Overview and Scope
A tunnel is a structure constructed across the soil and is fully enclosed, except for the entry and exit points, which are typically at each end and can be used for rail, vehicular, or pedestrian traffic. It is commonly used as a rapid transit system by providing essential links on many highways, and railroads.
Sizing and Forecast
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 growth in the historic period can be attributed to urbanization and infrastructure development, environmental concerns and regulations, population density and congestion, emergency and security infrastructure, mining and resource extraction.
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%. The growth in the forecast period can be attributed to renewable energy infrastructure, smart infrastructure integration, high-speed rail projects, underground urban development, climate change adaptation, cross-border transportation. Major trends in the forecast period include technological advancements in tunneling, tunnel boring machine (TBM) innovation, focus on sustainability, resilience and security, digitalization and building information modeling (BIM).
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Segmentation & Regional Insights
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
North America was the largest region in the tunnel market in 2023. 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.
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Major Driver Impacting Market Growth
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.
Key Industry Players
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.
The tunnel market report table of contents includes:
1. Executive Summary
2. Tunnel Market Characteristics
3. Tunnel Market Trends And Strategies
4. Tunnel Market – Macro Economic Scenario
5. Global Tunnel Market Size and Growth
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32. Global Tunnel Market Competitive Benchmarking
33. Global Tunnel Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Tunnel Market
35. Tunnel Market Future Outlook and Potential Analysis
36. Appendix
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