Study Predicts Increased Frequency of Megaprojects in the Processing Industries
July 19, 2010
An IPA study sees a major increase in megaproject activity in the next few years that could put a strain on engineering and construction resources.
Independent Project Analysis, Inc. (IPA), a global capital project consulting business, is completing an extensive study of onshore megaproject developments. The study predicts the demand for megaproject developments will increase at a high rate in the next few years as the global recession subsides. Further, the increase in megaproject spending is expected to be more rapid than in the boom period from 2005 to 2008, the study found. The projected growth rate of over 30% per year in megaproject spending will place a strain on engineering firms, suppliers, and construction resources. Global demand, especially in the emerging regions (China, India, Middle East, Brazil, etc.), is a primary driver of the increased number of megaprojects. Also, the rebound in commodity prices (such as oil and metals) will contribute to the economic feasibility of these huge capital investments.
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