CSG to boom

Coal seam gas extraction, online grocery sales and hydroponic crop farming are expected to boom in 2015, while the petroleum exploration industry is tipped to be this year’s biggest loser.

According to analysis conducted by industry-based research firm IBISWorld, coal seam gas extraction is predicted to grow by a staggering 148 per cent this year, while industries such as online grocery sales and private equity are expected to enjoy double-digit growth.

The coal seam gas extraction industry is currently undergoing a significant transformation, with industry revenue forecast to rise by 148 per cent to $1.83 billion, over the next year.

While coal seam gas projects have become more viable due to new and improving extraction techniques, it is the development of export capabilities such as the opening of the domestic east coast gas market to the international market that is expected to drive rapid industry growth.

In contrast, petroleum exploration is tipped to suffer the most in 2015 as oil prices continue to fall, while mining and construction machinery manufacturing, cigarette manufacturing, motion picture and video distribution, and electricity distribution are all expected to shoulder a difficult year with declines of between 3.7 per cent and 18.9 per cent.

Online grocery sales in Australia are also expected to surge over the next year as consumers become more adept at using online stores, with revenue growth expected to hit 14.6 per cent for the year. Similarly, hydroponic crop farming is undergoing strong and steady growth, driven mainly by water conservation.

Further details can be found here.