New York, June 05, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Tunnel Global Market Report 2023" - https://www.reportlinker.com/p06464172/?utm_source=GNW
, Aecon Group Inc., AECOM, Kiewit Corporation, Tutor Perini Corporation, Granite Construction Inc., and Turner Construction
The global tunnel market is expected to grow from $24.65 billion in 2022 to $25.98 billion in 2023 at a compound annual growth rate (CAGR) of 5.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The tunnel market is expected to reach $30.70 billion in 2027 at a CAGR of 4.3%.
The tunnel market includes revenues earned by entities by providing tunnel design, structural analysis, precast concrete design, geotechnical design, procurement, and project management services.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
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.
North America was the largest region in the tunnel market in 2022.Europe is expected to be the fastest-growing region in the forecast period.
The regions covered in tunnel report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main tunnel types are railway tunnels and highway and roadway tunnels.A railway tunnel is a tunnel through which a railway track runs, and it is used to reduce route length by allowing rail lines to pass through natural obstacles such as mountains.
The materials involved are steel, concrete, and composite materials, which are used in various applications such as commercial construction and government construction.
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, according to UK department of Transport, in Great Britain, traffic projections for all motor vehicle types in 2020 was 265.9 vehicle miles (billions), and in 2021 this rose to 297.6 vehicle miles (billions). Therefore, rising road traffic is driving the growth of the tunnel market.
Technological advancement is a key trend gaining popularity in the tunnel market.Major companies operating in the tunnel market are adopting technological advance solutions to strengthen their position in the market.
For instance, in January 2023, Acciona S.A., a Spain-based construction and infrastructure company, introduced Digitunnel, a real-time tunnel technology that provides better control and ensures progress in tunnel construction projects. This technology is a solution that collects and combines huge amounts of real-time data generated at the project site, transforming it into information that is useful and accessible to all parties. This invention provides real-time updates on the status of the project, improves worker safety, and significantly reduces the need for human control and documentation. Moreover, this technology will quickly detect any potentially hazardous gases in the tunnel, improving worker safety.
In October 2021, Systra Group, a France-based engineering and consulting group acquired SWS for an undisclosed amount.With this acquisition, Systra will expand its presence in Italy and its global market footprint in tunnel design and construction, particularly in Europe by strengthening its expertise in the specialty domain.
SWS is an Italy-based engineering company specializing in the design of tunnels and underground structures.
The countries covered in the tunnel market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The tunnel market research report is one of a series of new reports that provides tunnel market statistics, including tunnel industry global market size, regional shares, competitors with tunnel market share, detailed tunnel market segments, market trends, and opportunities, and any further data you may need to thrive in the tunnel industry. This tunnel market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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