Firms in the global power market have seen phenomenal change in the sector over the past four years, says Tim Gelbar, president of power and process in the Americas for London-based AMEC. While companies worldwide are still moving forward with plans to build coal, nuclear and gas powerplants, there has been a major slowdown in power work as the recession pushed global power consumption down 1.6% in 2009, the first time power consumption declined since 1981, according to the International Energy Agency (IEA). One exception is renewable power, which has been stimulated by a desire to reduce carbon-dioxide emissions, industry
The market is generally healthy and steadily growing, and margins are up for large specialty contractors. Further, advances in design tools and owner demand for collaboration are giving subcontractors a seat at the table early on in projects.