Prices for acoustic engineering work have increased due to rising demand for construction services.
Los Angeles, CA (PRWEB) March 29, 2014
Acoustic engineering services have a buyer power score of 3.4 out of 5. This score is indicative of favorable conditions for the buyer, despite growing demand, high specialization and switching costs and a low number of substitutes in the market. According to IBISWorld research analyst Keiko Cadby, “Buyers gain advantages due to high market share concentration, stable input costs and stable financial health of acoustic engineering service providers.”
In the three years to 2013, the recovering US economy has led to overall renewed funding and demand for construction and related activities, which has fueled an upward trend in prices for acoustic engineering services. The need for acoustic engineering services is anticipated to grow over the next three years, says Cadby, “due to consistent demand from downstream industrial production and construction markets, as well as greater government funding for transportation development.” This demand growth has been favorable for suppliers, and prices are expected to continue rising, albeit slowly, in the three-year period through 2016. The specialized nature of acoustic engineering services that requires operators to create customized solutions for buyers restricts buyer power. The availability of substitute services is low, as projects and programs require highly skilled workers to provide acoustic engineering solutions.
However, the low market share concentration within the acoustic engineering world is favorable for buyers. Most providers are nonemployers and small companies, which compete heavily on price, driving up negotiating power for buyers. Although the market’s few large companies have relatively set prices due to brand quality, the low market share concentration gives buyers a variety of options to choose from when sourcing acoustic engineering services. Buyers are encouraged to bundle their project needs from providers that can offer related services, and elicit multiple bids from vendors to increase options and bolster price competition. Current major vendors include AECOM, Fluor Corporation, Parker Hannifin and URS Corporation. For more information, visit IBISWorld’s Acoustic Engineering Services procurement category market research report page.
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IBISWorld Procurement Report Key Topics
This report is intended to assist buyers of acoustical engineering services, including architectural and environmental acoustic consulting, mechanical services including noise and vibration, and building structural vibration services.
Recent Price Trend
Product Life Cycle
Total Cost of Ownership
Supply Chain & Vendors
Supply Chain Dynamics
Supply Chain Risk
Market Share Concentration
Vendor Financial Benchmarks
Buying Lead Time
Key RFP Elements
Buyer Power Factors
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, IBISWorld’s 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.