LONDON--(BUSINESS WIRE)--SpendEdge has been monitoring the global compressors market and the market is poised to experience spend growth of nearly USD 6 billion between 2019-2024 at a CAGR of over 4% during the forecast period. Request Free Sample Pages.
Read the 122-page research report with TOC and LOE on "The Global Compressors 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.”
Spend growth forecasted for this market is primarily attributed to the recent increase in the exploration activities observed in the oil and gas sector. Compressor units are being extensively procured by buyers from the manufacturing, power generation, and mining sectors which is driving spend growth in the compressors market at a significant rate. Driven by this exponentially increasing demand, suppliers are implementing technologies such as the GA VSD+ to produce energy-efficient compressors that are facilitating buyers with almost 50% energy cost savings.
APAC is dominating the global compressors market as it is home to some of the chief end-user sectors. Buyers from the automobile industry in APAC are exhibiting an increasing demand for compressors to manufacture electric vehicles and passenger cars. Meanwhile, in the US, the extensive usage of natural gas as a low-cost and low emission alternative fuel in industries such as cement, mining, petroleum refineries, and steel in the US is driving demand in the compressors market in the region.
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Insights into the market price trends
Steel suppliers will observe a sharp rise in their manufacturing costs owing to the chances of a substantial increase in the prices of raw materials such as copper, aluminum, iron ore, nickel, and stainless steel.
- With the growing stringency of regulations that mandate the use of non-renewable resources for production processes, steel suppliers are being compelled to invest in sustainability measures at their production units. According to compressors price trends, this will have a significant impact on the market price.
What are the strategies to adopt to optimize procurement spend in this market?
Monitor market trends related to raw materials
Considering the chances of an increase in raw material prices, it is prudent of buyers to track trends in the raw materials market, especially related to raw materials that are used for manufacturing compressors. Such an analysis would provide insights such as the quantity of raw material used in the production process and fluctuations in the prices of raw materials. Such raw material-related insights will allow buyers to leverage the cost negotiation factors with suppliers and procure compressors at better prices.
Engage with vertically-integrated suppliers
Buyers are advised to engage with vertically integrated suppliers to gain significant cost savings in logistics and reduction in the total TAT associated with the procurement process. Suppliers in the compressor market are engaging themselves in the acquisition of distributors to enhance their supply chain.
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Some of the key topics covered in this report are:
- Compressors industry spend segmentation by region
- Total cost of ownership analysis in the compressors market
- Regional spend opportunity for compressors suppliers
- Compressors suppliers cost structure
- Compressors pricing models analysis
- Compressors procurement best practices
- Category management objectives
- Cost saving opportunities in the compressors market
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