May 7, 2020   SOURCE: BusinessWire

Wellhead Equipment Procurement Intelligence Report Forecasts over USD 690 million Spend Growth

SpendEdge has been monitoring the global Wellhead equipment market and the market is poised to experience spend growth of more than USD 690 million between 2017-2022 at a CAGR of over more than 3%. Request free sample pages.

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Read the 80 pages research report with TOC and LOE on "The Global Wellhead Equipment Market – Procurement Intelligence Report, Pricing Outlook in Geographies that include APAC, North America, South America, and MEA, and insights into best practices to optimize procurement spend.”

The rise in production capacity of oil and natural gas with the shale revolution will drive a large-scale wellhead equipment procurement across the globe.

MEA accounts for a substantial share of wellhead equipment demand due to the presence of OPEC countries such as Saudi Arabia in the Middle East.

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Insights into the market price trends

  • Raw material costs account for the highest share of the suppliers' cost structure. These expenses include finished and semi-finished material used to manufacture wellheads and their components. An increase in these prices will propel wellhead equipment procurement expenditure for buyers.
  • Labor costs are likely to increase due to the revision of minimum wages across countries and increasing demand for skilled labor. This will have an inflationary impact on wellhead equipment procurement expenditure.

Insights into strategies that will help buyers optimize their procurement spend

  • Buyers should enter into direct collaborations with OEMs for wellhead equipment procurement as per their required specifications, based on on-site operating conditions and fluid properties
  • Buyers should perform forecasting and seek software tools that aid in accurately estimating demand considering the market volatility pertaining to crude oil prices to drive profitability and optimize inventory of spare parts.

COVID-19 Impact Assessment and Market Insights

SpendEdge’s reports now include an in-depth complimentary analysis of the COVID-19 impact on procurement and latest market data to help your company overcome sourcing challenges. Our Wellhead equipment Market Procurement Intelligence Report offers actionable procurement intelligence insights, sourcing strategies, and action plans to mitigate risks arising out of the current pandemic situation. The insights offered by our reports will help procurement professionals streamline supply chain operations and gain insights in the best procurement practices to mitigate losses.

To stay on top of latest trends and supply market information, check out SpendEdge’s knowledge center on COVID-19 impact assessment.

Some of the top Wellhead equipment suppliers enlisted in this report

This Wellhead equipment market procurement intelligence report has enlisted the top suppliers and their cost structures, SLA terms, best selection criteria, and negotiation strategies.

  • General Electric
  • Aker Solutions
  • Schlumberger
  • The Weir Group
  • National Oilwell Varco

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Some of the key topics covered in this report are:

  • Wellhead equipment market spend segmentation by region
  • Wellhead equipment supply market analysis
  • Regional spend opportunity for Wellhead equipment suppliers
  • Wellhead equipment suppliers cost structure
  • Total cost of ownership analysis in the Wellhead equipment market
  • Wellhead equipment pricing models analysis
  • Category management objectives
  • Cost saving opportunities in the Wellhead equipment market

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About SpendEdge:

SpendEdge shares your passion for driving sourcing and procurement excellence. We are the preferred procurement market intelligence partner for 120+ Fortune 500 firms and other leading companies across numerous industries. Our strength lies in delivering robust, real-time procurement market intelligence reports and solutions. To know more, https://www.spendedge.com/request-for-demo?