World News: 12:30 GMT Tuesday 14th January 2020. [SpendEdge via Businesswire via SPi World News]
SpendEdge has been monitoring the global electric utilities market and the market is poised to experience spend growth of nearly USD 400 billion between 2019-2024 at a CAGR of over 3% during the forecast period. Request Free Sample Pages.
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Read the 115-page research report with TOC and LOE on "The Global Electric Utilities Market – Procurement Intelligence Report, Pricing Outlook in Geographies that include APAC, North America, South America, and MEA, top suppliers, supplier selection and negotiation strategies, and insights into best practices to optimize procurement spend.”
To reduce carbon emissions, governments are offering incentives to encourage the installation of renewable energy facilities. This is propelling spend growth in the electric utilities market at a significant rate. Buyers in the energy sector are embracing digitization by adopting technologies for generation, handling, and communication of data in electric utilities. These technological strides will continue increasing the prospects of procurement in the electric utilities market.
The energy utilities market in North America is observing a slowdown in its growth owing to the growing stringency in regulations pertaining to the adoption of energy-efficient measures that are compelling buyers to minimize electricity consumption. Meanwhile, in APAC, governments are taking initiatives to boost power systems and improve access to electricity. This is favoring the growth in the electric utilities market in APAC.
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Factors that will drive procurement expenses in the electric utilities market
Insights into category management strategies that will help buyers optimize their procurement spend
Optimizing procurement spend does not stop at getting the product from suppliers at reduced rates. Most of the buyers in the electric utilities market fail to realize that an impactful supplier relationship management is crucial to create avenues to save costs in the long run and also to facilitate effective category management in a market that is characterized by price dynamism.
Strategic partnerships with suppliers
Buyers are advised to engage with suppliers who are known to take measures to minimize risks associated with service failure and disruptions in terms of power generation. This will help them to reduce the overall TCO and ensuring supply assurance, thus minimizing risks associated with plant downtime.
Engage with suppliers that have a high plant utilization rate
Considering the dynamics of this market, it will be prudent of buyers to partner with suppliers who exhibit high plant utilization rates, achieve economies of scale, and can reduce fixed costs. This will help them increase their negotiation power due to high-profit margins of suppliers.
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Business Wire: 12:30 GMT Tuesday 14th January 2020
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