Though energy sector sees some improvements with the alternate or new type of energy sources, the other industries of mining, oil and gas have been seeing a heavy decline since 2015. The decline, in commodity prices for mining, the availability of excess resources against minimal demand in the oil & gas sector is the factors that are plaguing the industry tremendously. The impact is too high that the global economy has been affected largely because of this observed decline in the oil prices across the world.
The notable restraints in this sector are the shortage of actual talent and heavy constraints on the capital. The need to reduce carbon footprint in this globalization time is also playing heavy on these industries. The trend is not looking too positive but there is a slow pickup in terms of the oil industry and hence it may cause a little growth in the oil & gas sector. Better opportunities may arise once the political tension eases in the Middle East countries and there are no accounts of breaches with the industrial activities in these countries from terrorist groups. Overcoming this risk will be primary for the workforce to confidently work in such zones and contribute to the growth of this sector.
The emerging nations here are Russia, China, and Africa. The Middle East countries have taken a backseat owing to the infringe of terrorism and political tensions.