Rockville, Aug. 14, 2023 (GLOBE NEWSWIRE) -- As per Fact.MR, a market research and competitive intelligence provider, the Core Drill Rental Market is estimated to grow from US$ 415.9 million in 2023 to US$ 795.5 million in 2033 at a rate of 6.7% creating an absolute $ opportunity of US$ 405.7 million.
Core drills play a vital role in various industries, including construction, mining, geotechnical engineering, and others. Core drills are to cut large holes through masonry surfaces like brick, concrete, cement, sandstone, stucco, and tile. A core drill is the masonry equivalent of a hole saw for wood and plastic. Renting a core drill in place of buying one is advantageous to the users.
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It eliminates the excessive burden of purchase costs, bank liabilities of financing these tools, and repair & maintenance costs. The renting service of tools like core drills is beneficial for the user to have easy access to the technologically advanced machine for the right job at the right time & place.
Further, core drilling is used to create precise holes in concrete and other materials for the installation of HVAC ducts, and plumbing applications, such as creating holes for pipes and drains and installing electrical boxes and conduits are the key factors leveraging the demand for core drilling in the construction industry.
Key Takeaways from Market Study
- The US market for core drill rental is highly lucrative growing at a CAGR of 6.9% during the forecast period
- In 2018, the core drill rental market had a valuation of US$ 296.7 million
- Historic growth of the German core drill rental market was 6.0% between 2018 to 2022
- By technology, the electric is estimated to account for a market share of 43.2% in 2023
- Desk drill type is likely to grow at a CAGR of 6.7% during the forecast period creating an absolute $ opportunity of US$ 281.9 million
“Renting Enable Users to Opt for Technologically Advanced Core Drills at Economic Prices Create Growth Opportunities for the Market Players” says a Fact.MR analyst.
Market Growth Stratagems
Prominent market players include Aggreko, Atlas Copco, Carolina CAT, Herc Rentals, Loxam Group, Sunbelt Rentals and United Rentals.
Rental service providers must keep a fleet of well-kept, dependable, and high-quality core drills. Rental service providers maintain and update their equipment on a regular basis to guarantee peak performance and client satisfaction.
In the rental business, offering top-notch customer service is a significant distinction. Response time, fast delivery and pick-up, and in-depth equipment explanations are all priorities for service providers.
- In 2023, Atlas Copco launched a new portable core drill, the DM28. The DM28 is a lightweight and compact drill that is ideal for use in tight spaces. It is also equipped with a dust collection system that helps to keep the work area clean.
- In January 2022, Atlas Copco and Husqvarna agreed to merge their core drill businesses. The merger created a new company called Atlas Copco Husqvarna Core Drilling Systems. The new company is a leading provider of core drills for construction, mining, and other industries.
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What's Propelling the Surge in Core Drill Rental Demand across the US?
The surge in demand for core drills is underpinned by significant growth in both residential and commercial constructions, coupled with a steady expansion in infrastructure development and building refurbishment. Notably, the year 2023 witnessed a pivotal milestone with the enactment of the Infrastructure Investment and Jobs Act (IIJA), which allocated a substantial US$ 550.0 billion for comprehensive infrastructure enhancement.
Furthermore, a landmark development took place in April 2023 with the enactment of The Bipartisan Infrastructure Law. This legislation allocated a notable US$ 16 million to the US Department of Energy (DOE) with the intent of bolstering essential mineral supply chains within the country and thereby reducing dependence on global competitors such as China. This financial allocation aims to facilitate the establishment of a pioneering refinery for the extraction and separation of critical minerals and rare earth elements in West Virginia and North Dakota.
In light of these initiatives, the demand for specialized equipment like core drills is projected to witness a significant upswing. The potential government support for the mining sector augurs well for the future of core drill rental, poised to thrive in tandem with the growth trajectory of the industry.
Segmentation of Core Drill Rental Industry Research
- By Type:
- Hand Type Drill
- Desk Type Drill
- By Technology:
- Electric
- Pneumatic
- Hydraulic
- By End-use Industry:
- Construction
- Mining
- Geotechnical Engineering
- Environmental Remediation
- Forensic Science
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the core drill rental market, presenting historical market data (2018–2022) and forecast statistics for the period of 2023–2033.
The study reveals essential insights on the basis of the type (hand-type drill, and desk-type drill), technology (Electric, hydraulic and pneumatic), and end-use industry (construction, mining, geotechnical engineering, environmental remediation, and forensic science), across major regions of the world (North America, Latin America, Europe, East Asia, South Asia, and Oceania, Middle East & Africa).
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