Automation and Instrumentation Market Procurement Intelligence Report Identifies Pricing Models and Their Functionality to Address Risks of Procurement Price Hikes in This Market
LONDON–(BUSINESS WIRE)–SpendEdge has been monitoring the global automation and instrumentation market and the market is poised to experience spend growth of more than USD 40 billion between 2018-2023 at a CAGR of over 5%. Request free sample pages.
COVID-19 Impact Assessment and Market Insights
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Insights into the market price trends
- Automation and instrumentation devices and software require high initial investment. A significant amount of time and money is spent by category suppliers for testing systems and solutions. This increases the overall cost Automation and Instrumentation procurement expenditure.
- The growth of the industrial, mobile, and automotive markets has driven the demand for electronic components. This, in turn, has resulted in a shortage of these components that are essential to execute automation. This is expected to drive Automation and Instrumentation procurement price.
Pricing Models that Buyers must Implement while Entering into a Contract with Suppliers
Cost-plus pricing is the most-widely adopted pricing model in the automation and instrumentation market.
- Cost-plus pricing – Suppliers charge a certain percentage of markup over the total cost incurred for providing automation and instrumentation procurement.
- Milestone-based pricing – Payment is made based on a pre-defined amount upon the completion of specified stages of work to systemize
Insights into strategies that will help buyers optimize their automation and instrumentation procurement spend
- To justify procurement spend, buyers are advised to assess reliability of systems. This assessment can be done by requesting for a demonstration of the automation and instrumentation systems.
- TCO is high in the category procurement, especially when it is being procured for factory automation buyers should thus analyze TCO of the category procurement for each supplier
Some of the top automation and instrumentation suppliers enlisted in this report
This automation and instrumentation market procurement intelligence report has enlisted the top suppliers and their cost structures, SLA terms, best selection criteria, and negotiation strategies.
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