"After several slow years in the sector energy, mining and utilities dealmaking is back from the brink in both volume and value terms," it said.
"There were 75 deals in the sector in 2018, an increase of 6% as once struggling miners and energy companies begin to turn around their businesses."
However, environmental concerns may change the space but this could also lead to the clean energy and renewable energy sector becoming a focus of M&A deals into the future.
"Despite the actual trends, only 68% of respondents say EMU dealmaking will increase in the year ahead, still high although ranking well below many of Australia's services based industries.
"Environmental concerns have been mounting in Australia and will become a factor driving deals," one survey respondent said, noting changing legislation could hit coal, though sees this as a longer-term decade-long trend.
"Indeed, the renewables drive could be a significant theme for EMU M&A in the years ahead. While still at a preliminary stage of development, the clean energy space has seen deal numbers grow rapidly recently, especially as offshore investors and contractors take notice of the sector and build up dealmaking as they buy, build and sell assets," the report said.
Notable in the space last year was the failed sale of Carnegie Clean Energy's subsidiary Energy Made Clean to Tag Pacific.
It also found overall that most deals and offers going forward will originate from North America and not, contrary to popular and sometimes fervid imagination, China.
Furthermore 30% of respondents thought the upcoming Federal election was a cause for concern, partly as everything slows around an election cycle.