Instrumented Control Systems Services Procurement Category Market Research Report from IBISWorld has Been Updated - WECT TV6-WECT.com:News, weather & sports Wilmington, NC

Instrumented Control Systems Services Procurement Category Market Research Report from IBISWorld has Been Updated

Posted:

This article was originally distributed via PRWeb. PRWeb, WorldNow and this Site make no warranties or representations in connection therewith.

SOURCE:

In the next three years, buyers will benefit from a slower anticipated growth in service prices, which will then shape more favorable purchasing conditions; additionally, buyers can determine the need and frequency for instrumented control systems services and then enroll in multiyear contracts to help mitigate long-term costs and rising prices. For these reasons and to help procurement professionals make better buying decisions faster, business intelligence firm IBISWorld has updated a report on the procurement of Instrumented Control Systems Services in its growing collection of procurement category market research reports.

Los Angeles, CA (PRWEB) August 23, 2014

Instrumented control systems services have a buyer power score of 3.1 out of 5, which indicates moderate negotiating power for buyers. Buyers primarily benefit from the highly fragmented nature of the market, which encourages price-based competition among suppliers. During the three years to 2014, the economic recovery has revived demand for manufactured goods, which has fueled price growth for design and engineering services. Demand for these services is anticipated to remain strong in the three years to 2017 due to greater electric power consumption and steady demand from the industrial production and manufacturing markets. Suppliers of instrumented control systems services will benefit during the period as prices go up, albeit at a slower rate than during the previous three-year period. Meanwhile, buyers will continue to benefit from price-based competition in the market, says IBISWorld business research analyst Agiimaa Krunchkin.

The significant switching costs and the highly specialized nature of instrumented control systems services largely hamper buyer power. Buyer power is restricted due to the persisting need for highly customized control systems design solutions. Furthermore, the availability of substitute services is low, as suppliers are typically the key source of workers qualified to provide design and engineering solutions. However, price volatility for these services has remained relatively low during the past three years. Low price volatility promotes a stable purchasing environment for buyers by allowing them to accurately budget and evaluate prices. Moreover, the diversification of demand across several downstream markets, including chemical manufacturing and utilities providers, has mitigated vendor financial risk among market leaders, aiding buyer power, says Krunchkin.

In the next three years, buyers will benefit from a slower anticipated growth in service prices, which will then shape more favorable purchasing conditions. Additionally, buyers can determine the need and frequency for instrumented control systems services and then enroll in multiyear contracts to help mitigate long-term costs and rising prices. For more information, visit IBISWorlds Instrumented Control Systems Services procurement category market research report page.

Follow IBISWorld on Twitter: https://twitter.com/#!/IBISWorld
Like IBISWorld on Facebook: http://www.facebook.com/pages/IBISWorld/121347533189

IBISWorld Procurement Report Key Topics

This report is intended to assist buyers of instrumented control systems services. Specifically, this report covers fire and gas monitoring and control system engineering services, as well as process control system design and engineering services. Suppliers of these design and engineering services help buyers with programming, and starting up new and outdated control systems; evaluating existing safety instrumented systems; identifying, evaluating and reducing risk; auditing processes; developing procedures; and planning capital improvements to collect data for the control and monitoring of operations.
Executive Summary
Pricing Environment
Price Fundamentals
Benchmark Price
Pricing Model
Price Drivers
Recent Price Trend
Price Forecast
Product Characteristics
Product Life Cycle
Total Cost of Ownership
Product Specialization
Substitute Goods
Regulation
Quality Control
Supply Chain & Vendors
Supply Chain Dynamics
Supply Chain Risk
Imports
Competitive Environment
Market Share Concentration
Market Profitability
Switching Costs
Purchasing Process
Buying Basics
Buying Lead Time
Selection Process
Key RFP Elements
Negotiation Questions
Buyer Power Factors
Key Statistics

About IBISWorld Inc.
IBISWorld is one of the world's leading publishers of business intelligence, specializing in Industry research and Procurement research. Since 1971, IBISWorld has provided thoroughly researched, accurate and current business information. With an extensive online portfolio, valued for its depth and scope, IBISWorlds procurement research reports equip clients with the insight necessary to make better purchasing decisions, faster. Headquartered in Los Angeles, IBISWorld Procurement serves a range of business, professional service and government organizations through more than 10 locations worldwide. For more information, visit http://www.ibisworld.com or call 1-800-330-3772.

For the original version on PRWeb visit: http://www.prweb.com/releases/2014/08/prweb12116701.htm

Information contained on this page is provided by an independent third-party content provider. WorldNow and this Station make no warranties or representations in connection therewith. If you have any questions or comments about this page please contact pressreleases@worldnow.com.

Powered by WorldNow