The 2009-2014 World Outlook for Non-Aerospace-Type Standard NFPA and JIC Linear Tie-Rod Hydraulic Fluid Power Cylinders with Less Than 1500 P.s.i. Excluding Electrohydraulic Cylinders [Paperback]

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WHAT IS LATENT DEMAND AND THE P.I.E.?

The notion of latent demand is rather subtle. The phrase latent typically describes something that is dormant, not observable, or otherwise yet realized. Demand may be the notion of an economic quantity that the target population or market requires under different assumptions of price, quality, and distribution, among other factors. Latent demand, therefore, is often defined by economists because the industry earnings of your market when that market becomes accessible and attractive to serve by competing firms. It is really a measure, therefore, of potential industry earnings (P.I.E.) or total revenues (not profit) if a market is served in a efficient manner. It is normally expressed because the total revenues potentially extracted by firms. The "market" is determined at the given level inside value chain. There could be latent demand with the retail level, in the wholesale level, the manufacturing level, along with the raw materials level (the P.I.E. of higher levels from the value chain being always smaller than the P.I.E. of levels at lower levels from the same value chain, assuming all levels maintain minimum profitability).

The latent demand for non-aerospace-type standard NFPA and JIC linear tie-rod hydraulic fluid power cylinders with less than 1500 p.s.i. excluding electrohydraulic cylinders isn't actual or historic sales. Nor is latent demand future sales. In fact, latent demand may be lower either lower or more than actual sales if a market is inefficient (i.e., not representative of relatively competitive levels). Inefficiencies arise from the variety of factors, like the insufficient international openness, cultural barriers to consumption, regulations, and cartel-like behavior on the section of firms. In general, however, latent demand is typically bigger than actual sales in a very country market.

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 isn't made, though one is implied). The units used within this report are U.S. dollars not adjusted for inflation (i.e., the figures incorporate inflationary trends) instead of adjusted for future dynamics as a swap rates. If inflation rates or exchange rates vary in the substantial way when compared with recent experience, actually sales can also exceed latent demand (when expressed in U.S. dollars, not adjusted for inflation). On another hand, latent demand may be typically more than actual sales as there tend to be distribution inefficiencies that reduce actual sales below the level of latent demand.

As mentioned inside the introduction, this study is strategic in nature, taking an aggregate and long-run view, irrespective of the players or products involved. If fact, every one of the current products or services on the market can cease to exist of their present form (i.e., at a brand-, R&D specification, or corporate-image level) and all sorts of the gamers can be replaced by other firms (i.e., via exits, entries, mergers, bankruptcies, etc.), and there will probably still be a worldwide latent interest in non-aerospace-type standard NFPA and JIC linear tie-rod hydraulic fluid power cylinders with less than 1500 p.s.i. excluding electrohydraulic cylinders at the aggregate level. Product and service offering details, and also the actual identity of the players involved, while essential for certain issues, are relatively unimportant for estimates of latent demand.

THE METHODOLOGY

In order to estimate the latent interest in non-aerospace-type standard NFPA and JIC linear tie-rod hydraulic fluid power cylinders with less than 1500 p.s.i. excluding electrohydraulic cylinders on the worldwide basis, I made use of a multi-stage approach. Before using the approach, one needs a basic theory from which such estimates are created. In this case, I heavily rely for the usage of certain basic economic assumptions. In particular, there is certainly an assumption governing the shape and form of aggregate latent demand functions. Latent demand functions relate the income of your country, city, state, household, or individual to realized consumption. Latent demand (often realized as consumption when an marketplace is efficient), at any level with the value chain, happens if an equilibrium is realized. For firms to serve a market, they have to perceive a latent demand and stay capable to serve that demand in a minimal return. The one most significant variable determining consumption, assuming latent demand exists, is income (or other savings at higher levels of the value chain). Other factors that may pivot or shape demand curves include external or exogenous shocks (i.e., business cycles), as well as alterations in utility to the product in question.

Ignoring, for the moment, exogenous shocks and variations in utility across countries, the aggregate relation between income and consumption continues to be 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 take will be the amount of consumption divided from the level of income, or even the slope of the line from your origin towards the consumption function. He estimated this relationship empirically and found it to become true inside short-run (mostly based on cross-sectional data). The larger the income, the low the average propensity to consume. This kind of consumption function is labeled "A" inside the figure below (note the rather flat slope with the curve). In the 1940s, another macroeconomist, Simon Kuznets, estimated long-run consumption functions which indicated that this marginal propensity to take was rather constant (using time series data across countries). This sort of consumption function is show as "B" in the figure below (note the higher slope and zero-zero intercept). The average propensity to use is constant.





Is it declining or is it constant? A variety of other economists, notably Franco Modigliani and Milton Friedman, within the 1950s (and Irving Fisher earlier), explained why both functions were different using various assumptions on intertemporal budget constraints, savings, and wealth. The shorter the time horizon, the harder consumption can depend upon wealth (earned in previous years) and business cycles. In the long-run, however, the propensity to eat is more constant. Similarly, in the long run, households, industries or countries without income eventually haven't any consumption (wealth is depleted). Even though the debate surrounding beliefs about how precisely income and consumption are related and interesting, in this study a very particular school of thought is adopted. In particular, we're considering the latent demand for non-aerospace-type standard NFPA and JIC linear tie-rod hydraulic fluid power cylinders with less than 1500 p.s.i. excluding electrohydraulic cylinders across some 230 countries. The smallest have under 10,000 inhabitants. I assume that most of these counties fall along a "long-run" aggregate consumption function. This long-run function applies despite some of the countries having wealth, current income dominates the latent demand for non-aerospace-type standard NFPA and JIC linear tie-rod hydraulic fluid power cylinders with less than 1500 p.s.i. excluding electrohydraulic cylinders. So, latent demand in the long-run features a zero intercept. However, I allow firms to possess different propensities to eat (including being on consumption functions with differing slopes, which could be the reason of differences in industrial organization, and end-user preferences).

Given this overriding philosophy, Let me now describe the methodology employed to make the latent demand estimates for non-aerospace-type standard NFPA and JIC linear tie-rod hydraulic fluid power cylinders with less than 1500 p.s.i. excluding electrohydraulic cylinders. Since ICON Group has asked me to make use of this methodology to your large number of categories, the rather academic discussion below is general and may be applied to some wide number of categories, not just non-aerospace-type standard NFPA and JIC linear tie-rod hydraulic fluid power cylinders with less than 1500 p.s.i. excluding electrohydraulic cylinders.

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've found the optimal approach is to believe that certain key countries are more probable to get at or near efficiency than others. These countries receive greater weight than these in the... --This text refers towards the Digital edition.






original patent application number HydraulicCylinders

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