SOURCE: Industrial Info Resources

Industrial Info Resources

February 18, 2014 06:15 ET

Industrial Market Outlook in Review: Secondary Wave of Shale Gas Spending Reaching Into Other Industries, an Industrial Info News Alert

SUGAR LAND, TX--(Marketwired - Feb 18, 2014) - Researched by Industrial Info Resources (Sugar Land, Texas) -- In 2014, the nation's expanding oil and gas production is poised to continue its dramatic growth, and this contributes to rising project spending across all industrial sectors. "We've realized a lot of the spending opportunity taking place in the field itself, getting the product to market, storage tanks, and things of that nature," said Michael Bergen, executive vice president at Industrial Info Resources, at the company's most recent Industrial Market Outlook, held in Houston, Texas. "We're just now starting to get on the cusp of where other industries are benefitting from this development."

And these benefits are set to lift U.S. industrial project spending in 2014 by more than 10% from last year. For the past few years in the U.S., much of the spending that has occurred has been directly involved in the oil & gas extraction process: drill pipe fabrication, fracking equipment producers, steel pipe/tube mills, etc. Spending is now reaching into new sectors, including the Chemical Processing Industry and Industrial Manufacturing sector.

Production of ceramics, electronics and automotive parts is returning to the U.S. because of lower manufacturing costs, said Bergen, who also noted that the U.S. textile industry, which for the past several years has been in severe decline, is returning manufacturing to U.S. shores. "We're tracking $800 million worth of textile mills being built and coming back to life in the Carolinas, which is pretty exciting," Bergen said.

Industrial Info's next Market Outlook & Networking Event will be held at The Ritz-Carlton in Washington, D.C., on May 7, followed by others in Jersey City, New Jersey, and Baton Rouge, Louisiana. For more information or to RSVP for these events, visit the Market Outlook page on our website.

In addition, Industrial Info's Global Industrial Outlook is a quarterly-updated online product providing spending statistics and forecasts for 12 industrial sectors throughout the world. Both North American and international industrial sectors are included in the Outlook, with special breakouts for the BRIC, MENA, Middle East and Asia-Pacific regions. Detailed assessments from Industrial Info's industry experts help explain how the data and information reflect broader industrial trends. Visit our Online Store for information on this and other analytics and forecasting products.

Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, three offices in North America and nine international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle™, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. To contact an office in your area, visit the "Contact Us" page.

Contact Information

  • Contact:
    Joe Govreau
    (713) 783-5147