PROJECTS | LATIN AMERICA
PROJECTS PIPELINE: LATIN AMERICA
A spotlight on the tunnels-related pipeline of projects in Latin America, from GlobalData’s most recent quarterly analysis
The global pipeline of tunnels-related projects is dominated by Western Europe and North-East Asia, by value. Combined, North and Latin America hold joint fourth place in the rankings, about on par with the activity in the Middle East and North Africa (MENA). The Americas and MENA are behind the region ranked third place, Australasia. Latin America’s tunnels-related projects are, by value,
about one quarter of that of North America. That activity is only about one tenth of either of the joint leaders, Western Europe and North-East Asia. Like those leading regions, though, the project pipeline in Latin America has most development activity in the Execution stage. By value, Latin America has just over US$30
billion in tunnel-related projects at various stages of development, according to GlobalData’s latest quarterly analysis - ‘Project Insight: Global Tunnel Construction projects, Q1-2025’. For large projects, where data on underground works
elements aren’t available to consider separate to other construction works, the methodology of the analysis is to consider the whole value of projects. In absolute terms, therefore, the project pipeline value for tunnel works along - at whatever stage of development, design to excavation - is less that the figures listed given. They are qualified as ‘tunnels-related’ projects. Transport projects are the main focus on the
tunnels-related project investments in the region, and most activity is in Rail & Metro. As noted, the later stages of project development - Pre-Execution and Execution, respectively - account for most of the value share. Nationally, the investment leader in tunnels-related projects in the region is Colombia, by quite a margin.
Overall, the region’s funding of the tunnels-related
projects has Public-Private holding the largest share, although that mode is not used in three countries - Mexico, Peru and Argentina.
STAGES By far the majority of tunnels-related projects in the region, by value, are in the final, Execution stage of development, according to GlobalData’s Q1 analysis. There is US$23.2 billion, or slightly mover 76%, of the project pipeline in the Execution stage. In comparison, the shares of the project pipeline held
by the other development stages are much smaller, holding less than a quarter of the total value between them. In breakdown, they are Pre-Execution (US$4.5 billion, or 15%) and Pre-Planning (5%) and Planning (4%). Overall, Q1 activity shows that with the late-stage
weighting there is far less in early development to come through as future construction works than presently underway, advancing to completion. This weighting is set to continue over the next few years but with some increase in early stage activity adjusting the balance a little. Even Colombia, the nation with most tunnels-related
projects by value, has this weighting - but even moreso; according to the Q1 analysis there is a lack of early stage activity in the country. The same is so for Mexico, Panama and Argentina. Only Chile, Peru and Brazil are noted to have early stage activity in the project pipeline. By nationally, the project pipeline is led by Colombia
(US$13.8 billion, or 45% share), followed by Chile (US$5.9 billion, 19%), Mexico (US$4.3 billion, 14%), and Brazil (US$4.1 billion, 13%).
Pre-planning
Planning
Pre-execution
Execution
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35,000 Above: Latin America – Tunnel Construction Project Pipeline, Value by Stage (in US$m) IMAGES COURTESY OF GLOBALDATA 14 | Summer 2025
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