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.
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The rig and oilfield mats market went through a negative phase amid the spread of the Covid-19 crisis. The sales level in this market witnessed a downturn creating potential losses for the global manufacturers. As the condition is normalizing in 2021 due to strong and stringent government efforts, the top manufacturers are trying to recuperate the losses incurred through product diversifications and innovations.
For instance, Signature Systems Inc announced the launch of its new product, OmniDeck LD. The product has built-in safety features to protect people and equipment, the connection design allows for speedy deployment, protects grass or sensitive surfaces from pressure points, and is lightweight. The product reduces overhead costs through transportation and storage efficiencies.
Major Key Player:
Leading corporations including 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, Access Terrain Services, and others are making high investments in the establishment of research institutes in different regions to come up with improvements in their offerings.
In terms of growth, Asia Pacific is projected to dominate the market during the forecast period owing to the government’s initiatives and growing remote operations in the Oil & Gas Industry. The North American and European regions are expected to be lucrative owing to the adoption of composite mats. All the other key regions are driving the market growth and opening various opportunities for manufacturers to retain their position throughout the course of the forecast period.
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They are adopting business strategies such as sales contracts, strategic alliances, acquiring technical expertise, product approvals, patents and events, joint ventures, partnership agreements, collaborations, digital marketing, mergers and acquisitions, capacity utilisations, technological advancements, etc to lead the global rig and oilfield mats market with largest market share.
By Segment:
Product
- Wood Mats
- Composite Mats
- Steel Mats
End Use
- Oil and Gas
- Electrical T&D Construction & Maintenance
- Wind
- Infrastructure Construction
- Military
- Helipad
Region
- North America
- Latin America
- Western Europe
- Eastern Europe
- MEA
- APEC
- China
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About Industrial Automation Division at Future Market Insights
The Industrial Automation & Equipment division at FMI adopts a novel approach and innovative perspective in analyzing the global machinery and industrial automation market. A range of FMI’s market research reports offer comprehensive coverage of capital, portable, process, construction, industrial, and special purpose machinery used across manufacturing sector. The team also conducts distinctive analysis about installed base, consumables, replacement, and USP-feature application matrix, making us a prominent voice of authority in the industry. We are associates of choice for established as well as budding industry.