Global Mining Equipment Rental Market 2016-2020
- Published: Apr 2016
- Pages: 98
- SKU: IRTNTR9255
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This industry research study presents a detailed analysis of the market by equipment type (surface mining equipment, underground mining equipment, crushing, pulverising, and screening equipment, mining drills and breakers, and mineral processing machinery), by application (coal mining, metal mining, and mineral mining), and by geography (the Americas, APAC, and EMEA). Leading vendors in this market are Atlas Copco, Caterpillar, Hertz Equipment Rental, Komatsu, and Sunbelt Rentals.
Outlook of the global mining equipment rental market
Extensive market research carried out by the analysts at Technavio has shown that the global mining equipment rental market will grow at a CAGR of more than 3% over the forecast period. The increasing demand for metals and minerals is one the key factors driving the growth of the mining equipment rental market. Growing population and rapid urbanization in India, China, and other developing nations are envisaged to lead to an augmented demand for minerals and mined products in the coming years. Also, improved standard of living in emerging economies is a critical factor fueling the demand for minerals and materials that are extensively used in the construction industry and in the manufacture of consumer goods. The rising demand for metals and minerals will result in increased mining activities globally, which in turn will aid in the growth of the mining equipment rental market over the predicted period.
In this market study, the analysts have estimated factors such as the shifting of mining activities to emerging economies to spur the growth prospects for this market during predicted period. In order to meet the increasing demand for minerals and the need to expand their existing mining reserves, emerging economies around the world have witnessed significant investments for exploration and mining activities. Moreover, with mining companies shifting their focus toward emerging economies, the share of total expenditure spent on exploration activities has increased by 20% in the last decade, which will propel this market’s growth in the coming years. Furthermore, in the last decade, emerging economies also accounted for major M&A in the mining and metals industry, resulting in greater capital and resource allocation for mining activities. Other factors such as liberalization of mineral policies and advances in technology have resulted in the shift of mining activities to emerging economies, which will, in turn, bolster the growth of the mining equipment rental market until the end of 2020.
Segmentation by application and analysis of the mining equipment rental market
- Coal mining
- Metal mining
- Mineral mining
During 2015, the coal mining segment dominated the market and accounted for more than 39% of the market share. Coal is a significant part of global energy production and catered to about 30% of the global energy demand in 2015. Moreover, many manufacturing plants also use coal in industrial furnaces and ovens. With growing urbanization in developing countries, there is an augmented need power, generating more demand for coal. Therefore, the increasing demand for coal from APAC countries will impel the growth prospects for this market segment until the end of 2020.
Geographical segmentation and analysis of the mining equipment rental market
APAC led the global mining equipment rental market and is predicted to reach more than USD 37 billion by the end of 2020. Factors such as an increasing need for mined products from industries such as steel, construction, agriculture, chemicals, and electrical utilities and increasing mining activities in China is expected to drive the growth of this market in the region.
Competitive landscape and key vendors
The global mining equipment rental market is is highly fragmented with international and regional players accounting for majority of the market share. Product diversification and upgrade of product portfolio are the two key areas of focus for rental companies. It is expected that several small-scale rental companies might sell their assets to large rental companies that enjoy immunity in the current market scenario of decreasing demand for mining equipment. The market competition is expected to intensify during the forecast period with an increase in product extensions, technological innovations, and mergers and acquisitions.
Key vendors in this market are -
- Atlas Copco
- Hertz Equipment Rental
- Sunbelt Rentals
Other prominent vendors analyzed in this market research report are AMECO, EMECO, Eqstra, H&E Equipment Services, Hewitt Rentals, McDowell Equipment, United Rentals, United Mining Rentals, EquipRent, and SMS Rental.
Key questions answered in the report include
- What will the market size and the growth rate be in 2020?
- What are the key factors driving the global mining equipment rental market?
- What are the key market trends impacting the growth of the global mining equipment rental market?
- What are the challenges to market growth?
- Who are the key vendors in the global mining equipment rental market?
- What are the market opportunities and threats faced by the vendors in the global mining equipment rental market?
- Trending factors influencing the market shares of the Americas, APAC, and EMEA.
- What are the key outcomes of the five forces analysis of the global mining equipment rental market?
Technavio also offers customization on reports based on specific client requirement.
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
- Market size and forecast
- Market segmentation
- Geographical insights
- Competitive landscape
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