Siemens 2011 Annual Report Download - page 179

153 D. Consolidated Financial Statements
273 E. Additional information
143 C.2 Additional information for supplemental
financial measures
145 C. Siemens AG (Discussion on basis of
German Commercial Code)
151 C. Notes and forward-looking statements
140 C. Information required pursuant to Section  ()
and Section  () no.  of the German Commer-
cial Code (HGB) and explanatory report
142 C. Compensation report and Corporate Governance
statement pursuant to Section a of the German
Commercial Code (HGB)

C... MARKET DEVELOPMENT
According to an analysis published by IHS Global Insight on
July , , investments are expected to continue to rise in
nominal terms in  in all of the market segments that are
significant for our Sectors, in spite of the uncertainty brought
about by the debt crisis in a number of countries. While in-
vestment growth in the previous year had largely been driven
by the emerging economies, the investments made by some
industries have in  also been rising sharply in a number of
industrialized nations.
In the markets significant for the Industry Sector, invest-
ments of the transport and infrastructure industry are expect-
ed to experience the strongest growth rates in , at around
%. Last year, the investments made by this industry expand-
ed
by around %. In addition to continuing strong growth in
emerging countries such as Brazil, India, and China, the rise
in investments in this market segment is boosted by double-
digit growth rates in numerous industrialized countries, espe-
cially in central and northern Europe, where investment de-
mand had stagnated or declined in the previous year. The rate
of expansion in the machine building industry in  is ex-
pected to be almost at the same level. For comparison, in
, investments in this segment increased by around %.
Slower growth in some Asian countries compared with the
exceptionally rapid expansion of the previous year is more
than offset by faster rates of expansion in a number of indus-
trialized countries, especially in Europe. At just over %, in-
vestments in the chemical industry as well as the oil and gas
industry are expected to outpace the previous year’s rate of
expansion. In the chemical industry, China is forecasted to
maintain its rapid growth rate of around % in , virtually
unchanged from the previous year. The oil and gas industry is
benefiting from oil prices that have risen in line with the eco-
nomic recovery. High commodity price levels are driving in-
vestments in the metals and mining sector higher in ;
they are expected to expand by around %, and hence slight-
ly faster than in the previous year. The growth drivers include
China, Australia, and a number of South American countries.
Investments in the transport equipment industry are expect-
ed to expand by about % in , while growth of around
% is anticipated for transportation services. This compares
with prior-year investment growth of % and % respective-
ly. Investments in the pulp and paper industry will rise by an
estimated % in , after around % in the year before. In
addition to China and Brazil, a number of European countries
are forecasted to record substantial increases compared with
the previous year. Investments in the electrical and electronic
as well as the automotive industries are expected to rise by
around % in , representing only a marginal slowdown
compared with . The automotive industry is expected to
expand rapidly in , especially in Germany, where growth
was sluggish in the previous year. For the pharmaceutical in-
dustry, investment growth is estimated to reach around %
in , after around % in . Investments in the post and
logistics industry will rise by an estimated % in , after
around % in the year before. In addition to catch-up invest-
ments in some industrialized nations, where investments
stagnated in the previous year, investments in logistics in
emerging countries, such as Brazil, Russia, India, and China,
remain buoyant. In the food and beverage industry, which is
less susceptible to fluctuations in the economy, investments
are set to grow by around % in , similar to the growth
rate recorded in the year before. In the wholesale and retail in-
dustry, which was still benefiting from rising consumer confi-
dence at the beginning of , investment is anticipated to
expand by around %, following growth of around % in the
previous year. Investments in the construction and real estate
industry are also forecasted to expand by % in , while
investments in the public sector are set to increase by around
%. Last year, the investments made by the two industries
expanded by around %.
Our Energy Sector is also benefiting from the continuing eco-
nomic recovery in a number of markets mentioned for the In-
dustry Sector above in . These markets include the chemi-
cal industry, the oil and gas industry, transportation services,
the post and logistics sector, and the wholesale and retail sec-
tor.
In addition, the significant growth in investing activities in
the utilities sector is having a positive impact in . After in-
vestment growth of % in , IHS Global Insight forecasts
an increase of around % for the current year, driven in partic-
ular by rising demand for energy in the emerging economies.
Investments within the international healthcare markets,
served by our Healthcare Sector, are expected to increase by
around % in , following a rise of around % in the year
before. This increase is likewise fueled by significantly expand-
ing investments made by emerging countries. Significant in-
creases in investments are also expected in some industrial-
ized countries in Europe, however, such as Switzerland, Ger-
many, or France. In the U.S. market, which is significant for our
Healthcare Sector, investments are forecasted to grow at a be-
low-average rate in , similar to the previous year.