The 2009 Report on Manufacturing Relays, Motor Starters and Controllers, and Other Industrial Controls and Control Accessories: World Market Segmentation by City

Market Potential Estimation Methodology Overview This study covers the world outlook for manufacturing relays, motor starters and controllers, and other industrial controls and control accessories across more than 2000 cities. For the year reported, estimates are given for the latent demand, or potential industry earnings (P.I.E.), for the city in question (in millions of U.S. dollars), the percent share the city is of the region and of the globe. These comparative benchmarks allow the reader to quickly gauge a city vis-à-vis others. Using econometric models which project fundamental economic dynamics within each country and across countries, latent demand estimates are created. This report does not discuss the specific players in the market serving the latent demand, nor specific details at the product level. The study also does not consider short-term cyclicalities that might affect realized sales. The study, therefore, is strategic in nature, taking an aggregate and long-run view, irrespective of the players or products involved. This study does not report actual sales data (which are simply unavailable, in a comparable or consistent manner in virtually all of the cities of the world). This study gives, however, my estimates for the worldwide latent demand, or the P.I.E. for manufacturing relays, motor starters and controllers, and other industrial controls and control accessories. It also shows how the P.I.E. is divided across the world’s cities. In order to make these estimates, a multi-stage methodology was employed that is often taught in courses on international strategic planning at graduate schools of business. What is Latent Demand and the P.I.E.? The concept of latent demand is rather subtle. The term latent typically refers to something that is dormant, not observable, or not yet realized. Demand is the notion of an economic quantity that a target population or market requires under different assumptions of price, quality, and distribution, among other factors. Latent demand, therefore, is commonly defined by economists as the industry earnings of a market when that market becomes accessible and attractive to serve by competing firms. It is a measure, therefore, of potential industry earnings (P.I.E.) or total revenues (not profit) if a market is served in an efficient manner. It is typically expressed as the total revenues potentially extracted by firms. The “market” is defined at a given level in the value chain. There can be latent demand at the retail level, at the wholesale level, the manufacturing level, and the raw materials level (the P.I.E. of higher levels of the value chain being always smaller than the P.I.E. of levels at lower levels of the same value chain, assuming all levels maintain minimum profitability). The latent demand for manufacturing relays, motor starters and controllers, and other industrial controls and control accessories is not actual or historic sales. Nor is latent demand future sales. In fact, latent demand can be lower either lower or higher than actual sales if a market is inefficient (i.e., not representative of relatively competitive levels). Inefficiencies arise from a number of factors, including the lack of international openness, cultural barriers to consumption, regulations, and cartel-like behavior on the part of firms. In general, however, latent demand is typically larger than actual sales in a city market. Another reason why sales do not equate to latent demand is exchange rates. In this report, all figures assume the long-run efficiency of currency markets. Figures, therefore, equate values based on purchasing power parities across countries. Short-run distortions in the value of the dollar, therefore, do not figure into the estimates. Purchasing power parity estimates of country income were collected from official sources, and extrapolated using standard econometric models. The report uses the dollar as the currency of comparison, but not as a measure of transaction volume. The units used in this report are: US $ mln. For reasons discussed later, this report does not consider the notion of “unit quantities”, only total latent revenues (i.e., a calculation of price times quantity is never made, though one is implied). The units used in this report are U.S. dollars not adjusted for inflation (i.e., the figures incorporate inflationary trends) and not adjusted for future dynamics in exchange rates (i.e., the figures reflect average exchange rates over recent history). If inflation rates or exchange rates vary in a substantial way compared to recent experience, actually sales can also exceed latent demand (when expressed in U.S. dollars, not adjusted for inflation). On the other hand, latent demand can be typically higher than actual sales as there are often distribution inefficiencies that reduce actual sales below the level of latent demand. As mentioned earlier, this study is strategic in nature, taking an aggregate and long-run view, irrespective of the players or products involved. If fact, all the current products or services on the market can cease to exist in their present form (i.e., at a brand-, R&D specification, or corporate-image level) and all the players can be replaced by other firms (i.e., via exits, entries, mergers, bankruptcies, etc.), and there will still be an international latent demand for manufacturing relays, motor starters and controllers, and other industrial controls and control accessories at the aggregate level. Product and service offering details, and the actual identity of the players involved, while important for certain issues, are relatively unimportant for estimates of latent demand. The Methodology In order to estimate the latent demand for manufacturing relays, motor starters and controllers, and other industrial controls and control accessories on a city-by-city basis, I used a multi-stage approach. Before applying the approach, one needs a basic theory from which such estimates are created. In this case, I heavily rely on the use of certain basic economic assumptions. In particular, there is an assumption governing the shape and type of aggregate latent demand functions. Latent demand functions relate the income of a country, city, state, household, or individual to realized consumption. Latent demand (often realized as consumption when an industry is efficient), at any level of the value chain, takes place if an equilibrium in realized. For firms to serve a market, they must perceive a latent demand and be able to serve that demand at a minimal return. The single most important variable determining consumption, assuming latent demand exists, is income (or other financial resources at higher levels of the value chain). Other factors that can pivot or shape demand curves include external or exogenous shocks (i.e., business cycles), and or changes in utility for the product in question. Ignoring, for the moment, exogenous shocks and variations in utility across countries, the aggregate relation between income and consumption has been a central theme in economics. The figure below concisely summarizes one aspect of problem. In the 1930s, John Meynard Keynes conjectured that as incomes rise, the average propensity to consume would fall. The average propensity to consume is the level of consumption divided by the level of income, or the slope of the line from the origin to the consumption function. He estimated this relationship empirically and found it to be true in the short-run (mostly based on cross-sectional data). The higher the income, the lower the average propensity to consume. This type of consumption function is labeled "A" in the figure below (note the rather flat slope of the curve). In the 1940s, another macroeconomist, Simon Kuznets, estimated long-run consumption functions which indicated that the marginal propensity to consume was rather constant (using time series data across countries). This type of consumption function is show as "B" in the figure below (note the higher slope and zero-zero intercept). The average propensity to consume is constant. Is it declining or is it constant? A number of other economists, notably Franco Modigliani and Milton Friedman, in the 1950s (and Irving Fisher earlier), explained why the two functions were different using various assumptions on intertemporal budget constraints, savings, and wealth. The shorter the time horizon, the more consumption can depend on wealth (earned in previous years) and business cycles. In the long-run, however, the propensity to consume is more constant. Similarly, in the long run, households, industries or countries with no income eventually have no consumption (wealth is depleted). While the debate surrounding beliefs about how income and consumption are related and interesting, in this study a very particular school of thought is adopted. In particular, we are considering the latent demand for manufacturing relays, motor starters and controllers, and other industrial controls and control accessories across some 230 countries. The smallest have fewer than 10,000 inhabitants. I assume that all of these counties fall along a "long-run" aggregate consumption function. This long-run function applies despite some of these countries having wealth, current income dominates the latent demand for manufacturing relays, motor starters and controllers, and other industrial controls and control accessories. So, latent demand in the long-run has a zero intercept. However, I allow firms to have different propensities to consume (including being on consumption functions with differing slopes, which can account for differences in industrial organization, and end-user preferences). Given this overriding philosophy, I will now describe the methodology used to create the latent demand estimates for manufacturing relays, motor starters and controllers, and other industrial controls and control accessories. Since ICON Group has asked me to apply this methodology to a large number of categories, the rather academic discussion below is general and can be applied to a wide variety of categories, not just manufacturing relays, motor starters and controllers, and other industrial controls and control accessories. Step 1. Product Definition and Data Collection Any study of latent demand across countries requires that some standard be established to define “efficiently served”. Having implemented various alternatives and matched these with market outcomes, I have found that the optimal approach is to assume that certain key countries or cities are more likely to be at or near efficiency than others. These are given greater weight than others in the estimation of latent demand compared to others for which no known data are available. Of the many alternatives, I have found the assumption that the world’s highest aggregate income and highest income-per-capita markets reflect the best standards for “efficiency”. High aggregate income alone is not sufficient (i.e., China has high aggregate income, but low income per capita and can not assumed to be efficient). Aggregate income can be operationalized in a number of ways, including gross domestic product (for industrial categories), or total disposable income (for household categories; population times average income per capita, or number of households times average household income per capita). Brunei, Nauru, Kuwait, and Lichtenstein are examples of countries with high income per capita, but not assumed to be efficient, given low aggregate level of income (or gross domestic product); these countries have, however, high incomes per capita but may not benefit from the efficiencies derived from economies of scale associated with large economies. Only countries with high income per capita and large aggregate income are assumed efficient. This greatly restricts the pool of countries to those in the OECD (Organization for Economic Cooperation and Development), like the United States, or the United Kingdom (which were earlier than other large OECD economies to liberalize their markets). The selection of countries is further reduced by the fact that not all countries in the OECD report industry revenues at the category level. Countries that typically have ample data at the aggregate level that meet the efficiency criteria include the United States, the United Kingdom and in some cases France and Germany. Latent demand is therefore estimated using data collected for relatively efficient markets from independent data sources (e.g. Euromonitor, Mintel, Thomson Financial Services, the U.S. Industrial Outlook, the World Resources Institute, the Organization for Economic Cooperation and Development, various agencies from the United Nations, industry trade associations, the International Monetary Fund, and the World Bank). Depending on original data sources used, the definition of “manufacturing relays, motor starters and controllers, and other industrial controls and control accessories” is established. In the case of this report, the data were reported at the aggregate level, with no further breakdown or definition. In other words, any potential product or service that might be incorporated within manufacturing relays, motor starters and controllers, and other industrial controls and control accessories falls under this category. Public sources rarely report data at the disaggregated level in order to protect private information from individual firms that might dominate a specific product-market. These sources will therefore aggregate across components of a category and report only the aggregate to the public. While private data are certainly available, this report only relies on public data at the aggregate level without reliance on the summation of various category components. In other words, this report does not aggregate a number of components to arrive at the “whole”. Rather, it starts with the “whole”, and estimates the whole for all cities and the world at large (without needing to know the specific parts that went into the whole in the first place). Given this caveat, this study covers “manufacturing relays, motor starters and controllers, and other industrial controls and control accessories” as defined by the North American Industrial Classification system or NAICS (pronounced “nakes”). For a complete definition of manufacturing relays, motor starters and controllers, and other industrial controls and control accessories, please refer to the Web site at http://www.icongrouponline.com/codes/NAICS.html. The NAICS code for manufacturing relays, motor starters and controllers, and other industrial controls and control accessories is 335314. It is for this definition of manufacturing relays, motor starters and controllers, and other industrial controls and control accessories that the aggregate latent demand estimates are derived. “Manufacturing relays, motor starters and controllers, and other industrial controls and control accessories” is specifically defined as follows: 335314 This U.S. industry comprises establishments primarily engaged in manufacturing relays, motor starters and controllers, and other industrial controls and control accessories.  3353141 Relays  33531410 Relays for electronic circuitry, industrial control, overload, and switchgear type  3353141000 Relays for electronic circuitry, industrial control, overload, and switchgear type  3353141001 Industrial control relays (all voltages), nec  3353141004 General~purpose electromechanical relays, over 100 MW actuating power and sealed, 0 through 2.0 amps contact rating  3353141007 General~purpose electromechanical relays, over 100 MW actuating power and sealed, over 2.0 through 10.0 amps contact rating  3353141011 General~purpose electromechanical relays, over 100 MW actuating power and sealed, over 10.0 amps contact rating  3353141013 General~purpose electromechanical relays, over 100 MW actuating power and not sealed, 0 through 10.0 amps contact rating  3353141016 General~purpose electromechanical relays, over 100 MW actuating power and not sealed, over 10.0 amps contact rating  3353141019 General~purpose electromechanical relays, 0 through 100 MW actuating power (both sealed and not sealed)  3353141022 General~purpose sealed miniature printed circuit mounted electromechanical relays, excluding reed relays (profile height one~half inch max.), 0 through 2.0 amps contact rating  3353141025 General~purpose sealed miniature printed circuit mounted electromechanical relays, excluding reed relays (profile height one~half inch max.), over 2.0 amps contact rating  3353141028 General~purpose nonsealed miniature printed circuit mounted electromechanical relays, excluding reed relays (profile height one~half inch max.)  3353141031 General~purpose sealed DIP or SIP footprint relays  3353141034 General~purpose sealed telephone relays, all types  3353141037 General~purpose nonsealed telephone relays, all types  3353141041 General~purpose solid~state relays, pure solid~state and hybrid solid~state, excluding time delay  3353141043 Round and square can multipole airframe relays and contactors (sealed and not sealed) high performance military~aerospace~aircraft relays and contactors  3353141046 Larger than full size, crystal can type (sealed), high performance military~ aerospace~aircraft relays and contactors  3353141049 Full size, crystal can type (sealed), high performance military~aerospace~ aircraft relays and contactors  3353141052 Half size and smaller, crystal can type (sealed), high performance military~ aerospace~aircraft relays and contactors  3353141055 RF, antenna and coaxial (sealed and not sealed), high performance military~aerospace~aircraft relays and contactors, excluding reed relays  3353141058 Miniature size (glass length less than .85 inches) dry reed relays  3353141061 Standard size dry reed relays  3353141064 Mercury wetted reed relays  3353141067 Stepping switches, stepping and impulse relays  3353141071 Switchgear and protective relays  3353141073 Solid~state~EMR combination timing relays (timers)  3353141076 Solid~state pure timing relays (timers)  3353141079 All other timing relays (timers) including pneumatic, motor driven, electronic, etc.  3353141082 Other general~purpose and special~purpose relays, nec  3353141085 Parts for general~purpose and special~purpose relays (sold separately)  33531411 General purpose electromechanical relays  3353141100 Relays for electronic circuitry, industrial control overload, and switchgear type  3353141101 Relays, all other industrial control types (all voltages)  3353141104 Relays, general purpose electromechanical types, over 100 MW actuating power and sealed (hermetically or environmentally), 0 through 2.0 amps contact rating  3353141107 Relays, general purpose electromechanical types, over 100 MW actuating power and sealed (hermetically or environmentally), over 2.0 through 10.0 amps contact rating  335314111 Over 100 MW actuating power and sealed  33531411101 0.0 to 10 amps contact rating  33531411102 Over 10 amps contact rating  3353141111 Relays, general purpose electromechanical types, over 100 MW actuating power and sealed (hermetically or environmentally), over 10.0 amps contact rating  3353141113 Relays, general purpose electromechanical types, over 100 MW actuating power and not sealed, 0 through 10.0 amps contact rating  3353141116 Relays, general purpose electromechanical types, over 100 MW actuating power and not sealed, over 10.0 amps contact rating  3353141119 Relays, general purpose electromechanical types, 0 through 100 MW actuating power (sealed and not sealed)  335314112 Over 100 MW actuating power and not sealed  3353141122 Relays, miniature printed circuit mounted electromechanical types (excluding reed relays), profile height 1/2 in. maximum, sealed (hermetically or environmentally), 0 through 2.0 amps contact rating  3353141125 Relays, miniature printed circuit mounted electromechanical types (excluding reed relays), profile height 1/2 in. maximum, sealed (hermetically or environmentally), over 2.0 amps contact rating  3353141128 Relays, miniature printed circuit mounted electromechanical types (excluding reed relays), profile height 1/2 in. maximum, not sealed  335314113 0.0 through 100 MW actuating power, sealed and not sealed  3353141131 Relays, DIP or SIP footprint, sealed (hermetically or environmentally)  3353141134 Relays, telephone type, sealed (hermetically or environmentally)  3353141137 Relays, telephone type, not sealed  3353141141 Relays, general purpose solid_state, pure solid_state, and hybrid solid_state types (excluding time delay)  3353141143 High performance military, aerospace, and aircraft relays and contactors, round and square can multipole airframe types, all sizes  3353141146 High performance military, aerospace, and aircraft relays and contactors, crystal can types (sealed), larger than full size  3353141149 High performance military, aerospace, and aircraft relays and contactors, crystal can types (sealed), full size  3353141152 High performance military, aerospace, and aircraft relays and contactors, crystal can types (sealed), half size and smaller (including TO_5 package)  3353141155 High performance military, aerospace, and aircraft relays and contactors, RF, antenna and coaxial types (sealed and not sealed), excluding reed relays  3353141158 High performance military, aerospace, and aircraft relays and contactors, reed relays, dry, miniature size (glass length less than 0.85 in.)  3353141161 High performance military, aerospace, and aircraft relays and contactors, reed relays, dry, standard size (glass length greater than 0.85 in.)  3353141164 High performance military, aerospace, and aircraft relays and contactors, reed relays, mercury wetted  3353141167 High performance military, aerospace, and aircraft relays and contactors, stepping switches and stepping and impulse relays  3353141171 High performance military, aerospace, and aircraft relays and contactors, switchgear and protective relays  3353141173 High performance military, aerospace, and aircraft relays and contactors, timing relays (timers), solid_state/EMR combination  3353141176 High performance military, aerospace, and aircraft relays and contactors, timing relays (timers), solid_state pure  3353141179 High performance military, aerospace, and aircraft relays and contactors, timing relays (timers), all other (pneumatic, motor driven, electronic, etc.)  3353141182 All other miscellaneous general purpose and special purpose relays  3353141185 Parts for general purpose and special purpose relays (sold separately)  33531412 Miniature printed circuit mounted EMRs, excluding reed relays  335314121 Sealed  33531412101 0.0 through 2.0 amps contact rating  33531412102 2.1 through 5.0 amps contact rating  33531412103 Over 5.0 amps contact rating  335314122 Not sealed  335314131 DIP or SIP footprint, sealed and not sealed  335314133 Telephone relays, sealed and not sealed  33531414 General purpose solid-state relays  335314141 Pure solid-state except time delay  335314142 Hybrid solid-state except time delay  335314151 Crystal can types (sealed)  33531415101 Larger than full size  33531415102 Full size  33531415103 Half size  33531415104 Smaller than half size  335314161 RF, antenna and coaxial relays, sealed and not sealed  335314162 Reed relays  33531416201 Dry reed  33531416202 Mercury wetted reed  335314171 Stepping switches, stepping and pulse relays  335314172 Timing relays (timers)  33531417201 Solid-state/EMR combination  33531417202 Solid-state pure  33531417203 All other timing relays, incl pneumatic, electronic, etc.  335314181 Relays for industrial controls, all voltages, n.e.c.  335314191 All other general purpose relays, n.e.c.  335314196 Parts for relays  3353142 Specific purpose industrial controls  335314211 US Coast Guard, Navy, and Marine auxiliary controls and accessories  335314212 Metal mill controls and accessories, all voltages  335314213 Crane and hoist controls, constant and adjustable voltage, incl. operators desks and stations  335314214 Definite purpose contactors and starters, 600 volts and less  335314215 Machine tool controls  33531421501 Positioning type, numerical control  33531421502 Continuous path type, numerical control  33531421503 Digital readout, numerical control, incl. dial and plugboard types  33531421504 Machine tool control, other than numeric  335314216 Programmable controllers, sold separately  335314217 Other specific, special or definite purpose controls and devices  3353143 General purpose industrial controls  33531430 Specific~purpose industrial controls  3353143000 Specific~purpose industrial controls  33531431 Specific_purpose industrial controls  3353143100 Specific_purpose industrial controls  3353143104 Metal mill controls and accessories (all voltages)  335314311 A.C. full voltage starters, 1000 volts or less, excl. adj. speed & sync. motor s  335314312 A.C. contactors, 1000 volts or less, excl. adj. speed & sync. motor controls  335314313 A.C. reduced voltage controls, 1000 volts or less, excl. sync. motor starters  335314314 Synchronous motor starters, 1000 volts or less  335314315 Motor control centers, 1000 volts or less  335314316 Medium voltage starter or contactor, 1001 to 7200 volts  335314317 Brakes and clutches, excluding dynamic braking controls  335314318 Limit switches (positioning sensors)  33531431801 Electromechanical positioning sensors  33531431802 Movement sensors  335314319 Solid-state positioning sensors  33531431901 Non-optical proximity sensors  33531431902 Optical proximity sensors  33531432 Programmable controllers (sold seperately)  335314321 All other pilot circuit devices, D.C. power and other control devices  335314322 Push buttons and stations, except operators desks and stations  3353143228 Programmable controllers (sold seperately)  335314323 Rheostats and resistors, except for electronic appl., sold separately, n.e.c.  335314324 Controls for packaged adjustable speed drives  33531432411 Controls for A.C. standard drives  33531432412 Controls for D.C. standard drives  33531432413 A.C. drive systems  33531432414 D.C. drive systems  335314325 Solid-state controllers (all voltages)  335314326 A.C. full voltage manual controllers, 1000 volts or less  335314329 All other general industry devices and systems, n.e.c.  33531433 Other specific~purpose industrial controls  3353143301 Specific~purpose U.S. Coast Guard, Navy, and Marine auxiliary controls and accessories  3353143307 Specific~purpose crane and hoist controls, constant and adjustable voltage, including operators’ desks and stations  3353143311 Specific~purpose definite purpose contactors and starters (600 volts and less)  3353143313 Specific~purpose computer numerical controls (CNC), positioning (point~to~ point) stand~alone controls for numerically controlled machine tools (motion controllers)  3353143316 Specific~purpose computer numerical controls (CNC), continuous path (contouring) stand~alone controls for numerically controlled machine tools (motion controllers)  3353143319 Specific~purpose robotic stand~alone controls for numerically controlled machine tools (motion controllers)  3353143322 Other specific~purpose stand~alone controls for numerically controlled machine tools (motion controllers)  3353143325 Specific~purpose subordinate motion controls  3353143331 Other specific~or special~purpose ac and dc controllers, other definite purpose devices  3353144 Motor control accessories and parts for industrial controls  335314411 Motor control and starter accessories, excl. overload relays  335314412 Parts for industrial controls, excl relays  3353145 GENERAL~PURPOSE INDUSTRIAL CONTROLS  33531450 General~purpose industrial controls  3353145000 General~purpose industrial controls  3353145001 General~purpose ac full voltage noncombination magnetic starters (1000 volts or less)  3353145004 General~purpose ac full voltage combination magnetic starters (1000 volts or less), excluding pumping panels  3353145007 General~purpose ac full voltage combination magnetic starters (1000 volts or less), including pumping panels  3353145011 General~purpose disconnect switches (600 volts or less)  3353145013 General~purpose ac full voltage manual controllers (1000 volts or less), designed and rated to U.S. National Standards (NEMA)  3353145016 General~purpose ac full voltage manual controllers (1000 volts or less), designed and rated to International Standards (IEC)  3353145019 General~purpose ac contactors (1000 volts or less), excluding controls for packaged adjustable speed drives and synchronous motor control), designed and rated to U.S. National Standards (NEMA)  3353145022 General~purpose ac contactors (1000 volts or less), excluding controls for packaged adjustable speed drives and synchronous motor control), designed and rated to International Standards (IEC)  3353145025 General~purpose ac reduced voltage controls (1000 volts or less), excluding synchronous motor starters  3353145028 General~purpose synchronous motor starters (1000 volts or less), including both full and reduced voltage  3353145031 General~purpose motor control centers (1000 volts or less)  3353145034 General~purpose starters and contactors for squirrel cage and wound rotor and synchronous and nonsnychronous motors (over 1000 ~ 7200 volts, air break, vacuum, and oil immersed)  3353145037 General~purpose brakes and clutches  3353145041 General~purpose digital readout systems, including dial or plugboard type number . S MA335A  3353145043 General~purpose electromechanical presence positioning sensors  3353145046 General~purpose movement presence positioning sensors  3353145049 General~purpose nonoptical proximity sensors, solid~state positioning sensors  3353145052 General~purpose optical proximity sensors, solid~state positioning sensors  3353145055 All other general~purpose pilot circuit devices, excluding relays and limit switches  3353145058 General~purpose dc power circuit devices (all voltages)  3353145061 Other general~purpose control sensors (all voltages)  3353145064 General~purpose pushbuttons and pushbutton stations but excluding operators’ desks and stations (18mm and smaller)  3353145067 General~purpose pushbuttons and pushbutton stations but excluding operators’ desks and stations (19mm to 29mm)  3353145071 General~purpose pushbuttons and pushbutton stations but excluding operators’ desks and stations (30 mm and larger)  3353145073 General~purpose rheostats and resistors, excluding electronic applications  3353145076 General~purpose controls for ac packaged adjustable speed drives (including electronic and nonelectric and operators’ desks and stations)  3353145079 General~purpose controls for dc packaged adjustable speed drives (including electronic and nonelectric and operators’ desks and stations)  3353145082 General~purpose ac adjustable speed drive systems (including electronic and nonelectric and operators’ desks and stations)  3353145085 General~purpose dc adjustable speed drive systems (including electronic and nonelectric and operators’ desks and stations)  3353145088 General~purpose solid~state motor controllers (all voltages)  3353145091 Other general industry controls, sensors, devices, and systems  3353146 GENERAL_PURPOSE INDUSTRIAL CONTROLS  33531461 General_purpose industrial controls  3353146100 General_purpose industrial controls  3353147 PARTS FOR INDUSTRIAL CONTROLS AND MOTOR_CONTROL ACCESSORIES  33531470 Parts for industrial controls and motor~control accessories  3353147000 Parts for industrial controls and motor~control accessories  3353147001 Motor controller accessories  3353147004 Parts for industrial controls  33531471 Parts for industrial controls and motor_control accessories  3353147100 Parts for industrial controls and motor_control accessories  3353147101 Motor controller accessories (overload relays, auxiliary contacts, heater elements, mechanical interlocks, control transfor

1 INTRODUCTION & METHODOLOGY 11 1.1 Overview and Definitions 11 1.2 Market Potential Estimation Methodology 11 1.2.1 Overview 11 1.2.2 What is Latent Demand and the P.I.E.? 12 1.2.3 The Methodology 12 1.2.3.1 Step 1. Product Definition and Data Collection 14 1.2.3.2 Step 2. Filtering and Smoothing 25 1.2.3.3 Step 3. Filling in Missing Values 26 1.2.3.4 Step 4. Varying Parameter, Non-linear Estimation 26 1.2.3.5 Step 5. Fixed-Parameter Linear Estimation 26 1.2.3.6 Step 6. Aggregation and Benchmarking 27 2 USING THE DATA 28 3 CITY SEGMENTS RANKED BY MARKET SIZE 29 3.1 Top 15 Markets 29 3.2 Markets 16 to 30 30 3.3 Remaining Cities by Market Rank 31 4 CITY SEGMENTS IN ALPHABETICAL ORDER 134 4.1 A: from Aalborg to Az Zawiyah 134 4.2 B: from Bacolod to Bydgoszcz 141 4.3 C: from Caaguazu to Cyangugu 149 4.4 D: from Da Nang to Dzhizak 157 4.5 E: from East London to Esteli 161 4.6 F: from Fagatogo to Funchal 163 4.7 G: from Gabes to Gyumri 166 4.8 H: from Hachinohe to Hyderabad 170 4.9 I: from Iasi to Izmir 174 4.10 J: from Jaboatao to Jyvaskyla 177 4.11 K: from Kabul to Kzyl-Orda 180 4.12 L: from La Ceiba to Lyon 188 4.13 M: from Macae to Mzuzu 194 4.14 N: from Nacala to Nzerekore 204 4.15 O: from Oaklahoma City to Oyem 209 4.16 Ö: from Örebro to Örebro 211 4.17 P: from Pago Pago to Pyuthan 212 4.18 Q: from Qandahar to Quito 219 4.19 R: from Rabat to Rustavi 220 4.20 S: from S. Luis Potosi to Szombathely 223 4.21 T: from Tabligbo to Tyre 235 4.22 U: from Uberaba to Utulei 242 4.23 V: from Vacoas-Phoenix to Vukovar 244 4.24 W: from Wadi Medani to Wuhan 247 4.25 X: from Xalapa to Xian 248 4.26 Y: from Yamagata to Yungkang 249 4.27 Z: from Zadar to Zvishavane 250 5 CITY SEGMENTS RANKED BY COUNTRY 251 5.1 Afghanistan 251 5.2 Albania 251 5.3 Algeria 252 5.4 American Samoa 252 5.5 Andorra 252 5.6 Angola 253 5.7 Antigua and Barbuda 253 5.8 Argentina 254 5.9 Armenia 255 5.10 Aruba 255 5.11 Australia 256 5.12 Austria 256 5.13 Azerbaijan 257 5.14 Bahrain 257 5.15 Bangladesh 258 5.16 Barbados 258 5.17 Belarus 259 5.18 Belgium 259 5.19 Belize 260 5.20 Benin 260 5.21 Bermuda 260 5.22 Bhutan 261 5.23 Bolivia 261 5.24 Bosnia and Herzegovina 261 5.25 Botswana 262 5.26 Brazil 263 5.27 Brunei 268 5.28 Bulgaria 268 5.29 Burkina Faso 269 5.30 Burma 269 5.31 Burundi 269 5.32 Cambodia 270 5.33 Cameroon 270 5.34 Canada 271 5.35 Cape Verde 271 5.36 Central African Republic 272 5.37 Chad 272 5.38 Chile 273 5.39 China 273 5.40 Christmas Island 274 5.41 Colombia 274 5.42 Comoros 274 5.43 Congo (formerly Zaire) 275 5.44 Cook Islands 275 5.45 Costa Rica 275 5.46 Cote dIvoire 276 5.47 Croatia 276 5.48 Cuba 277 5.49 Cyprus 277 5.50 Czech Republic 278 5.51 Denmark 278 5.52 Djibouti 279 5.53 Dominica 279 5.54 Dominican Republic 279 5.55 Ecuador 280 5.56 Egypt 280 5.57 El Salvador 281 5.58 Equatorial Guinea 281 5.59 Estonia 281 5.60 Ethiopia 282 5.61 Fiji 282 5.62 Finland 283 5.63 France 283 5.64 French Guiana 284 5.65 French Polynesia 284 5.66 Gabon 284 5.67 Georgia 285 5.68 Germany 285 5.69 Ghana 286 5.70 Greece 286 5.71 Greenland 287 5.72 Grenada 287 5.73 Guadeloupe 288 5.74 Guam 288 5.75 Guatemala 289 5.76 Guinea 289 5.77 Guinea-Bissau 289 5.78 Guyana 290 5.79 Haiti 290 5.80 Honduras 290 5.81 Hong Kong 291 5.82 Hungary 291 5.83 Iceland 291 5.84 India 292 5.85 Indonesia 293 5.86 Iran 294 5.87 Iraq 294 5.88 Ireland 295 5.89 Israel 295 5.90 Italy 296 5.91 Jamaica 296 5.92 Japan 297 5.93 Jordan 300 5.94 Kazakhstan 300 5.95 Kenya 301 5.96 Kiribati 301 5.97 Kuwait 301 5.98 Kyrgyzstan 302 5.99 Laos 302 5.100 Latvia 302 5.101 Lebanon 303 5.102 Lesotho 303 5.103 Liberia 303 5.104 Libya 304 5.105 Liechtenstein 304 5.106 Lithuania 304 5.107 Luxembourg 305 5.108 Macau 305 5.109 Madagascar 305 5.110 Malawi 306 5.111 Malaysia 306 5.112 Maldives 307 5.113 Mali 307 5.114 Malta 307 5.115 Marshall Islands 308 5.116 Martinique 308 5.117 Mauritania 308 5.118 Mauritius 309 5.119 Mexico 310 5.120 Micronesia Federation 311 5.121 Moldova 311 5.122 Monaco 311 5.123 Mongolia 312 5.124 Morocco 312 5.125 Mozambique 313 5.126 Namibia 313 5.127 Nauru 313 5.128 Nepal 314 5.129 New Caledonia 314 5.130 New Zealand 315 5.131 Nicaragua 315 5.132 Niger 316 5.133 Nigeria 316 5.134 Niue 317 5.135 Norfolk Island 317 5.136 North Korea 317 5.137 Norway 318 5.138 Oman 318 5.139 Pakistan 319 5.140 Palau 319 5.141 Palestine 319 5.142 Panama 320 5.143 Papua New Guinea 320 5.144 Paraguay 321 5.145 Peru 321 5.146 Philippines 322 5.147 Poland 322 5.148 Portugal 323 5.149 Puerto Rico 323 5.150 Qatar 324 5.151 Republic of Congo 324 5.152 Reunion 324 5.153 Romania 325 5.154 Russia 325 5.155 Rwanda 326 5.156 San Marino 326 5.157 Sao Tome E Principe 326 5.158 Saudi Arabia 327 5.159 Senegal 327 5.160 Seychelles 328 5.161 Sierra Leone 328 5.162 Singapore 328 5.163 Slovakia 329 5.164 Slovenia 329 5.165 Solomon Islands 329 5.166 Somalia 330 5.167 South Africa 330 5.168 South Korea 331 5.169 Spain 331 5.170 Sri Lanka 332 5.171 St. Kitts and Nevis 332 5.172 St. Lucia 332 5.173 St. Vincent and the Grenadines 333 5.174 Sudan 333 5.175 Suriname 333 5.176 Swaziland 334 5.177 Sweden 334 5.178 Switzerland 335 5.179 Syrian Arab Republic 335 5.180 Taiwan 336 5.181 Tajikistan 337 5.182 Tanzania 337 5.183 Thailand 338 5.184 The Bahamas 338 5.185 The British Virgin Islands 338 5.186 The Cayman Islands 339 5.187 The Falkland Islands 339 5.188 The Gambia 339 5.189 The Netherlands 340 5.190 The Netherlands Antilles 340 5.191 The Northern Mariana Island 340 5.192 The U.S. Virgin Islands 341 5.193 The United Arab Emirates 341 5.194 The United Kingdom 341 5.195 The United States 342 5.196 Togo 343 5.197 Tokelau 343 5.198 Tonga 344 5.199 Trinidad and Tobago 344 5.200 Tunisia 344 5.201 Turkey 345 5.202 Turkmenistan 345 5.203 Tuvalu 345 5.204 Uganda 346 5.205 Ukraine 346 5.206 Uruguay 347 5.207 Uzbekistan 347 5.208 Vanuatu 348 5.209 Venezuela 348 5.210 Vietnam 349 5.211 Wallis and Futuna 349 5.212 Western Sahara 349 5.213 Western Samoa 349 5.214 Yemen 350 5.215 Zambia 350 5.216 Zimbabwe 351 6 DISCLAIMERS, WARRANTEES, AND USER AGREEMENT PROVISIONS 352 6.1 Disclaimers & Safe Harbor 352 6.2 ICON Group International, Inc. User Agreement Provisions 353

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