VALLEY COTTAGE, New York, October 17, 2018 /PRNewswire/ --
Wet and humid conditions, loose soil and growing requirement of stable field operations among end-use industries is enhancing the demand for rig and oilfield mats as these reduce operational expenditure. Due to growing demand for matting solutions to provide equipment protection in varying conditions, rig and oilfield mats will witness growing demand from end-use industries. The oil and gas industry is the prominent end user of rig and oilfield mats. Remote operations and prevailing wet conditions in end-use industries are the two factors that will further drive the installation of rig and oilfield mats.
Global Rig and Oilfield Mats Market: Analysis & Forecast
The global market for rig and oilfield mats is expected to witness significant growth in 2018 and will reach a market value of US$ 1,365.7 Mn, exhibiting a y-o-y growth rate of 4.6% as compared to 2017. Furthermore, the global demand for rig and oilfield mats will also be influenced by rising exploration and production and drilling operations in the oil and gas industry. Growing population and increasing demand for electrification will drive the installation of rig and oilfield mats in electrical T&D constructions and wind turbines. These projects will enhance the demand for rig and oilfield mats during the forecast period.
Rig and oilfield mats are being adopted by a large number of oil and gas and electrical installation operators worldwide. Rig and oilfield mats are deployed based on the operation condition as well as budget. Wind turbines are witnessing high installation and growing demand for green energy production and consumption will further increase their demand. Growing demand for green energy production and consumption is leading to the growth of global rig and oilfield mats market in countries, such as the U.S., China, Brazil, India, Germany, the U.K. and Netherlands. Growing focus on establishing manufacturing and distribution units for rig and oilfield mats and increasing investments in developing countries of Asia by end-use industries will boost the demand for rig and oilfield mats over the coming years.
Global Rig and Oilfield Mats Market: Segmental Insights
Based on product type, composite mats and metal mats will continue to dominate the rig and oilfield mats market in terms of global market share and are expected to account for approximately 37.6% and 40% shares, respectively, by the end of 2028.
Based on end use, the oil and gas industry will continue to dominate the rig and oilfield mats global market and is expected to account for US$ XX Mn by 2028 end. The demand for rig and oilfield mats in electrical T&D construction, wind and infrastructure construction is expected to grow faster in developing regions, such as APEC, China and Latin America.
In 2018, North America is estimated to be the most lucrative region in the global rig and oilfield mats market and is likely to hold more than 35% of the global market share. Further, advancements in skid proof composite mats will drive the demand for rig and oilfield mats in Western Europe, North America, China and APEC.
Increasing demand for rig and oilfield mats in the coming years will influence prominent manufacturers to collaborate with regional distributors and suppliers for expanding their business. Newpark Resources Inc, Strad Energy Services Ltd., Horizon North Logistics Inc., Signature Systems Group, Checkers Group, Rig Mats of America, Inc., MaXXiMaT, BRIDGEWELL RESOURCES and PortaFloor are some of the key players in the global rig and oilfield mats market.
In terms of market value, the global rig and oilfield mats market is forecast to register 4.6% CAGR and is expected to create absolute $ opportunity worth US$ 768.2 Mn during the forecast period. North America and Western Europe are likely to witness maximum adoption of rig and oilfield mats. These regions will grow at a CAGR of 5% and 4.7% respectively over the forecast period.
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