Energy industry set to soar in 2018
January 18th, 2018
As Australian companies welcome the New Year, IBISWorld’s business information analysts have revealed the top five industries expected to grow – and shrink – in 2017-18.
The top predicted performer for 2017-18 is the Wind and Other Electricity Generation industry with a bumper year of 35.3% growth anticipated. IBISWorld anticipates that Sports and Recreation Facilities Operation, Dairy Cattle Farming, Petroleum Exploration and Nature Reserves and Conservation Parks will round out the top five best performers.
“We’re predicting massive growth of over 35% for this industry, with renewable energy operators in Victoria and South Australia likely to take advantage of rising prices to boost their revenue,” states IBISWorld Senior Industry Analyst William McGregor.
IBISWorld expects revenue in the Petroleum Exploration industry to increase by 7.2% in 2017-18, to reach $1.5 billion. This growth is expected on the back of three years of consecutive revenue declines, including a 53.0% drop in 2015-16, due to a decline in the global price of natural gas.
“A number of major petroleum production players have announced new budgets for exploration, including ExxonMobil, which has major investment plans for Bass Strait. There’s also a high likelihood growing pressure on the eastern seaboard energy market may prompt authorities to roll back regulation on coal seam gas extraction, which would lead to growth in petroleum exploration,” said MrMcGregor. Read more…