Mining Equipment Rental Market to Witness Growth Due to High Demand for Precious Metals | Technavio

October 2, 2017

LONDON–(BUSINESS WIRE)–#Research–Technavio’s latest market research report on the global
mining equipment rental market provides an analysis of the
most important trends expected to impact the market outlook from
2017-2021. Technavio
defines an emerging trend as a factor that has the potential to
significantly impact the market and contribute to its growth or decline.

The demand for precious metals such as gold, platinum, and silver is on
the rise. Apart from minerals and metals, there is increased demand for
coal due to rise in thermal power generation to cater to the growing
demand for electricity. Such activities will generate a huge demand for
rental mining equipment such as longwall machines, continuous machines,
cable shovels, and hydraulic shovels.

According to Anju Ajaykumar, a lead analyst at Technavio for unit
operations research, “Rising demand for minerals and metals from
developed as well as emerging economies, will encourage mining equipment
rental companies to increase their capital expenditure. Untapped markets
like Africa and Latin America will pave the way for mining equipment
rental companies. Congo and Zambia in Africa and Brazil, Chile, and Peru
in Latin America are likely to trigger the recovery of the global mining
industry.”

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The top three emerging market trends driving the global mining
equipment rental market according to Technavio research
analysts are:

Emergence of deepsea mining
Digitization of mining activities
Tracking technology and fleet management applications and software

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Emergence of deepsea mining

Onshore mineral-rich mines are nearing exhaustion, which has shifted the
focus on offshore mining activities. The bottom of the ocean is rich in
precious metals and other resources, including diamonds, gold, and
cobalt. This makes it crucial to develop technology that can facilitate
deep-sea mining to cater to the increasing demand for minerals and
metals.

The world’s first deep-sea mining is likely to commence in 2019 by a
Canadian firm Nautilus Minerals, in the Bismarck Sea site Solwara-1 at
the coast of Papua New Guinea to mine gold and copper reserves. It is
estimated that the reserve contains 10 times the minerals as compared
with an onshore reserve. The inevitable increase in the demand for
mineral coupled with low supply has encouraged many firms to consider
operations at the bottom of the ocean, where reserves of nickel, copper,
and cobalt are thought to be in abundance.

Digitization of mining activities

Digital revolution will transform industrial activities encompassing
even the most trivial application. Digitization is changing operating
and business models, reshaping competitive dynamics, and in some cases
altering the entire fabric of an industry. With the help of
digitalization, there is a huge potential for reducing the waste
generated during the operations.

One of the major changes in operation will result because of the
implementation of automation in core processes. This will help the
processes to become fully integrated with remote capabilities made
possible by a network of low cost, autonomous, highly capable sensors
that use IoT technologies. For instance, Barrick Gold along with Cisco
is expected to reinvent its operations digitally. The major goal is to
cut down the associated costs and bring out the additional value of
existing mines.

Tracking technology and fleet management applications and software

Rental companies are now offering GPS-equipped machines to increase the
efficiency of fleet management. The use of global positioning system
along with the integration of other such technologies would enable a
wide range of high-tech functions that would not only make the tracking
of the fleets easier but also enable efficient fleet management. The
clients or customers can keep track of their entire fleet equipped with
rented mining equipment. These applications can increase the efficiency
of inventory management and reduce annual rental costs significantly.
For instance, Komatsu, a global mining and construction equipment
manufacturer, and General Electric announced their plans of providing
big data analysis services with the help of IoT technology that would
increase efficiency during the mining operations.

“The development of fleet maintenance and management software has
provided numerous benefits to the mining equipment rental companies in
terms of maintaining functional machinery and reducing the overall
maintenance cost. Fleet management software ensures optimal truck
positioning and routes, braking and optimal speed with flow-on benefits
to decrease equipment downtime, and improve fuel efficiency during
shipments between different locations,” says Anju.

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