Top 10 Leading Players in Rigs & Oilfield Mats Market

Rigs & Oilfield Mats: Introduction

In downstream (extracting oil & gas from the Earth’s crust) activities, major challenges are faced while extracting crude oil and natural gas resources from difficult terrain or environmentally sensitive locations

Rigs and oilfield mats are portable platforms that are engineered to support the equipment used during oil drilling activities. Rigs and oilfield mats offer proper ground conditions in sensitive wetland areas. In rainy or wet seasons, these mats can be used as structural roadways. These roadways allow workers access to sites even in non-favorable weather conditions. In remote locations or over a difficult terrain, rigs and oilfield mats can act as temporary roadways for vehicles.

Thus, rigs and oilfield mats offer even work surfaces. This allows workers to continue drilling operations irrespective of the ground conditions, and thus improve the productivity of drilling sessions.

Key Drivers and Restraints of Rigs & Oilfield Mats Market

Oil and natural gas meet 50% of the world’s energy demand. Consumption of natural gas increased by 4.6% in 2018. According to the International Energy Agency, petrochemical products are expected to be the pillars of growth of the oil industry during the forecast period. Global oil consumption is projected to reach 104.1 mb/d by 2026, representing an increase of 4.4 mb/d from that in 2019. Thus, rise in demand for oil and gas resources owing to rapid urbanization and industrialization is expected to boost the rigs & oilfield mats market.

Process and environment safety is also a key driver of the rigs & oilfield mats market during the forecast period. In downstream activities, rigs & oilfield mats protect the subsurface of the Earth by terminating the mixing of contaminants that might come from work station. Thus, enactment of government regulations regarding exploration activities is anticipated to boost the rigs & oilfield mats market.

Installation of rigs and oilfield mats depends upon factors such as area dimension and load carrying capacity. Thus, customization makes installation of rigs and oilfield mats costly. This can act as a barrier for the global rigs & oilfield mats market.

COVID-19 Impact Analysis on Supply Chain

Governments of several countries across the globe have imposed stringent lockdowns to limit the spread of the coronavirus. Movement of individuals and economic activities, related to goods and services, have come to a halt because of lockdowns. Supply has not been able to adjust to the drop in consumption. This has resulted in considerable buildup of crude oil and gas in storage. Low prices and unprecedented drop in demand have created difficulties for the upstream sector in regions with unfavorable production economies. Rigs and oilfield mats are used in the in oil & gas industry. Therefore, holding back investments in new exploration projects is hampering the global rigs & oilfield mats market.

Rigs & Oilfield Mats Market Segmentation

The global rigs & oilfield mats market can be segmented based on type and location

In terms of type, the global rigs & oilfield mats market can be segregated into steel, wood, composite, and others. Environmental regulations regarding wood cutting are boosting the use of composite mats. This, in turn, is driving the adoption of composite-based rigs and oilfield mats in sensitive field applications.

In terms of location, the global rigs & oilfield mats market can be divided into onshore and offshore

Rigs & Oilfield Mats Market: Regional Segmentation

In terms of region, the global rigs & oilfield mats market can be split into Middle East & Africa, Latin America, Asia Pacific, Europe, and North America

Offshore developments and discoveries by countries such as Qatar, the UAE, and Saudi Arabia are anticipated to drive the rigs & oilfield mats market in the Middle East. Bahrain has announced the discovery of around 80 billion barrel oil field. According to the Oil and Gas Journal, well intervention in Middle East & Africa is anticipated to rise at a faster pace, with around 10,000 active offshore wells on oil fields with average well age of 16-21 years compared to average well age of 10-15 years in other regions.

According to Rystad Energy, well service spending is expected to rise to US$ 54 Bn in 2021 from US$ 50 Bn in 2020 in North America. Thus, the rigs & oilfield mats market is projected to expand at a rapid pace in the region in the near future.

Key Players Operating in Global Market

Newpark Resources Inc.

YAK MAT

Diamond T Services

Horizon North Logistics Inc.

Signature Systems Group, LLC

Strad Energy Services Ltd

Checkers Safety Group

Spartan Mat