Rig and Oilfield Mats Market: Overview
Rig and oilfield mat is a portable platform that can easily carry heavy machinery. Composite of timber and steel are used to produce rig and oilfield mats. These also help in creating a safe and clean working environment. They offer proper ground conditions in sensitive wetland areas. End-users of rig and oilfield mats include oil & gas companies, construction companies and electrical utility companies.
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Rig and Oilfield Mats Market: Trends & Demands
Demand for oil and gas is increasing due to industrialization, urbanization, and population growth. Hence, the demand for rig and oilfield mats is projected to increase due to the rise in exploration, production, and drilling operations in the oil and gas industry. Growing population and increasing demand for electrification is estimated to drive installation of rig and oilfield mats in electrical transmission & distribution (T&D) constructions and wind turbines. Additionally, rise in investments in the oil & gas sector is boosting the market. For instance, U.S. Oil & Gas Plc started a new exploration drilling at the Hot Creek Valley project in Nevada, the U.S. Rig and oilfield mats companies such as Newpark Resources Inc., and Strad Energy Services Ltd offer custom sized mats. This in turn is projected to drive the adoption of their mats among end-use industries. However, installation of these mats is costly. This is likely to restrain the market.
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Rig and Oilfield Mats Market: Segmentation
The global rig and oilfield mats market can be segmented based on product type, end-use, and region. In terms of type, the market can be classified into wood mats, composite mats, and metal mats. Based on product type, metal mats continue to dominate the rig and oilfield mats market. Usually, wood-based and metal-framed rig and oilfield mats are used for industrial operations; however, due to the environmental regulations regarding the wood cutting are boosting the use of composite mats. This, in turn, is boosting the adoption of composite-based rig and oilfield mats for sensitive field applications. Hence, the composite mats segment is expected to expand at a high CAGR during the forecast period.
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Based on end-use, the market can be segregated into oil & gas, electrical T&D construction & maintenance, wind installation, and others. The oil and gas segment continues to dominate the rig and oilfield mats global market. The segment is projected to expand at a substantial CAGR during the forecast period. Demand for rig and oilfield mats in electrical T&D construction, and wind installation, is expected to rise at a rapid pace in developing regions such as Asia Pacific and Latin America.
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Rig and Oilfield Mats Market: Regional Outlook
In terms of region, the global rig and oilfield mats market can be divided into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa. North America dominated the global market in 2017. This trend is estimated to continue during the forecast period owing to the discovery of shale reserves in the U.S. According to International Energy Agency (IEA), the production from shale oil in 2017 was 4.67 million barrels, which accounted for half of the total oil production from U.S. Middle East & Africa is a major producer of oil in the world. Offshore developments and discoveries by countries such as Qatar, the UAE, and Saudi Arabia are anticipated to drive the rig and oilfield mats market in the Middle East. Bahrain has announced the discovery of around 80 billion barrel oil field. This, in turn, is projected to fuel the market.
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Rig and Oilfield Mats Market: Key Players
Major companies operating in the global rig and oilfield mats market include Horizon North Logistics Inc., Newpark Resources Inc., Signature Systems Group, LLC, Strad Energy Services Ltd, Checkers Safety Group, Spartan Mat, Rig Mats of America Inc., Quality Mat Company, Canada Rig Mats Ltd., Alberta Rig Mats, and Access Terrain Services.