LONDON--(BUSINESS WIRE)--SpendEdge has been monitoring the global custom assembly equipment market and the market is poised to experience spend growth of more than USD 1 billion between 2018-2023 at a CAGR of more than 5% during the forecast period. Request Free Sample Pages.
Read the 123-page research report with TOC and LOE on "The Global Custom Assembly Equipment Market, Pricing Outlook in Geographies that include APAC, North America, South America, and MEA, and insights into best practices to optimize procurement spend.”
The global manufacturing industry is gradually heading towards automation which is expected to boost productivity and accuracy for repeatable tasks, minimize production cost, and improve floor space utilization. This is creating an exponential requirement for customized machinery such as assembly equipment which is driving spend growth in the global custom assembly equipment market.
APAC is home to one of the major manufacturing hubs of white goods. Currently, this sector is accounting for the highest demand for custom assembly equipment. This is making APAC as one of the leading regions contributing to the spend growth in the custom assembly equipment market.
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Insights into market price trends:
Custom assembly equipment market price will observe inflation owing to the periodic fluctuations in the prices of raw materials such as steel and aluminum that are used to manufacture the equipment. This will propel the supplier’s manufacturing costs that will increase the price of the end product.
- Forecasts of increase in the prices of utilities such as oil and coal will propel operating costs borne by suppliers which will contribute to the market price inflation.
What are the strategies to adopt to optimize procurement spend in this market?
Assess the long-term engagement viability of suppliers
Long-term engagements with suppliers will facilitate buyers with reduced management effort and costs associated with supplier selection during future procurement requirements. Such engagements will also enable buyers to build a strategic association with the suppliers, which will provide the former with prompt response to operational assistance requests regarding their equipment. Buyers can assess factors such as the experience of suppliers in offering custom equipment, service network capabilities, and regulatory compliance track record of suppliers as part of assessing the latter's long-term engagement viability.
Engage with suppliers who offer predictive maintenance services
Breakdown and unscheduled downtime of assembly lines result in financial losses for buyers. Failing to assess or predict equipment reliability and to replace the equipment on time can hinder buyers' business operations. This makes it prudent for buyers to partner with suppliers who offer equipment with incorporated sensors and IIoT devices. Such devices continually monitor equipment performance and take precise measurements of different operating parameters of the equipment to assess the wear and tear of components that face a high frequency of failures.
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Some of the key topics covered in this report are:
- Custom assembly equipment market spend segmentation by region
- Total cost of ownership analysis in the custom assembly equipment market
- Regional spend opportunity for custom assembly equipment suppliers
- Custom assembly equipment suppliers cost structure
- Custom assembly equipment pricing models analysis
- Custom assembly equipment procurement best practices
- Category management objectives
- Cost saving opportunities in the custom assembly equipment market
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