LONDON--(BUSINESS WIRE)--According to the latest procurement intelligence report from Technavio, the global energy auditing services market is expected to grow at a CAGR of more than 5% over the next five years due to improved awareness about the cost-saving opportunities arising from such projects and technological developments.
The research report titled ‘Global Energy Auditing Services: Procurement Intelligence Report 2017-2021’ provides an in-depth analysis of category spend, best procurement practices and cost saving opportunities, aimed at helping organizations achieve superior business performance. The report also provides insights on pricing, supplier positioning and top companies, enabling sourcing professionals to improve their competitive advantage through procurement excellence.
“The global energy audit services market involves players in the energy efficiency and management segment that have built their expertise in the manufacturing and development of energy efficient equipment,” said lead Technavio procurement expert Angad Singh. “The market also comprises players such as Deloitte, KPMG, EY, and PwC that provide a high-level of expertise in audit and advisory services with a strong global presence,” added Angad.
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Cost saving opportunities in the energy auditing services market
The adoption of cost optimization levers allows businesses to realize direct cost savings as well as enhance category management and value benefits (including feasibility and implementation hurdles). However, these opportunities depend on the nature of engagement between business and service provider, as well as past engagement history and sourcing maturity of the category.
Technavio procurement experts have segmented the cost saving opportunities in the energy auditing services market into the following value-enhancement opportunities:
- Adoption of technology
- Supplier Competition
- Adoption of negotiation strategies
- Optimization of procurement practices
- Bundling of services
Adoption of technology saving aspects
Metering technologies provide real-time data and transform data into immediate actionable intelligence strategy to measure the breakdown of energy.
Measuring the power and potential of renewable sources of energy will help in conducting a feasibility study. For example, TERI with support from various energy foundations has developed an open source Web GIS tool for estimating the rooftop solar power potential in India.
Optimization of procurement practices saving aspects
With an increasing focus on tangible and operating outcomes, businesses must partner with service providers that are accountable for their recommendations.
Businesses must conduct their internal studies on sustainable practices that can be followed in their facilities. This will help build greater awareness on the need for energy efficiency.
Bundling of services saving aspects
Good communication between buyers and service providers is important, as it is essential for a conducive atmosphere for engagement.
Hence, suppliers must maintain open channels of communication by adopting measures such as providing an exclusive professional for liaising effectively with the buyer.
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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