According to the latest procurement intelligence report from Technavio,
the global
natural gas utilities market is expected to grow at a CAGR of
1.2% over the next five years due to the growing preference for cleaner
fuel alternatives.
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Technavio has published a new report on the global natural gas utilities market from 2017-2021. (Graphic: Business Wire)
The research report titled ‘Global
Natural Gas Utilities 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.
“Innovations in drilling techniques, such as advanced hydraulic
fracturing, have led to an increase in the supply of natural gas and dip
in natural gas prices,” says lead Technavio procurement
specialist Angad Singh for category
spend intelligence. “Suppliers are increasingly adopting
innovative technologies such as SCADA, AMI, EFM pertaining to aspects
such as metering, distribution, transportation, and transmission,”
adds Angad.
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Cost saving opportunities in the natural gas utilities market
The adoption of various cost-optimization levers helps buyers of natural
gas utilities 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 global natural gas utilities 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 savings aspect
The implementation of new technology such as SCADA to check leakage and
damage in pipelines, advanced metering technology to streamline the
billing procedure, and corrosion control technology to mitigate the
distribution issues by suppliers enables buyers to save up to 8% of the
total category spend.
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opportunities: Request
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Optimization of procurement practices savings aspect
Buyers can considerably reduce transportation costs and procurement and
delivery timelines by engaging with regional suppliers. Also, they can
gain from the technological expertise of global suppliers by engaging
with them. Hence, buyers should opt for an optimum mix of regional and
global suppliers.
Bundling of services savings aspect
Suppliers providing long-term agreements of fixed price with provision
to opt for additional supply during peak hours along with the
integration of supply with services is an important bundling strategy.
The bundling of services can save up to 15% of the bundled spend area
and increase the market foothold of the suppliers.
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About Technavio
Technavio
is a leading global technology research and advisory company. The
company develops over 2000 pieces of research every year, covering more
than 500 technologies across 80 countries. Technavio has about 300
analysts globally who specialize in customized consulting and business
research assignments across the latest leading edge technologies.
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,
resellers, and end-users.
If you are interested in more information, please contact our media team
at media@technavio.com.
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