LONDON--(BUSINESS WIRE)--Global procurement intelligence advisory firm, SpendEdge, has announced the release of their ‘Oxygen Market Procurement Research Report.’ The insights and data in this report provide a strategic analysis of the supply markets, factors influencing purchasing decisions, procurement best practices, pricing models, supplier landscape, and an analysis of the supplier capability matrix for the chemicals industry. This report breaks down the data and analysis behind the procurement of oxygen and acts as an all-inclusive guide for making smart purchasing decisions.
“Leading suppliers of oxygen are increasingly focusing on differentiating their product and service offerings through the development of patented technologies with features such as remote monitoring and digital control,” says SpendEdge procurement analyst Anil Seth. “Also, the suppliers are increasingly adopting technologies such as predictive analytics and remote management systems to reduce service lead times and proactively identify and execute preventive maintenance activities,” added Anil.
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Procurement analysts at SpendEdge highlight the following top three market trends that are contributing to the growth of the Global Oxygen Market:
- Growth in adoption of analytics and remote management systems
- Increasing consolidation in global oxygen market
- Increased adoption of joint venture as a preferred method for procurement of oxygen
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Growth in adoption of analytics and remote management systems:
Leading oxygen suppliers are increasingly adopting technological innovations such as analytics and remote management systems in their operations for enhancing their service efficiency and for optimizing the cost of their operations. The adoption of analytics helps in predicting component failures. It also helps the buyers in avoiding breakdown of equipment by employing proactive preventive maintenance activities.
Increasing consolidation in global oxygen market:
Top suppliers in the global oxygen market are increasingly resorting to inorganic growth by undergoing M&A activities. This helps suppliers to proliferate by increasing their geographical presence and the scope of service portfolio. The increase in consolidation also helps in reducing the cost of operation for top suppliers through economies of scale and volume advantages. However, tempering of competition in the market through M&A activities reduces the bargaining power of buyers, resulting in less favorable prices and contract structure.
Increased adoption of the joint venture as a preferred method for procurement of oxygen:
There is an increase in adoption of joint ventures by the buyers of oxygen across the globe. Joint ventures have a higher preference in this market space as it reduces the overall cost of procurement. The formation of joint ventures helps the buyers in enhancing their relationship with suppliers. It also enables the buyers to share their operational data and use the expertise of suppliers to improve yield and quality of their manufacturing process.
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