Impact of Outbreak of COVID-19 on Rig and Oilfield Mats Market
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.
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.
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
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.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Europe
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
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Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
