Procurement Intelligence Study Report

Fiber Reinforced Plastics Category Overview The fiber reinforced plastics category is anticipated to grow at a CAGR of 8% from 2023 to 2030. North America holds the largest market for this category. The demand for Fiber Reinforced Plastics (FRP) has increased in recent years due to their advantages, such as a high strength-to-weight ratio and corrosion resistance, which have made them suitable for use in a variety of environments. Applications of FRPs include the automotive, aerospace, and construction industries. The expansion can be attributed to the rise in demand for strong, lightweight materials in the construction, marine, aerospace, and automotive industries. The demand for FRP products in a variety of applications is also being fueled by strict environmental protection rules. Other significant growth drivers are rapid urbanization and industrialization, rising consumer disposable income in developing nations such as Middle East & Africa, and increasing government investme...

Food and Beverage ERP Solutions Category Overview The food and beverage ERP solutions category is expected to grow at a CAGR of 8.2% from 2023 to 2030.Consumers are increasingly seeking transparency and traceability in the food and beverage business, which is fuelling this category's growth. ERP solutions can help businesses to track the origin of their ingredients and products, which can in turn help ensure food safety and meet consumer demand. The supply chain for the food and beverage industry is complex and has a wide range of players. ERP solutions can help businesses to optimize their supply chains, improve efficiency, and reduce costs. Technologies such as cloud computing, barcode scanning, and RFID labels are used under this category. Cloud computing offers a cost-effective and scalable solution for hosting ERP software, enabling remote access to data and applications. Barcode scanning is a fast and efficient method for tracking inventory and materials, improving traceabi...

Glycerin Category Overview The Glycerin category is anticipated to grow at a CAGR of 7.92% from 2023 to 2030. In 2022, the category size was estimated to be valued at USD 2.62 billion. The widespread use in industries like cosmetics, pharmaceuticals, food, and chemicals due to its moisturizing properties and versatility contribute to the growing demand for the category. The demand for it in the industries is fueled by its use in the production of biofuels and as a component in some medical products. The rising awareness of sustainable and bio-based products has also driven the demand for the category, as it can be derived from renewable sources like vegetable oils. Ongoing research and innovation have uncovered new applications, further expanding its potential uses across industries. Worldwide there are more than 1,500 known applications for glycerin. High-purity glycerin is one of the most important industrial feedstocks. Crude glycerin, a byproduct of biodiesel production, can be u...

Drilling Equipment & Consumables Category Overview This drilling equipment & consumables category is anticipated to grow at a CAGR of 4.2% from 2023 to 2030. North America holds the largest market in this category. This is due to the high volume of drilling activity in the region, the regulatory environment, and the growing importance of unconventional oil and gas resources. This category is experiencing growth driven by multiple factors. These include the surge in exploration and operations in both offshore and onshore oilfields, advancements in drilling tools technology, and the development of unconventional hydrocarbon reserves. Additionally, the expanding demand for fabricated metal products, growth in the heavy equipment sector, and increasing industrial automation are contributing to the industry's expansion. Advancements in machinery production and government initiatives focused on machine tools further enhance the market's potential. Rising investments by comp...

Flooring Services Category Overview The flooring services category is expected to grow at a CAGR of 5.2% from 2023 to 2030. The APAC region accounts for the largest category share, while the North American and European region is anticipated to be the fastest-growing region in the forecast period. Increasing demand for flooring services amid the rise in demand for superior, durable, aesthetic, and covering solutions are surging the requirements for flooring services in the category. Factors such as rising construction activities, rapid urbanization, rise in construction spending, and expansion of workspaces and offices are driving the growth of the category. Increasing demand for floor waterproofing with the use of Vinyl flooring combined with WPC (Wood-plastic composites) is further contributing to the category growth. Advancement in R&D and technology has brought category innovation to develop environmentally sustainable products, easy to install peel-and-stick tiles, and innova...

Enterprise Routers & Switches Category Overview The enterprise routers & switches category is anticipated to grow at a CAGR of 6.30% from 2023 to 2030. In 2022, the category size was estimated to be valued at USD 50.50 billion. The demand can be attributed to the growing digital transformation initiatives; a trend accelerated by the pandemic has led to the emergence of new network requirements. Router and switches provide the networking infrastructure required to connect and manage the diverse digital assets. The increasing number of remote and hybrid work models also fuels the demand for robust and scalable networking solutions. Handling of large data volumes, ensuring network security, IoT connectivity, meeting industry specific needs are the factors driving the category growth. The introduction of Gigabit Ethernet switches is one of the most important developments in industrial ethernet switch technology. These switches represent a significant advance over the conventi...

Electrical Design and Engineering Category Overview The electrical design and engineering category is expected to grow at a CAGR of 3.28% from 2023 to 2030. The increasing demand for automation is expected to drive the category growth. Currently, automation is included in all system designs since it streamlines and accelerates in resolving challenging problems and helps people to be more productive. For instance, a CAD (computer-aided design) system makes communication easier by utilizing interactive computer images. It also enhances the abilities of program designers by serving as a visualization of real-world design. CAD is used by engineers, designers, and drafters for their clients. The most popular CAD software preferred by companies are SolidWorks, Inventor, Revit, AutoCAD, Civil 3D, MicroStation, CATIA, Creo, and Siemens NX. The North American region accounts for the largest category share as the region hosts some of the strongest and clearest electrical networks globally. Furt...

Commissioning Services Category Overview The commissioning services category is anticipated to grow at a CAGR of 4.80% from 2023 to 2030. In 2022, the category size was estimated to be valued at USD 231.5 billion with the European Union region's dominance due to emphasis on environmental standards and regulations. As projects become more intricate and specialized, organizations seek external expertise to ensure successful execution and compliance with industry standards. Evolving technologies, risk management, globalization all contribute to the category's expansion. Commissioning ensures the timely completion of projects with high standards, therefore attracting organizations aiming to streamline their operations. The comprehensive facility management offered, from structured approach to planning, implementing, and verifying arises the demand of the category in whole. The reliability of multiple industries from all sectors including construction, manufacturing, energy, health...

Copper and Copper Semis Procurement Intelligence This copper and copper semis category is anticipated to grow at a CAGR of 5.1% from 2023 to 2030. In 2022, Asia Pacific led the copper market with a market share of more than 37%, followed by North America and Europe. Increase in end-use industries like automotive and electronics as well as rising per capita income have contributed to the expansion of the copper industry in these regions. The category is driven by various trends including increasing demand from infrastructure development projects, the growing electrical and electronics industry, increasing supply of scrap copper and the adoption of renewable energy technologies. Spending on new construction is anticipated to increase, which would result in higher demand for copper wire, tube, and other mill products for various uses like plumbing and building wire. The leading participants in the copper market are anticipated to gain from increased infrastructure investment, particular...

Clinical Trials Procurement Intelligence This clinical trials category is anticipated to grow at a CAGR of 5.8% from 2023 to 2030. North America is the leading region in this category, accounting for over 50.5% of the market share in 2022. This is expected to continue in the forecast period as well, due to several factors, including increased R&D investments and the adoption of new technologies. For example, the use of virtual services in clinical trials is becoming increasingly popular, and this is expected to drive growth in the North American market. This category is driven by many key factors, including the surge in demand for outsourcing clinical trials, the increasing prevalence of chronic diseases, and the increased investments in R&D by pharmaceutical and biotechnological companies. The outsourcing of this category is becoming increasingly popular, as it allows pharmaceutical companies to focus on their core competencies and to save time and money. The increasing prev...