IIR's Mid-Year Webinar Looks at COVID-19's Impact on Global Project Spending
Welcome back! Industrial Info's blog is no longer in lockdown, so it's a good time to review our recent webinar series, the 2020 North American Industrial Market Outlook Mid-Year Update. Our experts examined the pandemic's impact on the world's major industries, and they have one thing in common: Their outlooks are very different from where they were in January.
Here's a rundown:
COVID-19 Pushes Out Power Projects, but Few Cancellations
While some North American projects have been pushed out or placed on hold because of the coronavirus, Industrial Info has seen very few outright cancellations, although spending this year in the Power Industry is expected to be lower than originally forecast. Click here to learn more.
U.S., Canadian Oil & Gas Industry Plots Post-COVID Path, Ground Still Shaky
The industry has been upended by collapsing prices and widespread lockdowns related to the COVID-19 pandemic. Industrial Info expects top-line spending for capital and maintenance projects in the U.S. and Canadian Oil & Gas Industry to come in at about $72 billion for 2020, down from about $102 billion in 2019. Click here to learn more.
U.S. Natural Gas Sectors - Plenty of Capacity in Downturn's Wake
For different natural gas sectors, the U.S. currently has plenty of capacity, resulting in a slowdown in spending for the remainder of this year. However, things should pick up again in 2021. Click here to learn more.
U.S., Canadian Manufacturers Adjust to 'New Reality' Amid COVID-19
"What we're facing now is a new reality," said David Pickering, Industrial Info's vice president of research for the Industrial Manufacturing Industry, on Wednesday. "Companies are going to have to decide, in each phase of their projects, how they want to recover from what they lost during the first five months of the year due to COVID-19." Click here to learn more.
Survival Now the Name of the Game for Metals & Minerals Industry
"Metals and minerals firms are in survival mode, and cash conservation is on everybody's mind" as a result of the market conditions wrought by the COVID-19 pandemic, said Joseph Govreau, Industrial Info's vice president of research for the Metals & Minerals Industry. Industrial Info has identified more than $30 billion in metals and minerals projects in North America that have been impacted by COVID-19, accounting for 27% of the value of all the industry projects being tracked. Click here to learn more.