Developing Trends across Technical Markets

Developments within the Process Engineering industry, including specialty chemicals and petrochemicals, are advancing at an increasingly rapid pace. Every forward-thinking government recognizes the critical value this specialized industry offers—driving economic competitiveness, supporting national infrastructure and energy needs, providing a comparative advantage for the local workforce, and enhancing the nation's prestige in attracting top-tier talent. Large-scale, innovative projects continue to accelerate, even amidst the volatility of oil markets.

As niche specialty chemical plants, upstream exploration, and downstream processing evolve, they fuel an ever-growing demand for a specialized and skilled workforce. However, this demand often exceeds the limited supply of talent. Our research has highlighted a significant shortage of skilled professionals in areas such as specialty chemical processing, downstream processing, and EPC-infrastructure site work in the coming years. Additionally, the process industry faces heightened attrition, driven by factors such as wage disparities, the need for global mobility, and the intensity of work hours—each contributing to a growing challenge in retaining talent within the sector.

A Challenging Engineering Environment

Two key trends are emerging within the Heavy Industries sector. First, consolidation strategies are driving companies to streamline their operations. As plant asset owners focus on divesting non-core assets and operations, they are working to reduce the capital-intensive nature of their plants. Becoming leaner is essential to boosting efficiency and remaining competitive—an objective that digitalization and automation can greatly support by driving operational improvements. Alongside this, investments in utility infrastructure will increasingly prioritize security, reliability, flexibility, and speed, while aiming to reduce future maintenance costs. Today’s utilities are underpinned by information, and new IoT innovations are emerging to relay real-time health-check data on plant status. While initial investments are necessary, the long-term benefits of preventive maintenance strategies will ultimately outweigh these costs.

As power generation and energy distribution plants, including energy storage and battery facilities, become central to the grid of tomorrow, they are enhancing flexibility and improving system efficiency and cost stability. The growing global demand for energy infrastructure means increased pressure to improve reliability, address aging infrastructure, and meet heightened regulatory scrutiny—both locally and globally. These challenges are further compounded by the limited availability of capital and the rising costs and overheads associated with infrastructure development. Without clear policy frameworks, growth in this area will be stifled, which could have a negative impact on the Industrials sector—creating a ripple effect that modern societies can no longer afford.

Within the Utilities Infrastructure environment, extensive regulatory negotiations and substantial capital investments are required as governments address the range of challenges these infrastructures face. The sector must navigate fluctuating raw material costs, rising energy prices, and a chronic shortage of specialized labor. Additionally, evolving societal expectations, demographic shifts, and the growing economic influence of developing nations demand that these companies adapt quickly to the changing competitive landscape. Disruptive technologies further complicate the situation, requiring businesses to rethink both their operational and technological models across the entire value chain.