SAN JOSE, Calif.
- Dec. 3, 2019
-- According to a new market research report published by Credence Research, the (https://www.credenceresearch.com/
market) global market for road marking machines is projected to reach a market value of US$ 11.83 billion in 2027 and is set to demonstrate a promising CAGR of 6.01 per cent over the forecast period from 2019 to 2027.Market Insights
The market for road marking machines is supposed to show a promising surge in the coming years, mainly due to rapidly growing urbanization around the world. Significant penetration of mechanized techniques in the road marking process is expected to stimulate the demand for road marking machines throughout the forecast period. Similarly, infrastructure spending has led to a rebound after the global financial crisis and is projected to grow significantly over the next decade. Worldwide, expenditure on road infrastructure is projected to increase from US$ 837 billion in 2018 to US$ 995 billion by 2027. With growing investment in road infrastructure, demand for the road marking machine expected to grow with significant rate throughout the forecast period.
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Overall road marking machines market segmented on the basis of machine type, type of operation and application. On the basis of the application, the market was dominated by the segment of road marking in 2018. In particular, road markings control and guide traffic on the highway. These markings serve as a psychological barrier and provide a description of the road and avoid possible traffic hazards for the safe functioning of the traffic. Consequently, these markings play a vital role in ensuring a smooth, safe and harmonious flow of traffic. Several types of road marking, including transverse markings, object markings, longitudinal markings and other special markings, warn the driver of hazardous locations on the road. With developments in road infrastructure, the segment is expected to retain its dominant position among others. Geographically based, Asia Pacific marketed road marking machines globally in 2018. The region's market has been strongly supported by Japan, China, India and Australia, among others. Road infrastructure investment in Asia Pacific amounted to US$ 504 billion in 2018 and is expected to reach US$ 619 billion by 2027.