World electric power equipment demand to exceed US$75 billion in the year 2006.World transmission and distribution electric power equipment demand is forecast to rise four percent per year through 2005 to over $75 billion. The largest regional markets for electric power equipment will remain in the Asia/Pacific region and North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , with Western Europe Western Europe The countries of western Europe, especially those that are allied with the United States and Canada in the North Atlantic Treaty Organization (established 1949 and usually known as NATO). also important. Growth will be strong in the industrial and commercial sector, as well as in the much smaller residential sector. The heightening use of electrical machinery, automation systems, computers, security systems and other sensitive electronic equipment will bolster sales of products such as voltage regulating transformers, advanced switchgear The term switchgear, used in association with the electric power system, or grid, refers to the combination of electrical disconnects, fuses and/or circuit breakers used to isolate electrical equipment. systems and power circuit breakers Circuit breakers Measures instituted by exchanges to stop trading temporarily when the market has fallen by a certain percentage in a specified period. They are intended to prevent a market free fall by permitting buy and sell orders to rebalance. capable of controlling and monitoring incoming electric power. These and other trends are presented in World Electric Power Equipment, a new study from The Freedonia Group, Inc., a Cleveland-based industrial market research firm. Demand for electric power equipment from the electric utilities sector will see the slowest gains, a result of deregulation Deregulation The reduction or elimination of government power in a particular industry, usually enacted to create more competition within the industry. Notes: Traditional areas that have been deregulated are the telephone and airline industries. in the electricity sectors in virtually all parts of the globe. Competition from industrial cogeneration, independent power producers (IPPs) and renewable energy Renewable energy utilizes natural resources such as sunlight, wind, tides and geothermal heat, which are naturally replenished. Renewable energy technologies range from solar power, wind power, and hydroelectricity to biomass and biofuels for transportation. sources will force utilities to become more competitive and frequently cut production or even shut down completely. The Asia/ Pacific region is forecast to see the strongest percentage gains through 2005, and further boost its position as the world's largest regional electric power equipment market. Japan, however, will see below world-average gains, although growth will still represent an improvement from the country's performance between 1995-2000. North America and Western Europe will both perform below the global average. In addition to having relatively large and mature markets for electric power equipment, both regions are expected to see slow growth in GDP GDP (guanosine diphosphate): see guanine. and fixed investment levels through 2005. These two variables have a significant positive correlation Noun 1. positive correlation - a correlation in which large values of one variable are associated with large values of the other and small with small; the correlation coefficient is between 0 and +1 direct correlation with demand for electricity and electric power equipment. Most developing regions are forecast to undergo significant industrialization industrialization Process of converting to a socioeconomic order in which industry is dominant. The changes that took place in Britain during the Industrial Revolution of the late 18th and 19th century led the way for the early industrializing nations of western Europe and and electrification e·lec·tri·fy tr.v. e·lec·tri·fied, e·lec·tri·fy·ing, e·lec·tri·fies 1. To produce electric charge on or in (a conductor). 2. a. through 2005 and beyond. In addition, improving infrastructure and strong economic growth prospects in developing countries will result in significant opportunities for electric power equipment manufacturers. While the Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. and Africa/Mideast regions are expected to see above average growth, the East European market for electric power equipment will post weak gains, based in large part on the region's decrease in population levels. World Electric Power Equipment (published 04/2002, 248 pages) is available for $4,600 from The Freedonia Group, Inc., 767 Beta Drive, Cleveland, OH 44143-2326. For further details, please contact Corinne Gangloff by phone 440.684.9600, fax 440.646.0484 or e-mail pr@freedoniagroup.com. Information may also be obtained through www.freedoniagroup.com. A limited license to use or reprint information from this news release is granted to you provided attribution for same -- including, if possible, the price of the report -- is given to The Freedonia Group, Inc. (Cleveland, OH). We would also appreciate the courtesy of receiving a copy of the article or publication in which we appear.
GLOBAL ELECTRIC POWER EQUIPMENT DEMAND BY REGION
% Annual Growth
Item 1995 2000 2005 00/95 05/00
World Electric Power Equipment 50500 62040 75500 4.2 4.0
North America 13760 17965 21125 5.5 3.3
Western Europe 9110 10880 12570 3.6 2.9
Asia/Pacific 15535 18085 23375 3.1 5.3
Japan 4205 4490 5005 1.3 2.2
China 4525 6645 8645 8.0 5.4
Other Asia/Pacific 6805 6950 9725 0.4 7.0
Other World 12095 15110 18430 4.6 4.1
[c] 2002 by The Freedonia Group, Inc.
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