According to forecasts, the global rig and oilfield mats market will be worth US$ 2.1 billion by 2032, with sales increasing at a respectable CAGR of 7.3% from 2022 to 2032. The target market, which was valued at US$ 1 billion in 2021, is anticipated to grow to US$ 1.04 billion in 2022. The demand for rig and oilfield mats will increase over the projection period as a result of rising crude oil prices and increased activity in the global oil and gas industry.
For exploration, drilling, and production purposes, major firms in the oil and gas industry are eager to build operations there. Contracts for such far-off locations are being acquired by oil and gas operators.
Some of these isolated areas are susceptible to damp and muggy weather. Additionally unsuitable for routine operations, such a setting necessitates the use of matting technologies to advance oil and gas operations there. Therefore, the use of rig and oilfield mats is being directly influenced by drilling operations in remote locations. For instance, several US-based oil and gas producers are moving their drilling operations to Alaska and other locations, which is expected to drive demand for rig and oilfield mats globally between 2022 and 2032.
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Furthermore, the growth in the sales of composite mats or engineered mats will likely contribute immensely to the growth of the overall market. Again, governing bodies in the US, Canada, and European Union have applied regulations to prevent environmental degradation which will further aid the growth of composite mats as compared to wood ones. All of these considerations will propel the growth of rig and oilfield mats market during the forecast period.
Key Takeaways:
- By product type, the composite mats segment will gain traction over the forecast period.
- In terms of application, the construction, and offshore wind energy infrastructure are set to generate lucrative opportunities for the target market.
- The rig and oilfield mats market in the United States will account for a major portion of the global market.
- Countries in Western Europe will account for the second largest market share.
- China and the MEA countries will register steady growth during the forecast period.
Competitive Landscape
Horizon North Logistics Inc., New park 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 among others are some of the major players in the rig and oilfield mats market profiled in the full version of the report.
Key market players are concentrating on enhancing product offerings and investing more in research and development activities to cater to consumer demands. These businesses are offering patented technologies and customized mat sizes, acquiring technical expertise, and engaging in strategic alliances, partnerships, joint ventures, collaborations, mergers, and acquisitions to gain a competitive advantage.
More Insights into Rig and Oilfield Mats Market Report
In its latest report, FMI offers an unbiased analysis of the global rig and oilfield mats market, providing historical data and forecast statistics for 2022 to 2032. To understand the global market potential, growth, and scope, the market is segmented on the basis of product type (wood mats, composite mats, steel mats), end use (oil and gas, electrical T&D construction & maintenance, wind energy, infrastructure construction, military, helipad, others), and region.
According to the latest FMI reports, based on segmentation, the composite mats segment will register a heightened demand and make significant contributions to the overall market growth. On the basis of applications, industrial usage in the construction and offshore wind energy infrastructure will make major contributions to the growth of the rig and oilfield mats market during the forecast period.
Based on region, the rig and oilfield mats market in North America will exhibit substantial growth owing to the heightened adoption of these mats. The United States will be a prime driving factor during this period. Heightened oil and gas activities in the U.S. is fueling the target market growth in this region. Western European countries, China, and MEA countries will also show impressive growth in the rig and oilfield mats market during the forecast period.
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Key Segments
By Product:
- Wood Mats
- Composite Mats
- Steel Mats
By End Use:
- Oil and Gas
- Electrical T&D Construction & Maintenance
- Wind
- Infrastructure Construction
- Military
- Helipad
- Others
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa (MEA)
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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