SOURCE: Industrial Info Resources

Industrial Info Resources

September 28, 2010 05:00 ET

Spending Surge in Power, Oil & Gas Industries Makes October Turbomachinery Show a "Must-Attend" Event, an Industrial Info News Alert

SUGAR LAND, TX--(Marketwire - September 28, 2010) -  Researched by Industrial Info Resources (Sugar Land, Texas) -- Dramatic growth in spending in the North American Power and Oil & Gas industries makes this year's Turbomachinery Symposium a must-attend event for equipment manufacturers and service providers that sell to companies in these industries. The 39th Turbomachinery Symposium & Exhibit will be held Oct. 4-7 at the George R. Brown Convention Center in Houston.

Industrial Info Resources will be exhibiting at Booth 1019 at the Turbomachinery event. "We invite our clients, readers, and friends to stop by our booth to meet our industry experts, discuss industry trends, and learn how IIR's databases can be used to rapidly identify new business opportunities," said Michael Bergen, IIR's senior vice president for global marketing.

Industrial Info Resources is tracking Power projects in North America valued at about $77 billion that are scheduled to kick off this year, a sharp increase from the $32 billion in projects that began in 2009. Project spending on wind power, solar and natural gas have paced spending in this industry this year.

"As 2010 comes to a close, we expect there will be a mad dash for cash as renewable energy developers race the clock to get their projects started, and thus qualify for cash grants under the American Recovery and Reinvestment Act of 2009," said Shane Mullins, Industrial Info's vice president for global product development. "To quality for those ARRA cash grants, renewable energy projects have to be underway by yearend 2010. There's little likelihood that the cash grants will be extended next year. So we see renewable energy project development activity steadily rising until Dec. 31."

Mullins predicted that equipment and services relating to both wind turbines and combustion turbines would be a particularly hot area at this year's Turbomachinery show. "Over the next three years, our research shows that at least 8,000 megawatts of wind power per year is coming off warranty, and the number of major inspections and upgrades scheduled for combustion turbines is on the rise, as units built during the natural gas construction boom come of age. The aftermarket for equipment and services is a huge business opportunity."

In the Oil & Gas Industry, Industrial Info is tracking $25.2 billion in projects scheduled to kick off this year. This sum includes projects in the Production, Transmission, and Terminals segments across North America. By contrast, in September 2009, IIR was tracking a total of $14.6 billion in Oil & Gas projects that were scheduled to kick off during that year.

"It's amazing what a year of sustained oil prices in the $70-$80 range can do to project spending in the Oil & Gas industry," observed Jesus Davis, IIR's global vice president for oil & gas research. "Even though the U.S. economy is relatively weak, and the recovery has not progressed as strongly or rapidly as we had hoped, oil prices remain high, and that drives a lot of spending decisions."

Industrial Info Resources (IIR) is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. IIR'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. For more information send inquiries to powergroup@industrialinfo.com or visit us online at www.industrialinfo.com

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