Mining Equipment Rental Market: Introduction
- Mining equipment rental refers to the rental of equipment used in mining in order to extract ores, precious metals, and minerals from the Earth. Extraction of ores and precious metals is a demanding process that takes a toll on heavy mining equipment.
- Renting heavy mining equipment carries benefits such as reduced capital cost, reduced maintenance and repair costs, and use of the latest technology
Key Drivers and Restraints of Mining Equipment Rental Market
- Increase in demand for mining commodities such as minerals, gold, and silver is fueling the investment in mining, thereby boosting the demand for rental mining equipment such as long-wall machines, hydraulic shovels, and cable shovels. Rise in demand for mining equipment leads to expansion of portfolio for renting companies. This, in turn, propels the mining equipment rental market.
- Growth in infrastructure development and construction activities is expected to boost the demand for coal. This would further lead to an increase in coal mining activities, thereby augmenting the demand for mining equipment rental.
- Increase in demand for new technologies such as automation and autonomous equipment is also estimated to drive the demand for mining equipment rental in developed countries
- The GTR (Global Technical Regulation) and NRMM (Non-road-Mobile Machinery) determines the levels of emissions of various gaseous compounds. Different standardization for different countries makes it difficult to streamline the development of mining equipment. This adversely affects the global mining equipment rental market.
COVID-19 Impact Analysis
- Governments of several countries across the globe have imposed strict lockdowns as part of measures to limit the spread of the COVID-19 pandemic. The Covid-19 pandemic has impacted major parts of the world. It led to nationwide lockdowns, thus adversely affecting the availability of workforces. Many multinational development projects and mining activities have either slowed down or come to a halt during the pandemic. Lockdowns have had a large impact on the liquidity of mining companies. This has hampered the mining equipment rental market.
Coal Mining Application Segment to Dominate Global Market
- The global mining equipment rental market can be segmented based on type, application, and region
- Based on application, the global mining equipment rental market can be segregated into coal mining, metal mining, mineral mining, and others. The coal mining segment accounted for the major share of the market in 2020. This can be primarily ascribed to the increase in demand for coal in manufacturing and steel plants. This rise in demand for coal can be met with subsequent investment in the mining industry. In turn, this is projected to boost the mining equipment rental market in the near future.
- North America-based Doosan Infracore manufactures heavy mining equipment. The company launched an excavator named DX800LC-7 on December 10, 2020. The excavator can efficiently load large amount of materials at mining and construction sites.
- In September 2018, Komatsu Europe International N.V launched WB93R, a new range of backhoe loaders that provide improvements in efficiency and reduction in fuel consumption
Asia Pacific to Constitute Prominent Share of Global Mining Equipment Rental Market
- In terms of region, the global mining equipment rental market can be divided into Middle East & Africa, Latin America, Asia Pacific, Europe, and North America.
- The global mining equipment rental market is expected to expand owing to the increase in investment in the mining industry in the next few years
- Supportive government policies, extensive natural resources, and rise in investment in R&D is boosting the market in Asia Pacific
- Of the 30 offshore exploration contracts, the International Seabed Authority (ISA) issued 18 for seven countries: China, France, Germany, India, Japan, Russia, and South Korea. This is expected to boost the mining market in the next few years. In turn, this is projected to augment the onshore as well as offshore mining equipment rental market.
- Europe is also projected to hold vital share of the global mining equipment rental market due to rise in investments in new technologies in mining equipment using AI as well GIS systems
Key Players Operating in Global Market
The global mining equipment rental market is highly competitive, with the presence of many local and regional vendors. Vendors in the market are constantly trying to expand their product portfolio. Leading companies operating in the global mining equipment rental market include:
- Komatsu Ltd
- United Mining Rentals.
- Atlas Copco AB
- Emeco Holdings Limited
- Herc Rentals
- MS Mining Services
- American Equipment Company, Inc.
- Tim McDowell Equipment Ltd
- Equipment Services, Inc.
Mining Equipment Rental Market: Research Scope
Mining Equipment Rental Market, by Type
- Surface Mining Equipment
- Crushing Equipment
- Underground Mining Equipment
- Blasting Tools
- Earth Movers
Mining Equipment Rental Market, by Application
- Coal Mining
- Metal Mining
- Mineral Mining
Mining Equipment Rental Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.