According to the latest procurement intelligence report from Technavio,
the global
pumps market is expected to grow at a CAGR of 5.5% over
the next five years due to growth of various end-user industries such as
construction, oil and gas, water and wastewater management, and energy.
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Technavio has published a new report on the global pumps market from 2017-2021. (Photo: Business Wire)
The research report titled ‘Global
Pumps 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.
“During the forecast period, the global pumps market will be driven by
the increase in new infrastructure in developing countries such as India
and China, leading to the growth of the construction industry in APAC,”
says lead Technavio procurement specialist Angad Singh for category
spend intelligence. “In addition, increase in investments in the
oil and gas industry in regions such as North America due to discovery
of shale reserves is will further drive the market growth,” adds Angad.
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Cost saving opportunities in the print services market
The adoption of various cost-optimization levers helps buyers of pumps
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 pumps 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 saving aspects
Technologies such as variable frequency drives, micro-disc pumps,
magnetic drives and intelligent pump systems can help realize cost
savings to the extent of 8% of total category spend.
Suppliers should provide energy-efficient pumps due to growing
environmental awareness and the need for energy efficient pumps across
end-user industries. These pumps are designed with energy-efficient
motors or offer features such as variable speeds that consume less power
compared to traditional models.
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Optimization of supplier competition saving aspects
Competitive bidding helps to procure products at low prices with
value-added services such as installation, repair, and maintenance.
Buyers look for suppliers that assist in pump selection to lower energy
requirements, resulting in energy savings and reduction of carbon
footprint. For instance, with the use of pump selection software,
impeller diameter of centrifugal pumps is matched to operating
conditions, achieving hydraulic optimization.
Bundling of services saving aspects
One of the most opportunistic strategic cost saving levers in the global
pumps market is the need for consolidation of services such as
installation, repair, and maintenance for a specified warranty period.
Suppliers need to meet requirements of buyers such as elevated
temperature handling capacity for pumps that are used in the oil and gas
industries.
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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,
re-sellers, and end-users.
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