The global cold milling machine market is set to grow at over 4% CAGR through 2030, according to a latest study published by Fact.MR. According to the study, although market has suffered a blip in 2020, stimulus measures by governments and renewal of construction activities is set to create significant opportunities for market players in the long run.
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Key Takeaways
- The cold milling machine market is projected to grow at a CAGR of 4% in the forecast period of 2020-2030
- There will be a higher demand for cold milling machines to treat asphalt roads rather than that of concrete roads
- Asia Pacific will emerge as a lucrative market for cold milling machine during the assessment period
- Investment in cold milling machines to see resurgence by 2021-end
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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.
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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.
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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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