Global pure-play cleantech public company landscape by region
Pure-play cleantech company market landscape — top 15 markets by cleantech company population
Note: includes public companies designated as clean energy A-1 Main Driver (50%–100% of value)by BNEF; market capitalization data as of 15 February 2011. Bubble volume represents cleantech company headcount.
2010 cleantech pure-play IPOs by market
Note: includes public companies designated as clean energy A-1 Main Driver (50%–100% of value) by BNEF; percentages may not equal 100% due to rounding.
2010 pure-play cleantech IPOs by segment
Global public pure-play cleantech companies
Note: includes public companies designated as clean energy A-1 Main Driver(50%–100% of value) by BNEF, excluding listed investment funds and acquisitionvehicles; 2009 and 2010 annual financial data comprises the 12 monthsending 30 September as available in CapitalIQ; market capitalization as of15 February 2011.
* Includes addition of new entrant market cap; without new entrants, market capgrowth amounts to 7%
Global public pure-play cleantech companies by segment
Top 10 cleantech IPOs in 2010
The Asia-Pacific region hosts the largest share of the population with 149 pure-play public cleantech companies.
The objective of our first benchmark is to provide annual quantitative measures of the pure-play cleantech population as it grows and matures — including the number of companies, headcount, revenues, net income, market capitalization and debt — and offer insights into unique geographic and industry subsegments.
Cleantech growth
We tracked 399 public pure-play cleantech companies with total annual revenues of US$152.8 billion in the 12 months ending 30 September 2010, net income of US$5.1 billion and a combined market capitalization of US$243.2 billion.
These figures represent strong growth compared with the same period in 2009.
Regional differentiation
The Asia-Pacific region hosts the largest share of the population with 149 pure-play public cleantech companies. It also has the highest total headcount and market capitalization.
EMEA, with 128 pure-play companies, is the second-largest region by number of companies, headcount and market capitalization, but the leader in terms of revenues, which reached US$72.8 billion in 2010.
North America's pure-play cleantech company population numbers 117. The region's companies are the smallest across the board, with a median headcount of 130 and median revenues of US$53.8 million.
Further distinctions can be made at the market level China and the US make up a first market tier in terms of company population and market capitalization. While the US has the largest number of companies (73), China has the greatest market capitalization (US$60.1 billion). China's company headcount is also several times larger than that of any other market. Germany and Canada form another tier in terms of company population, with 44 pure-play cleantech companies each.
Cleantech companies by segment: solar predominates
The 102 solar companies constitute the largest share — just over 25% — of the population, employ more than 160,000 people and generated more than US$52.8 billion in revenues.
Wind, the second-largest segment at 52 companies, is also relatively youthful, with a median time since incorporation of 13 years, revenues of US$31.8 billion and a headcount of nearly 82,000.
At the same time, the segment analysis illustrates another dimension of cleantech: many of the companies existed long before the word cleantech was coined. For example, energy efficiency products constitutes the fourth-largest segment with a median time since incorporation of 22 years. Efficiency was simply smart business before it was cleantech.
New entrants
There were 38 new entrants to the pure-play population through IPOs in 2010, increasing the overall population by nearly 10%. IPO activity was propelled by a spate of listings by Chinese companies. The 20 Chinese IPOs in 2010 raised US$4.7 billion, accounting for 52.6% of the deal activity and 48.8% of the capital raised.
Outlook for pure-play cleantech companies
The global population of public pure-play companies comes into 2011 with significant positive momentum. We can expect continued growth in this population and improvement in its financial performance as economic recovery continues, increasing demand for energy and resources.
Energy security concerns, brought into relief by recent political events in the Middle East and the disasters in Japan, will likely cause national governments to accelerate or enhance already substantial initiatives to promote domestic cleantech industries.
With global IPO activity having returned to pre-downturn levels and a strong pipeline of cleantech offerings in China, there will likely be a number of new entrants to the public pure-play population as investors recognize the potential of companies that can enable the transformation to a resource-efficient and low carbon economy.
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