LONDON--(BUSINESS WIRE)--SpendEdge has been monitoring the global programmable logic controllers market and the market is poised to experience spend growth of more than USD 2 billion between 2019-2024 at a CAGR of over 3% during the forecast period. Request Free Sample Pages.
Read the 135-page research report with TOC and LOE on "The Global Programmable Logic Controllers Market – Procurement Intelligence Report, Pricing Outlook in Geographies that include APAC, North America, South America, and MEA, and insights into best practices to optimize procurement spend.”
The recent surge in the sales of electronic vehicles is creating a substantial demand for programmable logic controllers (PLCs). These are used as essential components in the architecture of electric vehicles. To boost sales of these vehicles, governments across the globe are offering financial remissions that are favoring the demand growth of these vehicles. This is contributing to spend growth in the programmable logic controllers market to a significant extent.
In terms of spend growth, Europe will claim a substantial share in the global market. This market share will be attributed to the rapid rate of adoption of industrial automation processes across the automobile and industrial machinery hubs. Meanwhile, in North America, the increase in the demand growth will be attributed to the growing requirement for automation in end-user industries such as oil and gas and packaging. The rise in the number of shale gas reserves and increased investments made toward the expansion of chemical manufacturing plants in the US will contribute to spend growth in the programmable logic controllers market in the region.
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Insights into the market pricing trends
Suppliers will experience a significant increase in their OPEX owing to the increase in the prices of raw materials such as copper, iron, steel, and aluminum. While the sudden increase in demand for copper will propel its price, a major supply crunch of aluminum owing to the current global political scenario will increase the price of this mineral. According to the programmable logic controllers price trends, this will have an inflationary impact on buyer’s procurement spend in this market.
- The global shortage of skilled labor will compel suppliers to increase their compensation to hire and retain skilled professionals who are indispensable in the labor-intensive manufacturing of PLCs. While this will increase the supplier’s OPEX, it will cast a negative impact on the buyer’s procurement expense in the programmable logic controllers market.
What are the strategies to adopt to optimize procurement spend in this market?
Bundling of additional hardware and software requirements
PLCs generally operate with other hardware devices such as PCs and HMI and software that can eliminate the use of external components. However, the requirement of such components will add to fringe expenses incurred by buyers. It is imperative that buyers partner with suppliers who can provide bundled products and software solutions. This will help buyers obtain cost benefits through the bundling of PLC purchases with other products.
Prefer procurement from global suppliers
Procurement from global suppliers will benefit buyers with access to the latest innovations in this market. Typically, global suppliers operate on higher profit margins compared with regional suppliers. This allows them the liberty to offer buyers cost benefits as well as value-adds such as maintenance and service fees at a low cost. Adoption of this programmable logic controllers procurement best practice will lead to an increase in the buying power of buyers.
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Some of the key topics covered in this report are:
- Programmable logic controllers market spend segmentation by region
- Total cost of ownership analysis in the programmable logic controllers market
- Regional spend opportunity for programmable logic controllers suppliers
- Programmable logic controllers suppliers cost structure
- Programmable logic controllers pricing models analysis
- Programmable logic controllers procurement best practices
- Category management objectives
- Cost saving opportunities in the programmable logic controllers market
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