The COVID-19 pandemic will affect short-term revenues and growth, especially for the events sector.
SAN ANTONIO, TX, UNITED STATES, March 26, 2020 /EINPresswire.com/ — A new analysis by Verify Markets shows the North American Ground Protection Rental Market was valued at $950.0 million in 2019 and is expected to reach revenues over $1.0 billion by 2026. Market participants report 2019 as a growth year for the industry. However, the economic downturn due to the coronavirus outbreak and the sharp decline in oil & gas prices during 2020 is expected to affect the market growth during the short-term of the forecast period.
"The economic impact of the COVID-19 pandemic is already being felt by the ground protection rental industry and is likely to extremely affect revenues during the short-term of the forecast period. The events sector, representing eight percent of the total market, is going to be the most affected sector as a mass number of events and parties are being cancelled or delayed while public gatherings are being banned altogether," states Senior Consultant for Verify Markets Georgina Carraway.
The oil & gas industry has traditionally been one of the main end-users for ground protection. Oil & gas exploration and extraction sites are usually in remote areas subject to extreme climates, tough ground conditions or environmentally sensitive areas. Ground protection mats are used in the oil & gas construction industry to create solid working platforms and base station flooring for remote work sites. Lower oil & gas prices have affected investment in exploration and extraction, decreasing the share of the oil & gas segment in the ground protection rental industry. However, its market share is expected to increase by the end of the forecast period as projected increases of oil & gas prices will encourage near-term levels of exploration, development and production activity, and is likely to increase business activity.
Besides lower oil and natural gas prices, the ground protection market is a mature, well-established market with strong demand across different customer segments. Increasing pipeline construction projects, experiential entertainment and special events, transmission and distribution line expansion and environmental regulations to guard against soil damage and protect ecosystems are major drivers behind strengthening interests in the ground protection rental market.
Among the different materials used for ground protection, HDPE is the fastest growing. Companies prefer to rent ground protection mats made of HDPE as it provides superior flexibility and security for workers and equipment.
Some of the key companies covered in this report include Yak Access LLC, Sterling Lumber Company, EPS America, Quality Mat Company and New Park resources. This report provides an in-depth analysis of the overall North American Ground Protection Rental Market. The report captures various market dynamics such as growth drivers, restraints, market revenues and forecasts, technology trends and a competitive landscape assessment.
A copy of the North American Ground Protection Rental Market research report can be obtained at www.verifymarkets.com. Follow us for more updates on Twitter @verify_markets and LinkedIn. This report is part of Verify Markets’ Energy & Power Equipment market research and consulting practice. Other power rental market reports:
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Our research methodology consists of extensive primary interviews with key participants in the industry along with analysis of secondary resources to validate our information. For more information on this report and other research (including custom reports and consulting), contact email@example.com or call +1.210.595.6987.
Source: EIN Presswire