- Bothar Boring & Tunnelling
- Hindustan Construction Company Limited
- Shapoorji Pallonji & Company Private Limited
- AFCONS Infrastructure Limited
- Shimizu Corporation
- Kajima Corporation
- JIM TECHNOLOGY CORPORATION
- Obayashi Corporation
- Seoyoung
- Epiroc AB
- Eiffage S.A
- Acciona S.A
- KERN Tunneltechnik SA
- SWS Engineering
- Webuild SpA
- SACYR S.A
- 3TI Progetti S.p.A
- ACS Group
- Herrenknecht AG
- Bouygues Construction SA
- ACIMEX
- CREG TBM Germany GmbH
- TunnelPro S.p.A
- ITINERA S.p.A
- ULMA Group
- TYPSA Group
- Tunnel and Bridge Technologies S.L
- J. Murphy & Sons Limited
- hyperTunnel Ltd
- Tunnel Engineering Services (UK) Ltd
- STROJÍRNA LITVÍNOV s.r.o
- OSTROJ a.s
- Egis Group
- Italrom
- Budimex
- Amberg Group AG
- TuCon, a. s
- PORR a.s
- SELI OVERSEAS S.p.A
- Obrascón Huarte Lain S.A
- The FCC Group
- JSC Mosmetrostroy
- Southland Holdings
- Lane Construction Corporation
- ACCIONA
- Ghella S.p.A
- Rogers Communications
- Jacobs
- Brierley Associates
- Frontier-Kemper Constructors Inc
- J.F Shea Construction Inc
- Barnard Construction Company Inc
- Tully Construction Co Inc
- Kiewit Corporation
- Sundt Construction Inc
- Flatiron Construction
- Queiroz Galvão
- CCR SA
- ODEBRECHT Engenharia e Construção (OEC)
- Andrade Gutierrez
- CONCIVIL
- Techint Ingeniería y Construcción
- Graña y Montero
- Eduardo Capuano SA
- Construtora Norberto Odebrecht (CNO)
- Saudi Binladin Group (SBG)
- Wade Adams Contracting LLC
- Arabian Construction Company (ACC)
- Qatar Rail
- Consolidated Contractors Company (CCC)
- Al Habtoor Group
- Murray & Roberts Middle East
- Dar Al-Handasah
- Alghanim Internationald
- Habtoor Leighton Group
- Saudi Oger
- Al Jaber Group
- Group Five
- WBHO Construction (Pty) Ltd
- Afrimat
- Lafarge South Africa
- Aveng Grinaker-LTA
- Stefanutti Stocks
- Raubex Group Limited
- Basil Read
- Mota-Engil Africa
- Esor Construction
- Gibela Rail Transport Consortium
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 342 |
| Published | August 2024 |
| Forecast Period | 2023 - 2033 |
| Estimated Market Value ( USD | $ 25.8 Billion |
| Forecasted Market Value ( USD | $ 50.9 Billion |
| Compound Annual Growth Rate | 7.0% |
| Regions Covered | Global |
| No. of Companies Mentioned | 114 |
