Mining Equipment Rental Market to Witness an Outstanding Growth by 2021-2031

 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

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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.

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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.

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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.
• Caterpillar
• Atlas Copco AB
• Emeco Holdings Limited
• Herc Rentals
• MS Mining Services
• American Equipment Company, Inc.
• Tim McDowell Equipment Ltd
• Equipment Services, Inc.

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