Core Drill Rental Market

Core Drill Rental Market Growth Outlook (2023 to 2033)

Core drill rental services demand is expanding and is poised to grow at a rate of 6.7% during the forecast period and reach a valuation of US$ 795.5 million in 2033 from US$ 415.9 million in 2023.

A core drill, also known as a diamond core drill or core drilling machine, is a specialized tool used to remove cylindrical cores of material from surfaces such as concrete, masonry, or asphalt. It consists of a motor-driven drill bit with diamond-embedded segments that grind away the material to create a hole.

Report Attributes	Details
Core Drill Rental Market Size (2022A)	US$ 389.8 Million
Estimated Market Value (2023E)	US$ 415.9 Million
Forecast Market Value (2033F)	US$ 795.5 Million
Global Market Growth Rate (2023-2033)	6.7% CAGR
US Market Growth Rate (2023-2033)	6.9% CAGR
China Projected Market Value (2033F)	US$ 190.1 Million
Key Companies Profiled	Aggreko Atlas Copco Carolina CAT Herc Rentals Loxam Group Sunbelt Rentals United Rentals

Historic and Future Pathway Analysis for the Core Drill Rental Market

Core drills are crucial in geological and mining exploration to extract core samples from the earth's subsurface. These samples provide valuable information about the composition, structure, and properties of rocks and minerals, aiding in mineral prospecting, resource evaluation, and research. Further, core drills are used in construction projects for creating holes in concrete or masonry walls, floors, and ceilings.

Core drills can be expensive to purchase, especially for small-scale construction companies, contractors, or individuals who require them infrequently. Renting core drills becomes a more cost-effective option, allowing users to access the equipment without significant upfront investment.

• Short Term (2023-2026): The market is expected to grow at a significant rate during (2023-2026) due to the substantial rise in construction activity, infrastructure development, and mining activities worldwide. The cost-effectiveness and convenience to use these machinery by renting them out will be key factors that attract consumer interest towards it.
• Medium Term (2026-2029): During the medium term, the market is projected to gain substantial growth with the introduction of various local market players in the industry. The introduction of online platforms and exposure to the digitalization of this industry will escalate the revenue growth of the established as well as new market player.
• Long Term (2029-2033): Renovation & refurbishment of new buildings will be the leading factor that will promote market growth during the long run. Whereas, government investment in infrastructure development will be a key factor boost the demand for core drilling machine rental services.

On the back of the aforementioned facts, the core drill rental market is expected to grow at a CAGR of 6.7% during the forecast period from 2023-2033, According to the Fact.MR, a market research and competitive intelligence provider.

Market share analysis of core drill rental based on the drill type and region is provided in a nutshell in the above image. Under the drill type segment, the desk drill type sub-segment is expected to dominate with a 69.1% market share in 2023.

Market Dynamics Outlook

“Growing Geotechnical Engineering Industry Drives Core Drill Rental Market Growth”

Geotechnical engineering involves studying the behavior of soil and rock materials to assess their suitability for construction projects, identify potential risks, and design appropriate foundations and structures. Core drilling is a crucial method for collecting soil samples and conducting subsurface investigations. As the geotechnical engineering industry grows, the demand for core drills for soil investigation purposes also increases, driving the rental market.

Further, geotechnical engineers work closely with geologists and mining companies in exploration activities to identify mineral deposits, evaluate resource potential, and assess geological stability. Core drilling is an essential technique for obtaining core samples and analyzing subsurface rock formations. The expansion of geological exploration and mining activities drives the demand for core drills, increasing the rental market's growth.

“Factors Restraining Core Drill Rental Market Growth”

Core drills require regular maintenance, servicing, and occasional repairs to ensure optimal performance and longevity. These costs are typically borne by the rental companies. However, when maintenance costs are high or rental companies fail to adequately maintain their equipment, it affects the availability and reliability of rented core drills, potentially hindering the market's growth.

Country-wise Insights

What are the Factors Driving Core Drill Rental Demand across the US?

The leading factor impacting the demand for core drills is substantial growth in residential & commercial buildings and continuous growth in infrastructure development & refurbishment of buildings. In 2023, Infrastructure Investment and Jobs Act (IIJA) directed spending of about US$ 550.0 billion toward infrastructure development.

In April 2023, The Bipartisan Infrastructure Law provided US$ 16 million to the US Department of Energy (DOE) in order to bring important mineral supply chains to the US and lessen dependency on rivals like China. The money will go towards building a groundbreaking refinery for the extraction and separation of key minerals and rare earth elements in West Virginia and North Dakota.

The need for equipment like core drills is anticipated to rise significantly with the prospective government backing for the mining industry, which would ultimately lead to growth in the core drill rental market.

Why Chinese Core Drill Rental Market is flourishing?

A rise in infrastructure development and building projects is being caused by the region's strong economic growth. Due to the strong demand for construction equipment caused by this, the use of rental equipment has increased. Governments in the China region are making significant investments in the construction of infrastructure, which is increasing the need for construction machinery.

In the upcoming years, it is anticipated that this investment will continue, which will probably result in an additional expansion of the market for construction equipment rentals. In the China region, a lot of sizable and respected rental companies are in operation. This makes it simple for contractors to rent the tools they require at the appropriate time.

In the China region, renting construction equipment is frequently less expensive than buying and maintaining it. Due to this, contractors on a limited budget may find renting equipment to be an appealing choice.

Category-wise Insights

Why Electric Core Drill Rental Is Gaining Immense Popularity?

The electric core drill machines have most users worldwide owing to their versatile coring system for a wide range of concrete and asphalt sampling applications. Electric core drills are preferred over hydraulic & pneumatic ones due to their cost efficiency, environment-friendly, and easy-to-use features.

The electric core drill has a lot of potential to make diverse system installations more effective and precise. Core drilling enables the installation of HVAC, plumbing, and electrical services without compromising the building's structural integrity. These facts indicate that end-use sectors will have a significant need for electric core drill machines shortly.

Why Demand for Core Drill Rental Services is Growing in Construction Industry?

The substantial rise in population and urbanization has given an immense boost to the construction industry worldwide. Production of new buildings, houses, and commercial offices has witnessed an increase of about 2-3% in the last few years worldwide. With the increasing construction activity demand for construction equipment has grown drastically. Buildings and workers have increased their demand for core drills in order to effectively install HVAC ducts, plumbing activity, electrical work, and reinforcements. This makes installation easier and more efficient, reduces noise and vibration, and strengthens the concrete to make it more durable and less likely to crack.

Rental core drills are extremely popular in the construction business since there is a large danger of equipment damage, which would put an undue financial load on the owner. Further, using rental core drills for the builders could minimize increased repair and maintenance costs.

Additionally, since rental firms frequently have access to the newest technology, customers may be confident they are working with the best equipment available. They may be able to do this to save time and money, as well as to get a competitive advantage that will significantly spur market growth.

Eminent Player’s Key Stratagems

Prominent players operating in the global core drill rental market are Aggreko, Atlas Copco, Carolina CAT, Herc Rentals, Loxam Group, Sunbelt Rentals, and United Rentals

To attract customers, rental service providers offer a wide range of core drill machinery to cater to various project requirements. Also, rental service providers strive to offer competitive pricing to attract customers. Offering flexible rental plans, discounts, and package deals give service providers a competitive edge. For instance,

• 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.

Fact.MR has provided detailed information about the key rental service providers of core drills, their total fleet, service portfolio, and revenue growth, in the recently published report.

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

• By Region :

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Oceania
  • Middle East & Africa