Construction of New Road Systems in Developing Regions to Propel Demand
A well-connected and efficient transport system is detrimental to the growth of an economy of the region or a country. Moreover, a fluid road system is an integral part of the transportation system due to which, a significant amount of resources are allocated for building and refurbishing new road systems. While infrastructure development projects continue to garner significant momentum particularly in the developing regions, including Asia Pacific and Latin America, and with it, removal of old asphalt surfaces and pavement to attain an even surface gained pace. As a result, the demand for cold milling machines has witnessed a considerable surge in the past few years and the trend is set to continue in the next few years.
Apart from abundant opportunities in developing regions, developed regions such as North America and Europe will also provide lucrative growth opportunities for players involved in the cold milling machine market. As governments across the world continue to emphasize on improving the quality of roads and on its maintenance, the demand for cold milling machines is expected to witness significant growth in the upcoming years. Companies operating in the current cold milling machine market are expected to utilize new technologies to enhance the performance of their machines, quality of milling, and simultaneously minimizing the operating costs. In addition, several key participants operating in the current cold milling machine market are likely to upgrade their existing range of cold milling machines with new and improved technologies. Thus, the global cold milling machine market is expected to reach ~US$ 1.5 Bn by 2027.
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High Deployment of Cold Milling Machines for Concrete and Asphalt Roads
The cold milling process is the first step for roadways or traffic rehabilitation. The speed and efficiency provided by cold milling machines for the removal of concrete as well as asphalt surfaces is a major factor that is projected to drive the cold milling machine market. Moreover, the overall condition of the milled surface has a major influence on the quality of the surface, which needs to be paved, the quality of services, and the economics of the entire project.
The cold milling process also affects the construction process when the structure of the pavement is removed. The demand for cold milling machines for asphalt roads is anticipated to be considerably higher than that for concrete roads. In addition, as asphalt roads are easier to repair and maintain, the demand for cold milling machines for asphalt roads will remain higher. However, due to significant rise in the construction of concrete roads across developing nations, including India, China, and Malaysia, the uptake of cold milling machines for concrete roads is witnessing a gradual growth. Companies involved in the current market for cold milling machines are also likely to eye projects wherein replacement of damaged layer of roads and roadways is required using surface recovery techniques. The adoption of surface recovery techniques is on the rise, as this process is faster and highly efficient due to the progress in the functionalities of modern milling machines.
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Increase in Vehicular Traffic and Focus on Repairing Aging Pavements to Drive Market Growth
The global cold milling machine market is expected to witness steady growth in the upcoming years, as governments across the world continue to invest funds to upgrade old and aging pavements. Companies in the cold milling machine market should formulate effective marketing models to gain a competitive edge in the largely consolidated market landscape. Some of the key factors that stakeholders in the cold milling machine market are expected to focus on include cutter drum, size, horsepower, local size, and weight restrictions during the deployment of these machines for different applications. In addition, companies are likely to focus on improving the overall performance of their machines and minimize the maintenance costs of their products. The significant growth of vehicular traffic worldwide is projected to increase the construction of new road systems, which, in turn, will create significant demand for cold milling machines during the forecast period.
Cold Milling Machine Market: Overview
- Cold milling machine is a road construction equipment, which uses a milling drum for grinding and removing road surfaces. Cold milling machines help in cost effectively removing asphalt and concrete pavements.
- The milling drum is an important part of cold milling machines. The drum consists of scrolls of tool holder. The application where the cold milling machine is to be used determines the size, horsepower, and cutter drum.
- The milling operation is affected by various factors such as cutter pattern, condition of track pads, tooth spacing, speed, tooth holder condition, pavement condition, grade control system, and overall condition of machines etc.
- The cold milling machine market is expected to grow during the forecast period due to rising road construction in developing countries
Cold Milling Machine Market: Regional Overview
- Asia Pacific is likely to be the most attractive region in the cold milling machine market during the forecast period due to rise in population and developments in transport infrastructure. Manufacturers are entering the Asia Pacific region in order to gain significant market share.
- North America and Europe are expected to be other major markets for cold milling machines. Technological advancements and increase in public private partnership for various infrastructure projects are anticipated to drive the cold milling machine market in these regions. Increase in the population is expected to be a key factor fueling the growth of the cold milling machine market during the forecast period.
- The cold milling machine market in South America and Middle East & Africa is expected to witness slow growth during the forecast period
Cold Milling Machine Market: Market Trends
- Cold milling machine manufacturers are upgrading their machines with latest features to attract more consumers. Cold milling machine manufacturers are few in number and are thus very little to no competition for existing manufactures.
- Demand for cold milling machines is rising due to increase in road construction activities and ongoing efforts to maintain the existing roads
- The latest cold milling machines are capable of saving fuel and improving the air quality and health of operators by reducing carbon emission, noise emission, dust emission, and vibration levels
- Machine telematics is becoming important in cold milling machines as it helps the user to monitor machine functions in real time. This helps in identifying and solving the problem, thus reducing downtime and saving operation costs.
Cold Milling Machine Market: Drivers, Opportunities, and Restraints
- Road construction is important for a country’s development and for the well-being of the population. Network of highways and national and regional roads makes a region attractive for investments. Governments around the world are changing their approach and are increasing public private partnerships in road construction.
- Manufacturing companies are upgrading cold milling machines with latest technologies. The aim of manufacturers is to use technology to simplify the operator’s job, improve quality of milling, increase machine performance, optimize the operating cost, and protect the environment.
- The cold milling machine market may be affected due to rising cost of land. Construction activities become extremely difficult when climatic conditions are unfavorable. Changing global climate and increasing natural disasters are likely to act as restraints in road building activities.
- Growing population, urbanization, traffic congestion, and the need for economic development has initiated the process of road construction in many developing countries. Thus, the cold milling machine market is expected to have great business opportunities during the forecast period in developing nations.
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