According to a market research study published by Contrive Datum Insights, During the projection period, it is anticipated that the Asia-Pacific region will continue to generate more revenue than the rest of the global market
Farmington, Jan. 31, 2023 (GLOBE NEWSWIRE) — The global Underground Construction Equipment Market is expected to grow at a CAGR of 5.5% during the forecast period, 2023-2030. Underground construction equipment is a broad collection of devices used to excavate and tunnel beneath the earth’s surface. This study segments the global market for underground construction equipment into four categories: tunnelling equipment, piercing tools, vibratory ploughs, and load and haul equipment. In addition, the report categorises the market by oil & gas, railway, highway, municipal engineering, and other applications.
Request Sample Copy of Report “Underground Construction Equipment Market – Global Industry Analysis, Size, Share, Growth Opportunities, Future Trends, Covid-19 Impact, SWOT Analysis, Competition and Forecasts 2022 to 2030”, published by Contrive Datum Insights.
From 2023 to 2030, the underground construction equipment market is anticipated to increase by an average annual rate of 5.5%. This expansion will occur within the period of the forecast. The market’s expansion may be to blame for the increasing demand to construct new infrastructure in all regions of the world and the rising investments in the transportation sector.
Underground Construction Equipment Market Recent Developments:
- Sandvik Mining and Construction, in partnership with Volvo Construction Equipment Europe, recently hosted a series of machinery demonstrations and customer events at Eskilstuna, Sweden, from the 4th – 7th of October.
- October 26, 2022: Tunnelling technology award for Herrenknecht
The award was given for the next innovation boost in the mechanised production of tunnel infrastructure in soft ground formations with and without water-bearing layers.
Underground Construction Equipment Market Segmentation Analysis:
Tunnelling equipment is a type of construction equipment used to excavate tunnels beneath the earth’s surface. This category includes machines such as tunnel boring machines (TBMs), pipe jacking machines, and microtunnelling systems. Tunneling equipment is required for the construction of water and sewage systems, highways, and railroads.
During construction, piercing tools are used to break up soil and rock into smaller bits. The primary function of these tools is to dig a clean hole in which to bury pipelines or wires. They have replaceable steel and tungsten carbide tips.
Vibrating ploughs that move on their own are used to put in underground services like cables, pipes, and conduits. In addition to subsurface utilities, conduits and pipelines can also be installed. Each of these devices is equipped with a vibrating blade that is attached to the cutting surface. As the machine advances, the blade helps to pulverise the soil and rock.
Load-and-haul equipment is utilised in the construction and mining industries to load, transport, and dump various types of materials.
In 2019, the railway and highway application sector dominated the market and accounted for more than 40.0% of all global revenue. This is because more people are travelling, cities are expanding rapidly, and infrastructural demands are increasing. Because of these factors, there are more construction projects, which has led to the expansion of this industry. Other nations’ governments, including those of China, India, Japan, and Germany, are also working on a variety of railway expansion projects.
The oil and gas industry makes extensive use of underground construction equipment, particularly for drilling and completing wells. In addition, it is anticipated that this market will expand significantly throughout the period covered by the study due to the increasing global demand for natural gas.
During the projection period, it is anticipated that the Asia-Pacific region will continue to generate more revenue than the rest of the global market. The Asia-Pacific region held over 40.0% of the global market in 2019. In countries such as China, India, Japan, South Korea, and Australia, underground construction has become increasingly popular. This has contributed to the region’s rapid economic growth in recent years. South Korea, Japan, and Australia are more countries in the region. In addition, the rapid growth of cities is anticipated to enhance the demand for infrastructure, which will further benefit the regional industry. Europe was responsible for more than 10% of the total in 2019.
Buy this Premium Research Report@
Scope of Report:
|Growth Rate||5.5% from 2023 to 2030|
|By Type||Tunnelling Equipment, Piercing Tools, Vibratory Plows, Load and Haul Equipment|
|By Applications||Oil & Gas, Railway and Highway, Municipal Engineering, Others|
|By Companies||Mitsubishi, Sandvik Group, Tenbusch Inc., Herrenknecht, CREC, CRCHI, Robbins, Tianhe, Wirth, Komatsu, NHI, Kawasaki, Ishikawajima-Harima, Terratec, SELI, Tianye Tolian, Geospatial Corporation, and Others|
|Historical Year||2017 to 2021|
|Forecast Year||2023 to 2030|
Underground Construction Equipment Market Key Segments Covered:
Top Market Players:
Mitsubishi, Sandvik Group, Tenbusch Inc., Herrenknecht, CREC, CRCHI, Robbins, Tianhe, Wirth, Komatsu, NHI, Kawasaki, Ishikawajima-Harima, Terratec, SELI, Tianye Tolian, Geospatial Corporation, and Others.
- Tunnelling Equipment
- Piercing Tools
- Vibratory Plows
- Load and Haul Equipment
- Oil & Gas
- Railway and Highway
- Municipal Engineering
Regions and Countries Covered
- North America: (US, Canada, Mexico, Rest of North America)
- Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
- Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
- The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
- Latin America: (Brazil, Argentina, Rest of Latin America)
- Rest Of the World
Check out more related studies published by Contrive Datum Insights:
- Digital Rights Management Software Market – The Digital Rights Management Software Market size was valued at USD 4.05 Billion in 2022 and is projected to reach USD 19.12 Billion by 2030, growing at a CAGR of 21.41% from 2023 to 2030. In 2019, the digital rights management software market held the largest market share with a market share of about 34.38%. Digital Rights Management Software. The United States generated the most revenue due to the growing demand for digital rights solutions in the media and entertainment sector.
- Digital Oilfield Solutions Market – The Global Digital Oilfield Solutions Market Are Slated To Top US$ 37.2 Bn In 2022. Expanding At A Healthy 6.5% CAGR, The Market Size Is Projected To Total US$ 54.4 Bn By 2030. Continued upgrading of existing technology solutions for managing and optimizing oil and gas operations will spur the US market during the evaluation period. The North American digital oilfield solutions market is expected to account for approximately 24.3% share in 2022.
- Digital Vacuum Gauge Market – The Digital Vacuum Gauge Market was valued at USD 3.15 billion in 2021 and is projected to grow at a CAGR of 5.2% during the forecast period from 2021 to 2030. North America is expected to dominate the market with a staggering 42% share in 2019, followed by Europe and Asia Pacific.
- Digital Multimeter Market – The digital multimeter market is expected to reach USD 1.1 billion by 2021, growing at a CAGR of 4.7%, to reach USD 1.3 billion by 2027. North America is expected to dominate the market in the future. One of the major factors for the growth of this region is the continuously increasing demand for electronic and electrical components for measurement.
Customization of the Report: The report can be customized as per client needs or requirements.For any queries, you can contact us on email@example.com or +1 215-297-4078. Our sales executives will be happy to understand your needs and provide you with the most suitable reports.
Contrive Datum Insights (CDI) is a global delivery partner of market intelligence and consulting services to officials at various sectors such as investment, information technology, telecommunication, consumer technology, and manufacturing markets. CDI assists investment communities, business executives, and IT professionals to undertake statistics-based accurate decisions on technology purchases and advance strong growth tactics to sustain market competitiveness. Comprising of a team size of more than 100 analysts and cumulative market experience of more than 200 years, Contrive Datum Insights guarantees the delivery of industry knowledge combined with global and country-level expertise.
Social: Facebook / LinkedIn / Twitter
Anna B. | Head Of Sales
Contrive Datum Insights
Phone: +91 9834816757 | +1 2152974078
Contrive Datum Insights Press Releases
Latest Contrive Datum Insights Latest Reports
- ALIZY IMPORTANT DEADLINE: ROSEN, GLOBAL INVESTOR COUNSEL, Encourages Allianz SE Investors to Secure Counsel Before Important April 3 Deadline in Securities Class Action Filed by the Firm – ALIZY - March 27, 2023
- 3 Emerging Risks on the Horizon for the U.S. Farm Supply Sector - March 27, 2023
- Rackspace Technology Wins 2023 Microsoft Singapore Partner of the Year Award - March 27, 2023