Future Market Insights has recently published a new market research study and brief analysis on the rig and oilfield mats market that provides global industry analysis for 2016-2020 and opportunity assessment for 2021-2031. The report investigates the rig and oilfield mats market and provides noteworthy perceptions for the forecast period of 2021-2031.
As per the analysis, the rig and oilfield mats market is projected to show substantial growth throughout the forecast period owing to heavy demand from the oil and gas industry, which in turn, pushes the demand for rig and oilfield mats. The rig and oilfield mats market is projected to grow at a CAGR of over 5% throughout the forecast period. Gains remain primarily driven by upsurge in crude oil prices, which has created significant growth in oil and gas activities and subsequently generated high demand for rig and oilfield mats.
Rising Oil and Gas E&P in North America to Promote the Market Growth
The go-slow methodology in the oil & gas industry has consequently caused a drop in exploration and drilling activities, due to which, the mandate for rig and oilfield mats has also taken a huge hit. However, current excessive exploration and production in North America has significantly driven the demand for rig and oilfield mats and thus, has positively impacted the market growth. Recently, it has been noted that, the oil & gas industry is making sufficient efforts to assist repossession from the aforementioned slowdown.
Aging Infrastructure & New Projects Boost Demand
Aging infrastructure will drive the sales of rig and oilfield mats during the forecast period. In addition to that, the targeted customer base during the forecast period will be utility companies, EPC firms, pipeline operators, and inspection and construction service companies. Greenfield and brownfield projects in these industries will drive the sales of rig and oilfield mats. The life of composite mats is longer, and this will be a prominent factor creating opportunities for the deployment of such product types in new operations.
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North America Market to Remain Significant in Terms of Value Share
North America is likely to experience substantial growth in the rig and oilfield mats market, owing to factors such as rapid escalation of crude and oil production in the U.S. and Canada. Moreover, heavy investments in oil and gas, R&D, electrical T&D, construction and maintenance, wind farm infrastructure, and initiation of production facilities in the region are likely to help the rig and oilfield mats market gain impetus over the forecast period.
Furthermore, increasing number of onshore projects in the U.S., China, Russia, Canada, Mexico, India, Indonesia, and Australia will offer opportunities for installation and deployment of rig and oilfield mats.
Companies are investing more in onshore than in offshore, and they are looking for operational efficiency along with ROI, which will drive the deployment of rig and oilfield mats.
Soaring Mat Renting Business to Hamper the Market Growth
Oil and gas operators prefer renting mats as crude oil prices have hit the business negatively. This has resulted in growing preference for renting over actually purchasing. These mats with rent and buy back options have negatively impacted the sales of new rig and oilfield mats in the global market. Moreover, the renting and services business has been booming. This factor may hamper the growth of the rig and oilfield market in the coming years.
Rig and Oilfield Mats Market: Vendor Insights
The report profiles few of the key market players, who have renowned themselves as inclusive influencers in the rig and oilfield mats market. Some of the key players in the market are Horizon North Logistics Inc., Strad Energy Services Ltd, Newpark Resources Inc., Signature Systems Group, LLC, Checkers Safety Group, Bridgewell Resources, Spartan Mat, Access Terrain Services, MaXXiMaT, Quality Mat Company, and others.
Tier-1 and tier-2 players are focusing on joint ventures, mergers & acquisitions with local and regional market players, and bringing up advances and innovations in rig and oilfield mats to gain healthy traction and competitive edge over their rivals.