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United States heavy industrial facilities construction market: $28.6 billion industry by 2018
Heavy Industrial Facilities Construction in the US - Industry Market Research Report - a new market research report on 2014-03-31 12:33:02
The United States Heavy Industrial Facilities Construction market has slowly picked up the pieces following large revenue declines as a result of the financial crisis. Revenue for the industry surged in the mid-2000s as firms benefited from an increased demand for new plants from private power companies that began in the late 1990s after the deregulation of the energy industry.
However, the industry´s environment was radically altered by the recession when demand for industrial facilities development slowed and financing was restricted for all construction projects.
The industry has yet to approach the revenue growth experienced during the prerecession boom.
But the industry has slowly built momentum, with revenue rising each year since 2009. Demand for industry services has improved as a move toward renewable and clean energy has reinvigorated downstream markets. In addition, government spending tied to operations abroad and fiscal stimulus packages have largely supported the industry.
Nevertheless, the decline in 2009 has offset recent growth, with revenue falling at an annualized rate of 0.7% to $26.0 billion during the five years to 2013. A recent extension of the renewable energy production tax credit is likely to keep demand high in the energy market, pushing revenue up 2.2% in 2013.
As revenue improved during the past four years, the number of industry operators began to rise, increasing the level of competition in the industry.
Firms in the industry compete for jobs by submitting a bid. Investors seek the bid that will complete the intended project with high quality at the lowest cost. Consequently, industry profit margins have dwindled during the past five years. Average industry profit has dropped from an estimated 7.0% in 2008 to 6.3% in 2013.
The overall value of utilities construction, the availability of credit and movement in specific downstream industries play a large role in driving the direction of the Heavy Industrial Facilities Construction industry.
During the next five years, government regulation of power generation, such as the push for cogeneration power plants, will benefit industry performance. Industry revenue should also receive a boost from the continued growth of renewable energies that require new and more efficient transmission equipment. As a result, revenue is expected to increase at an annualized rate of 2.0% to $28.6 billion during the five years to 2018.
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