LONDON--(BUSINESS WIRE)--According to the latest procurement intelligence report from Technavio, the global pumps market is expected to grow at a CAGR of 5.5% over the next five years due to growth of various end-user industries such as construction, oil and gas, water and wastewater management, and energy.
The research report titled ‘Global Pumps Market: Procurement Market 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.
“During the forecast period, the global pumps market will be driven by the increase in new infrastructure in developing countries such as India and China, leading to the growth of the construction industry in APAC,” says lead Technavio procurement specialist Angad Singh for category spend intelligence. “In addition, increase in investments in the oil and gas industry in regions such as North America due to discovery of shale reserves is will further drive the market growth,” adds Angad.
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Cost saving opportunities in the print services market
The adoption of various cost-optimization levers helps buyers of pumps realize direct cost savings and enhance category management and value benefits (including reduced procurement complexities).
Technavio procurement experts have segmented the cost saving opportunities in the pumps 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
Technologies such as variable frequency drives, micro-disc pumps, magnetic drives and intelligent pump systems can help realize cost savings to the extent of 8% of total category spend.
Suppliers should provide energy-efficient pumps due to growing environmental awareness and the need for energy efficient pumps across end-user industries. These pumps are designed with energy-efficient motors or offer features such as variable speeds that consume less power compared to traditional models.
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Optimization of supplier competition saving aspects
Competitive bidding helps to procure products at low prices with value-added services such as installation, repair, and maintenance. Buyers look for suppliers that assist in pump selection to lower energy requirements, resulting in energy savings and reduction of carbon footprint. For instance, with the use of pump selection software, impeller diameter of centrifugal pumps is matched to operating conditions, achieving hydraulic optimization.
Bundling of services saving aspects
One of the most opportunistic strategic cost saving levers in the global pumps market is the need for consolidation of services such as installation, repair, and maintenance for a specified warranty period. Suppliers need to meet requirements of buyers such as elevated temperature handling capacity for pumps that are used in the oil and gas industries.
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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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