The global sales of cold milling machine market is anticipated to expand at a steady CAGR of 4% during the projected period of 2020-2030. The market expansion is mainly attributable to the increase in construction, particularly non-residential construction projects. As per Fact.MR recent study, while the market has suffered a glitch on the onset of COVID-19, motivational measures by governments and restoration of construction activities is poised to generate notable propsects for market players in the long run.
“Usage of cold milling machines in Middle East and Asia Pacific will counterbalance some of the loss of momentum in conventionally robust markets of Europe and US.” says a Fact.MR analyst.
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Key Takeaways
- Asia Pacific is anticipated to account for majority of market share in the global market, followed by North America.
- The large size category will be accounting for the largest share in the global market.
- Above 300 KW engine power segments is likely to remain dominant over the assessment period.
- Asphalt road segment will foresee high growth due to the rising demand for cold milling machines for maintaining and repairing asphalt roads.
Research and Development Efforts to Boost Growth
Asia Pacific, North America and Europe are expected to be the major markets for cold milling machines in the forecast period. Whereas a slow growth is projected in the market in South America and Middle East and Africa. Increase in public private partnerships for various infrastructural projects is expected to be a key factor contributing to the growth of the market. Increasing population and technological development will also be an important driver in the market.
The advancing technology has enabled improvement of the cold milling machine, due to which a rise in demand in expected. Major companies are shifting their focus to improve the machine to present better and more upgraded products. The ability of latest cold milling machines to save fuel as well as improve air quality and health of the operators is a notable factor. Reduced carbon emission, noise and dust emissions as well as decrease in vibration levels make it a more ecofriendly option.
The key players in the cold milling machine market are Bomag GmbH, Caterpillar Inc., Wirtgen group, CMI Roadbuilding Ltd., Astec Industries Inc. (Roadtec.), Sakai Heavy Industries Ltd. and Liugong Machinery Co., Ltd.
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Valuable Insights on the Cold Milling Machine Market Report
Fact.MR presents a report stating the analysis of the cold milling machine market for the forecast period of 2020-2030 by conducting a brief unbiased analysis of different sectors under the market. In order to conduct a detailed analysis, the market has been segmented into different sectors.
On the basis of size, the market has been divided into small, medium and large. In terms of engine power, the market has been segmented into less than 155 kW, between 155 kW to 300 kW and above 300 kW. Based on the application, the market is segregated into asphalt road and concrete road. Lastly, the market has been divided based on the geographical region into North America, Europe, Asia Pacific, Middle East & Africa and South America.
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