阅读研究报告 - 下载最新的 PDF 版本 - 三份鞋匠报告 (2023)

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  • 复旦大学:中国企业危机2023年度报告(64页).pdf

    危机、风险和不确定性,是企业危机处置和沟通的三个关键词。危机,是已知的危险;风险,是已知的未知危险;不确定性,是未知的未知危险。处置危机、防范风险,以减少不确定性,是企业危机管理和沟通的目标。复杂多变的舆论生态中,企业危机类型日益从产品、服务和管理危机,演变成舆情危机,而社会思潮的多元、不同平台的衍化,让企业舆情危机呈现出典型的风险放大特征。这份2022年中国企业舆情危机年度报告以大小数据、点面结合的方式,呈现出不同行业危机处置和沟通效果的整体生态,是洞察中国企业危机图景的重要窗口和借鉴读本。企业危机处置和沟通,需要价值观作为重要支撑,本质上,只有崇尚“真善美”,将危机管理工作纳入整体的企业风险管理体系,建立居安思危的意识、遵循卓越公共关系的原则,方能防患于未然,趋利避害、化险为夷。企业危机管理和沟通,还要平衡商业价值和社会价值,果断处置、真诚沟通、回应期待,方能行稳致远、追求卓越。卷首语张志安复旦大学新闻学院教授、知微研究院院长制作团队/知微研究院 复旦大学媒介素质研究中心主编/于永添执行主编/张欣宇学术总顾问/张志安咨询顾问/叶韦明编辑/周欣宇 唐梦洁产品总监/胡晓笑发行总监/张筱琪联系方式:Email/微信公众号/知微数据微博/社会网络与数据挖掘事件/数据参考平台:知微危机案例库/https:/01目目 录录CONTENT危机汇,鉴危机汇,鉴风险风险/07/07企业危机年度变化趋势企业危机年度变化趋势两类变化与两个关键问题反衬危机“弱化”/09/09变化总览/09各行业企业危机变化/10聚焦危机事件类型/13年度关键问题:裁员/17年度关键问题:监管/21企业危机传播渠道变化企业危机传播渠道变化小红书、抖音等互联网平台成风险发生的新阵地/23/23平台整体情况/23聚焦具体危机传播渠道/25中层媒体关注点呈现泛化特征/27年度关键传播渠道:央媒/29企业危机传播特性变化企业危机传播特性变化企业危机的演化速度变快,演化变复杂/31/31企业危机的传播演化速度/322022年危机事件所处信息环境复杂/332022年危机事件存在政治化风险/35企业危机沟通与回应变化企业危机沟通与回应变化微博仍为主要回复平台,回应方式更为多元/37/37企业面对危机时候的回应速度/38企业在面对危机时的动作/3920222022年度企业危机关键年度企业危机关键词词/03/0320222022典型企业危机案例典型企业危机案例复旦大学媒介素质研究中心与知微研究院联合制作/43/43危机 弱 化Crisis weakening2022年度企业危机关键词之一:71.5571.5567.6167.6120212021年平均影响力年平均影响力20222022年平均影响力年平均影响力2022年,“黑天鹅”与“灰犀牛”并存,监管压力持续,社会情绪呈现波动。不少行业减少博弈,增添生存打拼。相比前几年的企业危机,2022年的企业危机影响力呈现“弱化”趋势。022022年,信息传播方式进一步演化,危机生成和传播平台也进一步分化。除微博和微信公众号外,小红书、抖音等互联网平台成为企业危机和风险发酵的主阵地。渠道 新平台ChannelNew Platform2022年度企业危机关键词之二:危机首发平台占比微博新闻网站微信公众号小红书政府官网抖音脉脉今日头条B站豆瓣百家号其他03意识形态 复 杂IdeologyComplexity2022年,社会情绪复杂多变,群体逐渐分化区隔,多元社群推动多元社会思潮涌动。在此环境下,大量企业舆情危机事件存在商业议题政治化特别是意识形态化的风险。2022年度企业危机关键词之三:0410%8%8%8%7%3%形式主义极致个人民族民粹两性消费主义泛娱乐性质随着近年来企业声誉的复杂环境变化,2022年多数企业面对危机事件,掌握了有效回应策略。虽仍有少数企业回应措辞不够诚恳和谦逊,存在“教育消费者”姿态,但总体上,企业面对危机时的反应更快,回应更积极、方式更多元。回应 多 样ResponseDiversity 2022年度企业危机关键词之四:回应回应1 1次次,311%回应回应2 2次次,333%回应回应3 3次次,22%其他其他,142022年是极不平凡的一年,内外部环境和长短期气候发生了剧烈的变化,舆论场和公众情绪也经历了巨大的震荡。对于各行各业的企业来说,“黑天鹅”和“灰犀牛”接踵而至,新旧舆论平台和关键传播者也迭起兴衰,“易燃易爆炸”的公众情绪和观念成为不可忽视的社会背景音,而企业危机的内在发生机理和外在表现形式也因此悄然发生变化,进入“新常态”。对企业危机和风险的研究,成为整个行业生态中需要着力攻克的重要课题。危机案例的积累、案例库的建设和危机体系的研究,是危机管理行业的新基建。知微期望能够通过大量的案例去探究清楚危机爆发和传播的完整机制,从而为危机的应对和风险的研判提供坚实的循证基础,这也有赖于企业、媒体、研究机构等的通力共建,为一时计,为百年筹。英国著名社会学家安东尼吉登斯曾指出:“风险所涉及的是对未来危害的积极评估。一个社会越是寻求生活在未来之中和积极地塑造未来,风险概念就越普及。”通过对历史危机的研究而建立风险意识和识别应对模式,不是对于危机现实的无奈妥协,而是对于未来的积极认知。危机是关乎现在和过去的,而风险是关乎未来的。060708企业危机总览企业危机年度变化趋势两类变化与两个关键问题反衬危机“弱化”2022,企业生存环境进一步复杂化推动企业危机发生明显变化。一方面,国际局势与国内疫情环境的变化增加了企业生存压力。另一方面,国内监管环境的先紧后稳也迫使企业缩减了在行业的竞争。两方面大环境变化使得企业危机无论是在“行业方面”还是“危机事件类型方面”均发生了“弱化”。“裁员”与“监管”两大关键问题也在一定程度上说明企业危机逐渐集中于“生存”。两类变化与两个关键问题反衬危机“弱化”。变化总览1月2月3月4月5月6月7月8月9月10月11月12月2021年传播声量2022年传播声量090%5 %05%饮品互联网食品汽车零售日用品餐饮服饰教育科技美妆金融奢侈品游戏2021年行业危机事件占比2022年行业危机事件占比各行业企业危机变化:危机影响力整体变弱,危机“泛化”1 1.行业行业危机平危机平均影均影响力变响力变化化2 2.行业行业危机事件占比变化危机事件占比变化结合知微危机案例库收录的2022年企业危机事件及对应数据,2022年企业危机事件的整体传播情况相比2021年呈现下降趋势。从月度企业危机传播声量来看企业危机影响力,2022年除了5月份外,各月份的危机传播声量相比于2021年均呈现明显的下降趋势。2022年的危机影响力明显下降。从各行业危机事件数量占比上来看,2022年危机不再呈现前几年的“一行独大”。相反,危机重灾区的互联网行业,2022年的危机事件数量大幅度缩减。即便如此,其整体危机数量仍然位于前列。除了占比最高的前三个行业外,其余行业危机事件占比在不同程度上波动变化。汽车、零售、美妆等事件占比增加,餐饮、服饰等减弱。整体来看,危机在越来越多的行业上发生,发生的数量比例有趋近的趋势,危机整体呈“泛化”。10从2021到2022,不同行业的危机影响力排名及对应变化如下:从行业平均影响力排名来看,服饰、金融、食品等行业2022年平均影响力排名相比2021年有所下降,服饰行业跌落2021年榜首;科技、美妆、饮品、餐饮行业直接跌出前十。而教育、互联网、汽车等行业排名有所上升,分别由2021年的第3、4、5名上升到2022年的第1、2、4名;日用品、零售、奢侈品、游戏行业成为了2022年平均影响力新晋前十。行业2021平均危机影响力服饰78金融76教育74互联网72汽车72科技72美妆72食品71饮品71餐饮70行业2022平均危机影响力教育72互联网71金融70汽车69日用品69服饰69零售69奢侈品68食品67游戏663 3.行业影响力排名变化行业影响力排名变化11进一步结合知微危机案例库梳理2022年企业危机传播声量排行榜,并进一步比较相应名次与2021年的同比声量,能够清晰的看到,2022年声量榜TOP10的事件,其传播量均有相应程度的下降。大部分事件传播量下降了30%以上,部分事件传播声量下降了50%以上。12纵观各行业的企业危机风险,2022年企业危机涉及的危机风险类型也在一定程度呈现泛化趋势。其中以饮品行业、互联网行业、汽车行业等为主。互联网行业2022年,共涉及9个危机风险类型,为涉及类型数量最多的行业。2022年占比最高的危机风险类型由2021年的产品风险、人事管理风险以及营销风险变为产品风险、人事管理风险以及代言人形象风险。汽车行业2022年危机事件共涉及5个危机风险类型,主要集中在产品风险、生产风险以及人事管理风险。其余行业,食品行业2022年危机事件共涉及5个危机风险类型;零售行业2022年危机事件共涉及4个类型。2022相比于2021,类型更多,风险更泛化,整体在一定程度上呈现泛化的趋势。聚焦危机事件类型:危机类型更为多元0 0Pp0 21202220212022202120222021202220212022202120222021202220212022202120222021202220212022202120222021202220212022饮品互联网汽车食品零售科技日用品餐饮教育服饰奢侈品美妆金融游戏各行业危机风险类型占比图产品风险人事管理风险营销风险高层形象风险监管风险企业文化风险社会形象风险造谣中伤代言人形象风险生产风险竟对问题风险财务风险1 1.企业危机风险类型企业危机风险类型1213从危机风险类型占比来看,产品风险、生产风险、代言人形象风险、监管风险、企业文化风险等相关危机事件占比则有不同程度的上升,数据方面,产品风险变化最大,增加了约6%。营销风险、人事管理风险、高层形象风险、社会形象风险有关危机事件占比有所下降。TOP1 TOP1 某汽车公司广告抄某汽车公司广告抄袭事件袭事件影影响力响力81.981.9关键词关键词文案抄袭、版权文案抄袭、版权意识、央媒定性意识、央媒定性TOP2TOP2 某公司联名套餐被中某公司联名套餐被中消协点名事件消协点名事件TOP3 TOP3 某日用品广告被指某日用品广告被指侮辱女性侮辱女性营销风险TOP大事件影响影响力力74.674.6关键词关键词过度营销、诱导过度营销、诱导消费、机构点名消费、机构点名影影响力响力73.073.0关键词关键词低俗营销、侮辱女性低俗营销、侮辱女性TOP1 TOP1 某牛奶被曝不合格某牛奶被曝不合格影响力影响力 79.579.5关键词关键词食品安全、食品安全、违规添加违规添加TOP2TOP2 某日用品客服称菜某日用品客服称菜刀不能拍蒜刀不能拍蒜TOP3 TOP3 某食品公司使用插某食品公司使用插旗公司酸菜事件旗公司酸菜事件产品风险TOP大事件影响力影响力79.579.5关键词关键词产品质量、产品质量、售后服务售后服务影响影响力力74.474.4关键词关键词食品卫生、虚假食品卫生、虚假宣传、连带责任宣传、连带责任14产品质量问题产品质量问题某食品公司使用插旗公司酸菜事件某食品公司使用插旗公司酸菜事件某店面使用变质水果做果切事件某店面使用变质水果做果切事件价格问题价格问题某饮品店涨价事件某饮品店涨价事件某咖啡品牌涨价事件某咖啡品牌涨价事件细化各危机类型,2022年的企业危机事件类型呈现分散化特征。多种类危机爆发,且不同类型危机的危机影响力也显著不同。产品、营销类型的危机呈现高频影响力的情况。企业文化、社会形象类型风险则呈现低频高影响力的特性。危机类型多元,但又呈现不同的特性。从数据上看,危机事件类型多样化,加之网络舆情的“风险放大效应”,各细化类型的危机也呈现不同声量的分布。营销风险生产风险社会形象风险人事管理风险企业文化风险监管风险高层形象风险恶性竞争代言人形象风险产品风险财务风险05000100001500020000250003000035000400004500050000051015202530354045505560平均声量值企业危机问题范畴数量2022年企业危机类型分布情况2 2.细化各危机类型细化各危机类型15挪用公款违法虚假宣传诈骗个人不当言行整改偷税漏税产品服务问题系统BUG做空环境污染数据泄露卫生问题不当裁员与招聘恶性竞争过度诱导员工权益受损监管调查维权市场差别对待平台强权人员伤亡造谣中伤涉敏感话题价格问题侵权猝死其他争议言论价值观问题违规产品质量问题违规问题违规问题某店被曝私下给顾客打标签事件某店被曝私下给顾客打标签事件某电动车违规提速事件某电动车违规提速事件价值观问题价值观问题某饮品店驱赶民警事件某饮品店驱赶民警事件某日用品低俗广告事件某日用品低俗广告事件下图显示了不同细化危机事件类型的危机影响力。虽然危机事件类型多样化且越发分散,但是整体危机影响力方面仍然呈现长尾状态。企业产品质量问题、违规、价值观问题,更易引发较大范围关注度和负面舆论。16年度关键问题:裁员0.00.00 .000.00.00P.00.00p.00%互联网教育房地产医疗科技金融零售汽车饮品影视制造202120225555.55656.55757.55820212022裁员危机影响力2022年,大环境下,“裁员”进入企业关键危机类别。根据知微事见,从裁员相关企业危机的行业分布来看,与2021年相比,2022年裁员危机涉及的行业愈发分散。其中互联网行业连续两年占比最高,且有上升趋势。教育行业2021年因受行业政策影响裁员事件占比较高,2022年有所下降。从裁员相关危机事件平均影响力来看,2021年为57.0,2022年为57.6,平均影响力有所上升。1.1.越来越多的行业越来越多的行业进行进行“裁员裁员”2.2.民众裁员讨论情况:焦虑充斥舆论场民众裁员讨论情况:焦虑充斥舆论场根据知乎数据,2021年“裁员”相关话题讨论度为6272,而2022年讨论度上升到了23159,为2021年的3倍多。从讨论的具体内容来看,2022年民众最为关注具体的危机事件,约占65%,包括事件内容、真实性等。其次为职业发展,约占23%,讨论如何应对大环境、被裁员该怎么办等,焦虑充斥舆论场。17民众在“裁员”相关的讨论内容如下:事件探讨65%职业发展23%裁员因素8%行业发展4 22年央媒报道关键词出现频次企业13796就业12080发展11242经济8412政策8029中国6913工作6734疫情6223市场4448服务3376裁员6342022年央媒报道关键词出现频次发展4282企业3352建设2654就业2465工作1985经济1963服务1929政策1826人才1627疫情1584裁员2361第43名第25名3 3.央媒对裁员的相央媒对裁员的相关报道日趋关注关报道日趋关注“危机危机”从报道关键词频次来看,2022年提及裁员的频次的排名有大幅上升。整体来看国家也愈发关注就业、企业以及经济。三大央媒2021年共发布“裁员”相关报道423篇,2022年共发布1299篇。央媒对裁员这一“危机”的重视程度加大。182022年2月9日8时,新浪财经官方微博曝出喜茶将裁员30%,喜茶对此回应不存在裁员。9时,随着更多的媒体向喜茶求证,喜茶再次回应称少量人员调整为正常优化。大众对喜茶的简单回应并不满意,20时,互联网舆论开始上升至对新式茶饮行业的质疑与思考。喜茶:少量人员调整为正常优化新浪财经:喜茶大裁员,涉及30%员工喜茶:不存在裁员上海证劵报:记者实地探访,喜茶员工均拒绝回答相关问题证券时报:喜茶裁员30%?公司回应!奈雪的茶年亏1.3亿新式茶饮面临众多挑战新浪网:喜茶被曝裁员30%奈雪预亏超1亿!新茶饮走向何方?红星新闻:喜茶传裁员,奈雪预亏1.3亿,新式茶饮这一年怎么了?封面新闻:喜茶降价后又被曝裁员30%新式奶茶转型之路在哪里?喜茶裁员事件舆情趋势图喜茶裁员事件舆情趋势图4 4.裁员典型案例:喜茶裁员舆情简要分析裁员典型案例:喜茶裁员舆情简要分析喜茶相关部门2/9 8时媒体没有听说过裁员一事众多媒体向喜茶求证,促使喜茶再次回应喜茶相关负责人2/9 16时媒体不实消息,少量人员调整为正常优化,年终奖已发引发舆论上升至对新式茶饮行业发展的质疑与思考喜茶上海浦东世纪汇店长2/9 18时媒体总部会进行统一回应,无其他信息可透露喜茶上海浦东陆家嘴软件园Go店店员2/9 18时媒体没接到通知,不了解情况,无法回答任何问题19回应主体回应主体回应渠道回应渠道回应内容回应内容引发效果引发效果央媒参与情况根据知微事见数据,央媒在喜茶裁员事件中的参与度为1.5%,高于29%的企业类事件。主要内容是对新式茶饮行业的质疑思考以及对事件的报道。标题媒体转发媒体数喜茶否认大裁员传闻 新式茶饮行业洗牌已开始证券日报42喜茶传裁员,奈雪预亏1.3亿新式茶饮这一年怎么了?中新网24正面,17%中立,28%负面,55%喜茶回应情况民众参与情况民众对喜茶裁员主要持负面态度,约占55%,观点包括担忧职业发展、质疑新茶饮行业、不看好新茶饮发展等。其次是中立态度,约占28%,主要是对事件的理性分析。最后是正面态度,约占17%,主要观点为相信涉事公司、认为裁员并非坏事、依旧看好行业发展等。事件中,回应主体有:喜茶相关部门、相关负责人、个别店长与店员,且均是通过媒体采访进行回应,显得过于被动、且官方渠道未对外作出正式回应,回应渠道显得闭塞,导致公众不能及时获悉官方的态度,引发猜忌,有可能会进一步加速舆论的发酵与蔓延。20年度关键问题:监管2022年全局监管政策共730条,政策发布主要集中在4-6月,其中4月政策发布最为频繁。4月,网络谣言与暴力问题在疫情的助推下愈演愈烈,加大了对互联网行业的监管。随着监管部门05001000150020001月2月3月4月5月6月7月8月9月10月11月12月2022年三大央媒企业监管报道趋势图0501001502002501月2月3月4月5月6月7月8月9月10月11月12月2022年监管政策趋势图1 1.国家企业监管国家企业监管政策政策在在趋稳趋稳2 2.央媒对于企业监管的讨论有回升趋势央媒对于企业监管的讨论有回升趋势2022年央媒有关企业监管相关报道数量最少的月份为10月,最多月份为12月。结合2022年监管政策趋势图可以发现,随着10月到12月监管政策数量的上升,相关监管报道也有了上升趋势。与各大平台的协同治理,已初步取得成效。自7月起,后续治理有所放缓,企业监管趋于稳定。212022年3月15日,据网信中国公众号消息,针对当前豆瓣网存在的严重网络乱象,国家互联网信息办公室指导北京市互联网信息办公室派出工作督导组,进驻豆瓣网督促整改。网信中国:针对当前豆瓣网存在的严重网络乱象,网信部门工作督导组进驻豆瓣网督促整改央广网:2021年1月至11月,国家网信办指导北京市网信办,对豆瓣网实施20次处置处罚,多次予以顶格50万元罚款,共累计罚款900万元。话题#豆瓣在部分应用商店已被下架#登陆微博热搜豆瓣:督导组进驻与下架无关,系去年底被下架后尚未上架光明网:豆瓣内容把关和聚合不再精致,用户逐渐流失,体验变差;豆瓣影视作品评分不客观。他不再与我有关:豆瓣会在下午三点关闭60%左右的娱乐性小组,留下知识板块,24号下架app,全面整改豆瓣:系谣言,造谣账号已禁言3 3.企业监管危机案例:豆瓣企业监管危机案例:豆瓣22渠渠道道企业危机传播渠道变化小红书、抖音等互联网平台成风险发生的新阵地平台整体情况2022年,企业危机传播渠道最大的变化体现为危机发生平台的逐渐迁移。一方面,微博、新闻网站、微信公众号的危机首发比例在下降;另一方面,小红书、抖音等互联网平台成风险发生的新阵地。2021-2022年危机事件首发平台占比变迁232021-2022年危机事件首发平台占比变迁240.00%5.00.00.00 .00%.000.005.00.00E.00P.00%涉事方政务机构品牌官方当事人媒体自媒体首发源头渠道20212022根据知微危机案例库数据,2022年企业舆情危机主要有自媒体、媒体以及当事人渠道。与2021年相比,危机首发渠道占比排名无变化,但自媒体曝光、品牌官方自身原因以及政务机构监管导致的危机占比有所上升,其中自媒体曝光占比变化最大,提升了4.5%,而通过当事人曝光产生的危机事件占比下降了6.4%。聚焦具体危机传播渠道:各类型关键渠道参与意愿降低1 1.危机首发具体传播渠道变化危机首发具体传播渠道变化25央级媒体时事媒体财经媒体科技媒体其他媒体十万粉丝博主千万粉丝博主百万粉丝博主平均每个危机事件各渠道参与报道数202120222022年,对于企业危机,各类型关键渠道参与传播的意愿在普遍下降。根据知微危机案例库数据,2022年各危机中,平均每个危机事件各渠道参与报道数据均呈现下降趋势。各类媒体参与度均有所下降,时事类媒体参与度最高,其次为财经媒体和科技类媒体。各级别KOL的参与度也均呈现下降趋势。2022年与2021年媒体与KOL的参与度排名没有发生变化。各类型关键渠道的企业危机参与意愿在一定程度上呈现明显的下降趋势。2 2.危机渠道参与情况变化危机渠道参与情况变化26如右边图1所示,时事媒体最为关注涉及社会形象风险、监管风险以及代言人形象风险的危机事件;央媒最为关注监管风险、社会形象风险以及代言人形象风险相关危机事件;财经媒体最为关注财务风险、代言人形象风险以及社会形象风险相关危机事件;科技媒体最为关注代言人形象风险、财务风险以及社会形象风险相关危机事件。不同类型媒体在报道涉及不同问题范畴的危机事件时存在趋向性。媒体关注点呈现泛化特征如右边图2所示,时事媒体最为关注教育、金融以及日用品行业的危机事件;央媒最为关注教育、金融以及日用品行业危机事件;财经媒体最为关注金融、教育以及汽车行业相关危机事件;科技媒体最为关注金融、教育以及互联网行业相关危机事件。不同类型媒体在报道涉及不同行业的危机事件时存在一定趋向性,以财经类媒体最为明显。1 1.不同媒体在不同事件类型的参与度不同媒体在不同事件类型的参与度2 2.不同媒体在不同行业的参与度不同媒体在不同行业的参与度20222022年不同类型媒体对不同事件范畴的参与程度有所不同,呈泛化特征。年不同类型媒体对不同事件范畴的参与程度有所不同,呈泛化特征。不同类型媒体对不同行业事件的参与程度也有所不同,同样关注点呈现泛化特征。27各类媒体不同事件类型平均参与报道情况各类媒体不同行业平均参与报道情况图1:图2:28TOP1 TOP1 某汽车公司广告抄袭事件某汽车公司广告抄袭事件影响力影响力 81.981.9报道数报道数 17901790营销风险营销风险TOP2 TOP2 某牛奶被曝不合格某牛奶被曝不合格影响力影响力 79.579.5报道数报道数 15621562产品风险产品风险TOP3 TOP3 某文献检索网站被市监局立案调查事件某文献检索网站被市监局立案调查事件影响力影响力 76.576.5报道数报道数 10671067监管风险监管风险央媒关注TOP危机事件0.00.00 .000.00.00P.00.00p.00%产品风险营销风险代言人形象风险生产风险监管风险人事管理风险造谣中伤财务风险企业文化风险社会形象风险竞对问题风险高层形象风险政治敏感风险2021202220212022央媒危机事件报道数量2022年,从整体上来看,央媒对于企业危机的关注参与度呈现下降趋势。央媒2022年共参与企 业 危 机 报 道 26197 篇,相 比2021年的67822篇有大幅下降。从央媒报道数年占比来看,央媒对于营销风险、代言人形象风险、生产风险以及监管风险的关注保持在高位。而对于产品风险、人事管理风险以及高层形象风险等风险,相比2021年其关注度有所下降。年度关键传播渠道:央媒2022年央媒参与报道数量最多的三个事件分别属于营销风险、产品风险以及监管风险。其中某汽车公司广告抄袭事件发生后即有央媒参与报道,该事件热度达到最高后1小时内便有央媒参与发表评论引导舆论。而某牛奶被曝不合格事件以及某文献检索网站被市监局立案调查事件均由政务机构曝出。29央媒介央媒介入危机事件:以奥迪小满广告抄袭事件为例入危机事件:以奥迪小满广告抄袭事件为例人民网评:奥迪文案“像素级抄袭”?谁来给个说法!人民日报:保护原创就是保护创新,抄袭是丑闻,涉嫌违法,必须零容忍;这起事件不能以道歉结束,而应成行业反思契机,如何构筑有效防范机制?人民日报评论:大品牌、大企业尤其要带好头,任何个人、企业、平台都该树牢版权意识、规则意识、法律意识;知识产权保护是最大激励,切莫引致“车祸”、伤人伤己。中宣部版权管理局:保护版权、抵制剽窃等已成主流声音。中国新闻网:广告涉抄袭不只奥迪!宝马、本田被扒,还有哪家?法治日报:抄袭若以营利为目的,则涉及侵犯著作权罪。刘德华:百分百尊重原创;对于广告问题及对满哥造成的困扰深感遗憾;Audi和广告公司现正认真处理中。人民日报评论:人民日报谈尊重原创抵制抄袭:把共识力转化为行动力|人民锐见2022年5月21日,奥迪和刘德华合作的广告片人生小满引发关注,但在当晚,抖音博主“北大满哥”称奥迪发布的广告涉嫌抄袭文案,引发极大关注。根据知微事见,该事件影响力81.9,高于99%的企业危机类事件。在所有参与的媒体中,央媒参与度为6.4%,共参与报道1790篇,为2022年之最。该事件央媒在事件头尾皆有关键参与,对事件的传播起到了关键作用。传播演化传播演化企业危机传播演化特性企业危机的演化速度变快,演化变复杂3031企业危机的传播演化速度:来也匆匆2022年2021年平均上升速度情况1 1.整体危机演化速度整体危机演化速度2022年,企业危机的传播演化最明显的特征为传播演化速度加快。从整体看,2022年事件上升速度比2021年同比下降41,信息的传播速度进一步加快,热点事件被感知的速度也越来越快。2 2.热议期周期热议期周期从危机的热议期来看,整体上,2022年的危机事件的平均热议期相比于2021年有升有降。2022年1月、2月、6月、7月、9月热议期相比于2021年有一定的上升,其余月份的热议期呈现下降的状态。综合来说,2022年的企业危机事件热议期相比于2021年并没有明显变化。1月2月3月4月5月6月7月8月9月10月11月12月2021年危机时间平均热议期时长2022年危机时间平均热议期时长322022年危机事件所处信息环境复杂:思想形态多样化思想类型:民族主义思想类型:民族主义2022年,社会思潮中民族主义成为主流意识形态,民众以维护本民族利益和尊严为出发点,在网络环境中活跃。在危机案例中,通常会出现普通商业问题转化成国家层面问题的情况。TOP1:星巴克驱赶民警影响力:76.6TOP2:好丽友仅对中俄市场涨价影响力:71.7TOP3:海天味业被曝“双标”酱油影响力:71.2TOPTOP事件事件概述概述思想类型:女性主义思想类型:女性主义2022年,社会领域下,民众思潮逐渐多元化,女性主义仍旧顽固存在。在企业危机案例中,企业为了博眼球,方向逐渐跑偏,“女性”这一议题是不得不重视的风险。TOP1:妇炎洁低俗广告影响力:73TOP2:宝洁公众号文案侮辱女性影响力:72TOP3:安踏女鞋海报被指打擦边球影响力:67.6TOPTOP事件概述概述思想类型:资产阶级思想思想类型:资产阶级思想市场经济虽受到疫情冲击,但经济行为一直存在,在交易过程中资产阶级思想无孔不入,为了利益,资本通过手段企图扩大阶级差距。公共卫生危机是资本主义矛盾的体现和爆发。TOP1:新疆麦趣尔牛奶被曝不合格影响力:79.5TOP2:艺人与趣店合作引争议影响力:79.5TOP3:中科院停用知网影响力:76.5TOPTOP事件事件概述概述332%2%2%4%8f%冰冻三尺非一日之寒产品品类差别,和企业无关公关效果不佳专门坑骗国人,责任心不足消费者有权发声理性看待,支持海天声明无用,“双标”不可取网民观点分布情况2%9!(%吐槽品牌、不要pua女性妇炎洁可能会损伤女性身体吐槽男性科普原因反感妇炎洁网民观点分布事件简介事件简介央媒参与观点央媒参与观点新华社:公众更深层次的心理动因和内在需求是希望得到尊重、公平和平等对待,以及民族情感被顾及。专家代表观点专家代表观点中国食品产业分析师朱丹蓬分析,此次“双标”事件给包括海天在内的中国企业敲响警钟。要在一国一标和尊重国人之间找到平衡点。事件简介事件简介央媒参与观点央媒参与观点央视网:将自以为的“严重后果”公之于众,企图“恐吓”女性用户购买产品。究其根本是企业脱离用户需求、自以为是的傲慢。专家代表观点专家代表观点上海德禾翰通律师事务所合伙人邓高静律师:这则广告不只侮辱、歧视女性,还涉嫌虚假宣传或面临20万元以上、100万元以下的罚款。2022年5月17日,妇炎洁一款女性私处用品广告被指侮辱女性,引发企业危机。2022年9月底,有人对比国内外产品的成分差异,舆论话题为“海天味业双标,国内外销售的酱油存在配方差异”。10月14日,海天味业发表声明称:别有用心者用所谓双标来挑起消费者和中国品牌企业的矛盾对立,会严重影响“中国造”的声誉。342022年危机事件存在政治化风险2022年,企业危机传播经过不同平台及不同个体的传播,事件属性变得愈发复杂。部分企业危机事件在舆论环境中的演变对社会、民族利益、国家利益等产生了重大影响,危机事件在传播中存在政治化传播风险。事件相关国际关系媒体报道民众反应林清轩公开指责香奈儿挖人中、法两国国内外区别北京商报:其渲染过多爱国情怀,将商场上的事拔到了国家高度我想养滚滚:这红山茶花又不是谁家独有的,只要不存在不正当的商业竞争,这也谈不上啥挑起战火。不过我很不能理解林清玄这创始人发博玩爱国绑架是做什么?无时尚中文网:中国本土品牌与国际品牌的对抗从被动转向主动,2022年第一个周一,国货护肤品牌林清轩创始人孙来春发布长微博,“宣战”法国美容、奢侈品牌Chanel 香奈儿。星巴克驱赶民警中、美关系人民网评发言:星巴克请收回你的傲慢,我们可以没有星巴克,但是不能没有人民警察!从诗人的字句里:这个驱赶中国民警的垃圾品牌啥时候退出它看不上的中国市场。京都小长安:自从星巴克驱赶民警后,星享卡星礼卡全扔了。这是底线。别跟我扯爱国不爱国的,这是作为一个人的底线。好丽友仅对中俄市场涨价中、韩关系;俄罗斯战争自媒体账号“历史有点冷”:如果哪天中国消费者不再买他们的帐了,那可能就是他们退出中国市场的时候了。央视也直接点名该品牌。一份大巧克力杯:许多网友也开始在国货中寻找好丽友的平替,但是我觉得我们的国货其实不应该被叫做平替。这次寻找平替只是让我们的国货被大家所看到。这也让我们的国货企业迎来了新的春天。今麦郎被指是日资企业中、日历史关系时代周报记者在今麦郎直播间发现,网友们直播间里留言“国货加油”“国货今麦郎yyds”,用弹幕力挺今麦郎。文化知识学习:今麦郎获得了无数群众的支持,更有不少群众呐喊,希望今麦郎和白象一起携手并进,做个有良知的中国企业,山河同在,不忘初心!康钊:现在外资身份影响销售,当然赶紧辟谣,恨不得与外资彻底划清界限,这就是时代不同了,企业营销也在顺势而为。35事件相关国际关系媒体报道民众反应网传阿里副总裁逃离上海中、美关系自媒体博主发布视频认为:贾阳清虽然是中国国籍,他的心里可能已经是“米字旗”了圆梦祥龙:到了阿里,京东这一层次,该做的事情已经不单单是专注业务营收,更重要的是怎么树立企业价值观,打造企业文化。好的价值观,企业文化可以感染很多人,可以为社会带来更好的价值。会飞的鱼:智商似乎极高,情商明显过低。跟这种人没法谈价值观,任何一个国家包括美国在内的淳朴大众都无法认可这种微博和FB上大不相同的表述态度方式。名创优品分不清旗袍和艺伎中、日历史关系不是日本品牌,却有意无意淡化中国元素,张滨时评指出这一行为引发了大家对名创优品“伤害民族感情”举动的怒火。江氏小盗龙?:中国企业让你们这么没面子吗?还是公司股份都卖给日本人了?正所谓:谎话说多了连自己都信了,是连自己的老祖宗都不要了是吗?陈雯雯噢:特意傍上洋名就更有品味,就能忘本了是吗?国产品牌连自家的文化底蕴都要丢掉了吗?海天味业被曝“双标”酱油国内外关系中国食品产业分析师朱丹蓬分析,零添加产品在国内市场有限,但此次“双标”事件仍给包括海天在内的中国企业敲响警钟。要在一国一标和尊重国人之间找到平衡点。莫开伟:搞“双标”太不应该,作为企业应有良知和底线,不能为了节约成本和提高经营利润而置广大民众的健康于不顾,都把国内广大消费者当白痴,这完全颠覆了广大消费者对其信任和认知。李宁新品被指像日军军服中、日历史关系张滨时评指出:时尚灵感不能挑衅民族感情,对于李宁“倭里倭气”的新品设计,理应旗帜鲜明地反对,不管有心还是无意,新品设计的时尚灵感都不能来源于给中国乃至大半个亚洲带来深重灾难的日本军服。互联网三爷说:奉劝企业朋友,传播品牌时,爱国营销没有错,但消费者情绪挑动要适度。历史天窗:在中国赢得民心的品牌才会走得长远,而对于一些良心品牌,国家也会给予很大的支持和鼓励。但是对于一些崇洋媚外的品牌来说,我国消费者永远是站在国家的立场上看待问题,不允许国家的形象得到破坏。36回应策略回应策略企业危机沟通与回应变化微博仍为主要回复平台,回应方式更为多元7%9!%2小时内2-4小时4-6小时6-12小时12-24小时24-48小时48-72小时72小时以上2022年企业危机回应速度分布单位:小时经历近几年的互联网危机环境,加上2020年以来的“黑天鹅”与“灰犀牛”作用,各行业企业在对待危机方面逐渐产生成熟的方法体系,能够采用有效的方式进行回应处置。企业的回应方式也更为多元。结合企业危机的实际传播情况,社交媒体虽然在企业传播方面呈现作用弱化的趋势,但目前仍然是企业回应的主要战场,微博平台仍然是企业在危机回应的主阵地。2022年,危机中企业的回应仍是关键问题,但各企业已逐渐掌握问题关键。37企业面对危机时候的回应速度:回应速度更多元,整体上看,积极回应的效果更好从2022年企业危机事件回应速度情况来看,58的企业能够做到一天内对突发事件进行回应,做到6小时内回应的企业达到三成。值得注意的是,15的企业回应速度超过三天,其中大部分选择不回应。企业在面对危机的时候,回应速度上看也更为多元。从实际结果看,虽然多种类事件中企业选择不同速度进行回应,但总体上,积极的回应带来的效果仍然是最佳的,对于处置危机仍是最理想选择。回应速度快回应速度快,或减轻舆情态势或减轻舆情态势回应前后负面变化媒体社媒-0.727-0.1172022年2月16日,有网友指出,在阿宽红油面皮塑封膜里发现不明黑色物体,怀疑是老鼠肉。2小时后白家阿宽食品小红书官方账号在当事人评论区回应致歉。回应前网民观点回应前网民观点图片好恶心、不再购买了、不太可能是老鼠回应后网民观点回应后网民观点等结果。回应速度慢回应速度慢,或加重舆情态势或加重舆情态势2022年8月4日,网友发现西班牙的名创优品账号把穿旗袍的娃娃们叫做艺伎,引发热议。8月9日,名创优品道歉。回应前后负面变化媒体社媒-0.113-0.059回应前网民观点:回应前网民观点:企业精日严重、行为恶劣,抵制该品牌回应后网民观点:回应后网民观点:公司问题频发,价值观有问题、宣传自己是日企、要求查封关闭、接受道歉。38企业在面对危机时的动作:微博仍是主阵地,策略多元050100150200网媒社媒2021与2022年危机事件回应平台频次分布2021年2022年89.42%6.88%1.06%2.12%0.53%0.00 .00.00.00.000.00%微博微信抖音哔哩哔哩梨视频2022年社交媒体作为首发回应平台的类型情况0102030405060重塑型否认型淡化型否认型、重塑型从属性策略否认型、主要反应策略数量(件)2022年危机事件回应策略分布1 1.回应平台回应平台2 2.回应策略回应策略从整体情况来看,社交媒体发声是危机回应的主流选择。社交媒体包括微博、微信、抖音等平台,较贴近民众。2022年选择网媒的频次高于2021年,不少企业仍然坚持通过网络媒体进行回应,比之于社交媒体肩负的社会责任较大,具有一定的权威性,故网络媒体发声的影响也不容小觑。与此同时,2022年微博作为回应平台被选择率为89.42,是企业发声的主要阵地。其次是微信。从危机事件发生采取的策略来看,企业回应方式强硬和服软呈现两足鼎立的情况。大部分企业采取重塑型和否认型进行危机的回应和沟通,在企业危机事件中,仍然有一部分企业回应前后不一,先否认危机事件后积极道歉或问责处罚。分布情况如图所示。39否认型回应方式强硬,或使危机局势恶化2022年2月13日,网友微博曝光重庆星巴克驱赶在门店门口就餐民警,称影响品牌形象,引发网友不满,组团差评。时间平台内容回应后网民观点第一次回应2月14日10时九派新闻正在调查星巴克态度问题根深蒂固、品牌要尊重警察、质疑回应内容真实性。第二次回应2月14日18时微博不存在“驱赶民警”及“投诉民警”重塑型回应方式积极且用语承担责任,或有助于危机转变2022年7月25日,有消费者发视频称三只松鼠产品中脱氧剂包装破损,导致孕妇误食。时间平台内容回应后网民观点第一次回应7月25日10时微博食品用脱氧剂误食对身体没有什么害处相信回应,认为公司勇于担责第二次回应7月25日15时微博愿积极配合消费者家属做健康检查,并承担全部费用和相关责任回应策略前后不一,或产生信任危机2022年3月25日,媒体开始集中报道卫龙辣条包装被指打色情擦边球事件,后卫龙多次回应。时间平台内容回应后网民观点第一次回应3月25日16时今日头条产品包装是设计的文案,无其他意思认为广告设计低俗/打擦边球、反感评论区水军洗白品牌第二次回应3月30日00时微博致歉,停止生产有争议的文案包装,同时优化版面文案及设计。40企 业 危 机 舆 论 场41从“情绪”中洞察“情报”互联网已经成为各阶层、各行业、各区域表达意见的平台,如何通过贴切的理论、系统的方法、合适的渠道,去理解社会情绪、感知社会脉搏、预测社会趋势,是所有机构和组织必备的基本素养。网络行为和社会情绪可以呈现出用户和民众的痛点、痒点和爽点,给产品和服务提示改进的方向和机会。越来越多消费者在线上形成群体、展示动能,品牌建设和市场营销需要理解、引导网络行为和社会情绪。关注和投资长期价值的企业和组织,越来越意识到把握社会脉搏和社会趋势的重要性“得网感者得天下”!叶韦明北京大学汇丰商学院教授、知微研究院首席顾问4242危机案例教材危机案例教材2022典型企业危机案例复旦大学媒介素质研究中心与知微数据联合制作金融:复星债务危机事件金融:复星债务危机事件汽车:奥迪小满广告抄袭事件分析汽车:奥迪小满广告抄袭事件分析新消费:三只松鼠酸辣粉宣传照“眯眯眼”引争议新消费:三只松鼠酸辣粉宣传照“眯眯眼”引争议饮品:星巴克“驱赶”民警事件饮品:星巴克“驱赶”民警事件食品:“土坑酸菜”事件重点涉事企业分析食品:“土坑酸菜”事件重点涉事企业分析432022年以来,复星一直深陷债务压顶和变卖资产回血的漩涡当中。6月14日,评级机构穆迪将复星国际Ba3的公司家族评级列入下调观察名单,直指复星存在流动性压力。截至2022年3月末,复星在控股层面的库存现金不足以支付未来12个月到期的短期债务。此后,一枚石子荡起的涟漪,渐成巨浪。传言四起,真假难辨。复星被质疑,郭广昌被非议,“大而不能倒”似乎已是过去式。2 2.传播趋势传播趋势案例一:复星债务危机事件案例参编:樊丹婷 张莺云 朱怡1 1.事件概述事件概述危机潜伏期危机爆发期危机蔓延期危机恢复期44第三方权威分析:大摩、大和、瑞银、国泰君安等机构给予复星国际“买入”“增持”等评价,提振市场信心官网公告:有人持续造谣恶意做空,不存在偿付风险媒体定调:复星国际遭外资蓄谋做空,6500亿债务不实官方公告:自查不存在偿付风险媒体关注度下降:二次下调评级少有报道,银行贷款授信再证偿付能力官网声明:穆迪再度下调评级,复星提前终止合作董事长微博发声:辟谣“套现跑路”传言,强调复星深耕中国主流媒体证实:辟谣“监管部门要求摸底复星”传闻,CFO受访回应减持为长期战略官网公告:化“被调查”为“主动拜会”、“合作交流”董事长微博再发声:彭博社报道背离事实,正式提起诉讼新浪财经、财新、同花顺财经等财经类等主流媒体向北京国资委证实:网传国资委相关通知为日常信息搜集,非针对复星。3 3、危机事件具体回应危机事件具体回应454 4.危机回应评价危机回应评价5 5.危机回应优化建议危机回应优化建议1.对于郭广昌的发声:避免敏感表述。2.对于复星集团层面的组合宣传拳:长远来看,复星需要在巩固较为突出的媒体公关优势的同时,注重与股东、投资者、公众的对话沟通渠道的建设与维护,要重视企业社会形象的打造,积累危机应对的经验,转危为机,把握机会。46案例二:奥迪小满广告抄袭事件分析案例参编:王汉娜 孙培雯 林苗1 1.事件概述事件概述北大满哥北大满哥上思广告公司上思广告公司刘德华刘德华奥迪公司奥迪公司原作品原创上传网络表演、上传网络未署名/改编/摄制相关涉事方相关涉事方3 3.影响力情况影响力情况影响力等级高影响力等级高根据知微事见显示,奥迪抄袭事件在同类型事件中影响力更高,事件更为典型。2 2.危机风险管理中的版权问题危机风险管理中的版权问题奥迪事件引发的多米诺骨牌效应,同导演宝马广告也涉嫌抄袭。原创者也有抄袭争议,2017年网络上出现过相似文案。侵权风险成本过低,导致创意者管理层都不重视2022年5月21日,奥迪和刘德华合作的广告片人生小满引发关注,但 在 当 晚,抖 音 博 主“北大满哥”发布视频称,奥迪发布的广告涉嫌抄袭他的视频文案,引发舆论。474 4.传播趋势传播趋势5 5.5 5月月2222日高峰解读日高峰解读高峰日热词与事件性质息息相关,其中中性词语和负性词语各占一半。声明发声后对事件性质与网友讨论风向皆有一定缓和作用。针对“奥迪”舆情词云针对“刘德华”舆情词云针对“上思广告”舆情词云针对“导演”舆情词云热词TOP1048奥迪事件引发广泛媒体参与,主流媒体与自媒体大V纷纷下场,引发舆论场的不同舆论反应。7 7.平台上言论情绪对比平台上言论情绪对比微信和网媒在此事件中呈现极高的一致性,负面和中性对半分,并伴有极少量积极内容。而微博平台则是中性无态度发言居多。8 8.舆论焦点舆论焦点官方舆论场:以引导、解决问题为内容抓点人民日报:谈尊重原创抵制抄袭:把共识力转化为行动力人民法院报:保护原创就是保护创新民众以吐槽、审判为内容抓点鱿鱼圈鹅;这复制粘贴也太离谱,怒了!啾啾小殿下;查重率89%。499 9.人群画像人群画像性别分布北上广等与奥迪消费人群有较高一致性的群众会对此次舆情更为关注,其中来自北京的网民对该事件的关注度最高。地域分布快速回应主动承担广告公司部分责任,承认错误真诚道歉,做出补偿行为广告公司方广告公司方 5 5月月2222日日 1313点点回应回应快速回应主动承担责任真诚道歉强调对问题重视程度,重申企业责任感感谢大众奥迪方奥迪方 5 5月月2222日日 1010点回应点回应刘德华方道歉粉丝专页发稿给予奥迪和广告公司肯定同日有序发声方形成公关闭环刘德华方刘德华方 5 5月月2222日日 1717点回点回应应1010.危机回应情况与处理评述危机回应情况与处理评述准确执行5s危机沟通准则三方高效联动明确责任主体没有一味道歉措辞精准言简意赅不泛化事件版权意识薄弱监管不力审查不严略有甩锅嫌疑但是没有完美公关1111.奥迪小满事件危机后的启示奥迪小满事件危机后的启示拥有专业公关团队的必要性建立公司审查机制,从上至下培养风险意识沟通时做到简洁明了、回应重点、承担责任多方协同发声可以有效助力企业传播好的公关可以“借力打力”,借势营销奥迪作为传统车企,在男性间的影响力更高,在抄袭事件的讨论度上,男性的声音也更强,参与的男女性别比约为7:3。50在事件发生以前在事件发生以前.在事件发生以后在事件发生以后.1 1.事件概述事件概述2021年12月26日,有网友晒出三只松鼠2019年的产品宣传海报,10月份因海报中模特的“眯眯眼”、厚嘴唇等元素,部分网友认为三只松鼠在故意丑化国人,此事在微博上引发争议。2 2.影响力情况影响力情况影响力最高影响力最高在三只松鼠发生的多数危机事件中,该事件的影响力最高,影响力指数达77。被指辱华被指辱华从舆情词云图来看,舆论围绕“辱华”等关键词进行讨论。案例三:三只松鼠酸辣粉宣传照“眯眯眼”引争议案例参编:唐宇 许芯蕾 汤为为513 3.传播趋势传播趋势4 4.危机发生的原因危机发生的原因客观环境客观环境对“眯眯眼”的审判大风向:国产动画雄狮少年中的角色形象:宽眼距、吊梢眼的形象;导演发言:“被国外电影评审欣赏很开心”、“大家照照镜子看看身边人长什么样”。年货购买关头的黑公关:坚果果干等休闲零食商家的同行竞争者在年货购买关头作出的黑公关。哦犬念念:19年的内容就拉出来呢,在年货节期间歪七扭八,细思极恐。主观原因主观原因夹带私货启用西方主导的审美,让观众联想到西方丑化国人的审美宰制和文化权威压制,导致了群情激愤。同行竞争者购买的水军在转发大展手脚,或是引发网友叛逆,恶性评价进一步演化。模特个人vs三只松鼠官方:关系模糊,模特既是个人又似乎与三只松鼠相关。模特后续疑似辱华的手势,仿佛“实锤”,进一步使得网友情绪高涨。“严正声明”下开启精选评论:“严正声明”下开启精选评论:宣传本身成为意识形态错误:宣传本身成为意识形态错误:521.1.三只松鼠和李宁均为国产品牌三只松鼠和李宁均为国产品牌;2.2.发布的视觉内容均触及了消费者们民族主义意识形发布的视觉内容均触及了消费者们民族主义意识形态方面的敏感点态方面的敏感点。三只松鼠宣传照“眯眯眼”事件三只松鼠宣传照“眯眯眼”事件李宁被指“精日”事件李宁被指“精日”事件危机之间相似点:危机之间相似点:1.1.李宁帽子与日本军服非常相像,让人们联想起日本侵华李宁帽子与日本军服非常相像,让人们联想起日本侵华等相关事件等相关事件;2.2.三只松鼠拍摄广告中模特的眯眯眼则被消费者认为是西三只松鼠拍摄广告中模特的眯眯眼则被消费者认为是西方对中国人方对中国人/亚洲人外貌丑化、歧视亚洲人外貌丑化、歧视。危机之间不同点:危机之间不同点:V SV S眯眯眼带来的危机,本质上是企业产品或广告背后的意识形态冒犯消费者,但企业并未意识到这些内容会冒犯消费者。尽管三只松鼠、李宁在声明中强调自己是国产品牌,但消费者对品牌所展现的民族意识形态方面的不满并没有特别区分对待国产品牌与国外品牌。甚至因为他们是国产品牌而对其民主/政治正确的表达期待更高。6 6.眯眯眼事件的危机应对眯眯眼事件的危机应对企业一方面通过微博发布验证声企业一方面通过微博发布验证声明明,说明高度重视的态度、模特形象打造的原因、与模特的合作关系、无意冒犯、行动。另一方面通过媒体做出补充回复另一方面通过媒体做出补充回复,“该广告宣传页面于2019年10月上线,时值国潮风流行,因此选择国潮风来进行广告拍摄,意图传达给消费者国潮的视觉感受。该页面中模特为中国人,其妆容均基于其个人特征打造,绝无刻意丑化之意。陈漫事件是今年11月份的事,所以根本就没关系。”三只松鼠相关负责人对媒体解释。5 5.意识形态触犯消费者意识形态触犯消费者537 7.同类危机经验分析同类危机经验分析一是增添设计理念过程和事实细节,澄清“非有意冒犯”;二是理解网友不适,并承诺对产品进行微调;三是增强风险管理意识,在后续产品中完善文化传统等环节把关。迪奥品牌和陈漫均对眯眯眼照片回应较慢,事件发酵事件较长,从引发大量争议到陈漫和品牌回复共12天。品牌方在陈漫回应后的19分钟发布,态度较诚恳。奔驰奔驰官方并未对眯眯眼广告引发的不满与消费者沟通,仅删去了视频。应及时回应、道歉止损;应花部分精力尽快自查其他展现给消费者的内容,减少次生危机发生的可能;企业应安排广告法方面的培训和内容追责机制,至少确保不会触犯法律问题。对内部产品、广告进行多层审核。应在平时提高风险意识,做好预防,从源头上减少此类事件发生。从长期来看,时代在变化,人们对不同议题的意识形态敏感度也随之改变,所以企业最好阶段性地对之前发布 的广告等内容回顾、审查。国内企业处理情况:从李宁被指“精日”事件看意识形态类危机处理方向:国外企业处理情况:在意识形态或价值观方面,当前消费者对于两类问题较敏感:民族国家问题、性别问题。在处理这类问题时候,建议的方法为:541 1.事件概述事件概述3 3.影响力情况影响力情况根据知微事见,该危机事件的影响力指数达73.1,高于88的事件,有50家重要媒体参与报道,持续时间长达7天,可见事件影响力之高。2 2.星巴克的愿景和价值观星巴克的愿景和价值观(2022年9月14日,中国)在全球投资者交流会上,星巴克公司正式发布2025中国战略愿景,推出以价值为导向的全新增长计划,重磅加码中国市场。在星巴克的中国与美国官方网站上,都可以发现星巴克在官网的价值观中所表达的:“温暖而有归属感的文化”,“Culture of warmth and belonging”。案例四:星巴克“驱赶”民警事件案例参编:唐超 郑云戈 于客程2022年2月13日,有网民爆料,星巴克中国重庆某门店驱赶了一名在店门口吃饭的民警,声称影响品牌形象。一经爆料,立刻在网上引起轩然大波,前后15次登上微博热搜。微博话题#星巴克驱赶民警#阅读量高达2.1亿次,并引起人民网 等媒体抨击与网民的讨伐,路透社,CNN等国际媒体都有报道,形成重大企业危机事件。55“重庆星巴克驱警事件”引发群情激奋后,短短一周内舆情迅速消退,据监测,期间相关舆情声量共计128,862条,日均21,477条。声量共分布在7个平台,热度最高的平台为微博,舆情占比高达60.73%;其次为视频,占比达15.43%;排名第三的为APP,占比15.37%;剩余的平台分别为:论坛,占比为3.60%;微信,占比为2.73%;新闻,2.12%;与报刊0.02%.5 5.平台分布情况平台分布情况6 6.平台上负面报道占比较高平台上负面报道占比较高72p.50h.80).401.90%0 %微信微博网媒负面报道占比较大负面中性根据知微数据库显示,在网媒,微信与微博上,负面评价与报道占比较大,其中在网媒的情感倾向中,负面报道有3921条,占到了总比例的68%。中性1837条,占到31.9%。在微信中,负面报道占到了全部的72.1%,中性占27.8%。在微博平台中,负面报道有4644条,占到了总比例的70.5%。中性占到了总体的29.4%。总数据中可以看出,民众对该事件的反应中,负面情绪较高,并引发了一系列后续激进行为。4 4.传播趋势传播趋势61%4%平台热度微博视频56开始时间微博热搜最高阅读量讨论量2月14日08:37星巴克驱赶执勤民警112.1亿2.5万2月14日12:13星巴克客服回应民警在门口吃盒饭被赶走25.4亿2.6万2月14日14:16重庆一星巴克驱赶门口吃饭民警101.6亿43242月14日21:01星巴克回应驱赶投诉民警471493.7万4802月14日16:55网友组团给重庆星巴克门店打差评374955.3万8832月14日19:01星巴克驱赶民警事件相关各方被约谈206878万11142月14日18:43星巴克中国启动调查驱赶民警事件102.2亿48732月14日20:30星巴克发文致歉15.9亿1.3万2月15日2:16人民网评星巴克赶走民警13.3亿1.4万2月16日9:00重庆涉事星巴克门店被送白花扔鸡蛋14.5亿2.3万在对微博上网友评论进行梳理分析后,结果显示大部分网友对此事件的看法都是谴责与抵制的态度。不少人提出“中国可以没有星巴克,但不能没有警察”等论调,甚至有网友呼吁严惩星巴克。与此同时,也有一些不同的声音出现,以中立为主。人群画像显示参与讨论的大多为男性,占比达66.3。重庆星巴克相关话题15入微博热搜榜,其中热搜排名最高达到了第一位,在榜时长超过了88个小时,阅读量累计31.5亿余次,讨论量累计14.4万余次,阅读量过亿的话题也高达9个之多。5720222022-0202-14 1814 18时时第第二次回应二次回应20222022-0202-14 1014 10时时第第一次回应一次回应星巴克客服回应九派新闻记者称,正在积极进行内部调查,后续会告知核查结果。星巴克中国 致歉回应称,事件由沟通误会导致,不存在“驱赶民警”及“投诉民警”的情况。态度不诚,缺乏细节。态度不诚,缺乏细节。推卸责任,行为傲慢。推卸责任,行为傲慢。无视国情,洞察不足。无视国情,洞察不足。差别待遇,处理不力。差别待遇,处理不力。9 9.危机应对建议危机应对建议贯彻品牌人文精神,跨文化公关还需“近人情”。强化舆论环境研究,健全危机预防机制注意公关行动的节奏性和合惯常性。态度诚恳、承担责任,以细节回应社会关切。未来建议未来建议1010.星巴克近年危机及宏观策略星巴克近年危机及宏观策略危机管理层面:搭建完善的危机管理体系、重视战略先行原则、增强全员管理。危机传播层面:明确公众利益至上的态度、坚持以人为本原则。8 8.危机应对分析危机应对分析星巴克拒收硬币事件、星巴克被曝私换配料标签使用过期食材、星巴克部分饮品和食品涨价、星巴克喝出蟑螂、星巴克喝出咖啡机零件、星巴克APP出现bug、星巴克厕所或不再向非店内消费者开放对于本次危机,星巴克的回应处理或许遵循诚恳致歉-落实责任-出台服务优化措施的一般路径处理或许更为妥当。581.1.事件概述事件概述酸菜供应商:酸菜供应商:湖南插旗菜业坛坛俏食品有限公司锦瑞食品有限公司岳阳市君山区雅园酱菜食品厂波及品牌:波及品牌:统一、康师傅、肯德基、今麦郎、五谷鱼粉、白象该舆情事件影响广泛,整体事件影响力指数高达80.2,特别是在微博平台上,影响力指数高达86.4。从微博热搜Top10来看,老坛酸菜是这次危机事件的舆情焦点,统一致歉、五谷鱼粉收获较高热度。2.2.事件影响力及微博热度情况事件影响力及微博热度情况高于96%的事件高于98%的企业类事件事件影响力指数80.22022年3月15日晚,央视315晚会曝光了“土坑酸菜”问题,光脚踩、手拿烟,酸菜制作过程无安全保障,卫生状况堪忧,存在食品安全隐患,特别是湖南省华容县较大的蔬菜再加工企业湖南插旗菜业有限公司被点名。该事件波及食品业多个品牌,引发广泛舆论关注。案例五:“土坑酸菜”事件重点涉事企业分析案例参编:王诺伊 金瑜婷 卢洁86.4 75.8 75.5594.4.情感分布情况情感分布情况统一在官网发布声明致歉;肯德基声明否认3.15 22时央视315晚会曝光老坛酸菜包在土坑腌制3.15 21时统一发布致广大消费者说明函;媒体称湖南岳阳全市排查3.16 11时媒体采访插旗菜业员工:称行业遭灭顶之灾3.17 9时你还会吃吗?#老坛酸菜事件对方便面有多大影响#3.17 13时双汇再陷食品安全问题白象呼吁理性消费3.18 10时3.3.传播趋势:井喷式传播趋势:井喷式事件传播过程中,康师傅及统一媒体关注度较高,媒体效应显著,民众情绪以负面情绪为主,涉事企业中,康师傅承受最多火力。60悲观度:表示惊讶、担忧等悲伤情绪悲观度:表示惊讶、担忧等悲伤情绪犬儒度:吃瓜调侃犬儒度:吃瓜调侃乐观度乐观度:不介意,认可企业公关措施不介意,认可企业公关措施6.6.愤怒观点分布:民族主义情绪突出愤怒观点分布:民族主义情绪突出康康师傅、统一属于外师傅、统一属于外资企业,支持国货资企业,支持国货食品国内外标准不一致食品国内外标准不一致愤怒观点分布问题解决期待度低控制感高控制感正情绪负情绪5.5.民众观点以悲观愤怒为主民众观点以悲观愤怒为主青提子奶冻:#315 老坛酸菜#统一康师傅我草泥大坝,曾经最爱的口味谁懂谁懂懂?封心锁爱了晴晴和你拼啦_:#康师傅致歉#说出来可能不信,我只要是吃老坛酸菜不放酸菜包,从小我吃的第一口我就觉得太酸了有一股酸臭味是我不喜欢的坛子味.倾倾吾心:#康师傅确认插旗菜业是供应商#康师傅起码诚实,统 一12年结束合作也道歉了,只有“爱国企业”白象睁眼说瞎话硬说从来 没合作过,爱国饭吃爽了骗国人倒是毫不手软。四风谷谷主:#今麦郎声明#国内大环境就是这样你也差不多 康师傅,今麦郎,统一,集体打压白象 都是一路货色能好到哪去 而且都是外资只有白象纯本土。晓川杂谈:“中国人不骗中国人”,他们偏偏反着来。这样的企业不值得同情。可气的是,被曝光的插旗菜业并非真的生产不出合格的酸菜,只是不给中国人吃罢了。他们制造出来的合格的酸菜,是给外国人吃的,而我们国内的就只能吃收来的土坑酸菜。61统一:否认型回应策略,推卸责任,失信于众统一:否认型回应策略,推卸责任,失信于众康师傅:重塑型回应策略,诚恳回应,积极整改康师傅:重塑型回应策略,诚恳回应,积极整改8 8.食品安全危机特点食品安全危机特点突发性、紧迫性、危害性和可变性。主体的特殊性:与民众息息相关。食品的双重性和后验性:劣质食品侵害健康,同时,维持生命需要合格食品。在食品导致消费者不适或食源性疾病发生时,才能对食品质量做出一种安全程度的判断。9.9.食品安全危机公关策略食品安全危机公关策略快速反应原则实事求是原则 贯穿始终原则20222022-0303-15 2115 21时时20222022-0303-15 2215 22时时20222022-0303-15 2315 23时时20222022-0303-16 1116 11时时20222022-0303-16 1516 15时时统一企业官网发布声明:自2012年12月开始湖南插旗公司已不再是统一酸菜包原料的供应商;已于第一时间约谈了湖南锦瑞公司的负责人,对相关的酸菜包产品进行封存和质量检测。统一企业官网发布声明:湖南插旗菜业不是统一企业的供应商,已经勒令其马上撤下官网不实信息。第二次回应第二次回应酸爽宗师统一老坛 发文:供应统一的酸菜包不是“土坑酸菜”,如果虚假,锦瑞愿意承担法律责任。并附上锦瑞食品承诺函。第四次回应第四次回应统一企业官网发布声明,修改插旗菜业停止作为供应商的时间为“最近五年内不再是公司酸菜供应商”,其余内容不变。第一次回应修改第一次回应修改统一企业官网发布说明函:统一企业酸菜包用原料菜确认全部来源于厂内自腌自用,未使用央视“3.15”晚会报道的“土坑酸菜”。并附上锦瑞食品承诺函。第三次回应第三次回应第一次回应第一次回应20222022-0303-15 2115 21时时酸爽宗师统一老坛 发文:邀请1000名媒体朋友、消费者、客户来统一企业的酸菜加工厂参观。第五次回应第五次回应20222022-0303-16 0016 00时时20222022-0303-16 1116 11时时20222022-0303-16 2116 21时时20222022-0303-17 0917 09时时康师傅官方微博 发表“关于使用酸菜包原料的声明”,声明称,湖南插旗菜业优先公司是公司酸菜供应商之一,但为使用过其他被曝光的三家公司的任何产品,现在已立即中止了合作,配合监管部门调查与检测,对此深表歉意,积极整改。康师傅方面向中新财经表示,消费者如果需要办理酸菜口味方便面退换货,可以拨打产品包装上400电话或者与购买的线上平台客服进行联系处理第三次回应第三次回应康师傅官方微博 再次发表“关于使用酸菜包原料的声明”,声明中表示插旗公司向江门、武汉、西安、新疆这四家工厂提供酸菜,现已终止与涉事供应商的一切合作,并启动相关产品的下架回收,积极配合调查。第二次回应第二次回应康师傅淘宝官方旗舰店发出“关于使用酸菜包原料的声明”,声明表示目前康师傅旗下天津顶益等10家分公司的酸菜系列产品未使用报道中提及的“湖南插旗菜业有限公司”等4家公司酸菜包及其任何产品,请广大消费者放心食用第四次回应第四次回应第一次回应第一次回应7.7.涉事企业回应方式不同涉事企业回应方式不同康师傅在声明中不逃避的态度以及产品回收措施,取得了部分消费者的谅解,为康师傅挽回了一部分消费者口碑。但一个月后,尽管康师傅老坛酸菜面带着质检报告重返超市货架,但销售情况并没有明显的好转,民众仍需要一段时间重新接受。食品安全问题等危机始终不容忽视,影响的不仅是企业短期利益,还有长期的品牌形象。积极行动原则长期修复策略

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  • 清华大学苏州汽车研究院:线控转向系统的冗余设计与协调控制(2021)(27 stranica).pdf

    *非授权请勿打印、复制、剪辑、对外传阅!清华大学苏州汽车研究院 智能底盘所 ICEC 高峰 2021/11于上海嘉定版本:宣讲V0.1线控转向系统冗余设计及协调控制盖世汽车2021中国汽车智能底盘大会宣讲稿Copyright 2018-2019 Suzhou Automotive Research Institute,Tsinghua University *非授权请勿打印、复制、剪辑、对外传阅!p 模块化智能底盘发展方向 2图片来源于网络p 再生制动能量回收p 踏板模拟p E-Boosterp IPBp 冗余EPS设计p 横向功能安全p 90度p 四轮独立转向p 冗余线控p 主动控制p 水平调整p 高度调节p 能量回收p 线控驱动p 集中驱动p 三电技术p 轮毂电机p 智能底盘EEA与集成技术p 底盘域运算平台技术p 横纵协调运动控制技术p 域控制器软硬件设计p 安全通讯与FOTA技术p 功能安全与预期功能安全p ADAS功能扩展:LKA、AEBp 能量管理p 电池安全模块化方案供应商模块化方案供应商智能生态承载平台智能生态承载平台软件架构服务商软件架构服务商趋势趋势1:线控执行系统标准化:线控执行系统标准化趋势趋势2:底盘运算控制平台化:底盘运算控制平台化Copyright 2018-2019 Suzhou Automotive Research Institute,Tsinghua University *非授权请勿打印、复制、剪辑、对外传阅!线控转向线控制动线控悬架线控驱动姿态控制横纵协调能量管理控制权转移机制横纵协调控制功能安全ASILDSOTIF设计Autosar架构多总线冗余独立移动底盘L3自动驾驶功能集中运算平台座舱快速上装接口通讯安全 FOTA多类型传感器ADAS功能p 智能底盘域控制器关键技术应用场景图片来源于网络ICEC:Intelligent Chassis Electronic Control*非授权请勿打印、复制、剪辑、对外传阅!p 智能底盘域SWC关联架构当前姿态的稳定当前姿态的稳定阈值阈值当前姿态的预测极值当前姿态的预测极值Copyright 2018-2019 Suzhou Automotive Research Institute,Tsinghua University *非授权请勿打印、复制、剪辑、对外传阅!p 横向控制理论研究?前轮转向主动控制前后轮转向主动控制四轮独立转向控制横向稳定性控制前后轮转向协调控制直接横摆力矩控制横纵向协调控制?r?r?vCopyright 2018-2019 Suzhou Automotive Research Institute,Tsinghua University *非授权请勿打印、复制、剪辑、对外传阅!p 助力/主动转向数据流Copyright 2018-2019 Suzhou Automotive Research Institute,Tsinghua University *非授权请勿打印、复制、剪辑、对外传阅!p 线控转向操控稳定性限值目标目标方法方法对象对象方法方法分析结果分析结果转向稳定性限值分析操控稳定性评价基于整车横向稳定性分析横摆角措施稳定建模横摆角速度?=?,?,其考虑了前轮转角输入?、路面附着力。式中,?和?分别为质心据前后轴的距离;?为纵向速度分量;车辆稳定性因数?=? ?;?为前(后)轴轮胎侧偏刚度;?为等效前轮转角。结论:不同车速下,前轮转角的稳态输入角度?越大,横摆角速度在一定范围内越大,车身越容易失稳,直到横向侧滑。操作可控性评价1,基于驾驶员主观横向可控性分析2,建立驾驶人模型与参数辨识系统(,?,?)主观公差限值评估干扰评分度根据不同驾驶员在不同车速下的主观可控程度。结论:可控、不安、危险的趋势评分。下雨路面雨后路面干燥路面强化状态横摆角速度增益?=? ?1 ? ?=? ?1 ?Copyright 2018-2019 Suzhou Automotive Research Institute,Tsinghua University *非授权请勿打印、复制、剪辑、对外传阅!p 横向控制SWC设计Copyright 2018-2019 Suzhou Automotive Research Institute,Tsinghua University *非授权请勿打印、复制、剪辑、对外传阅!p 横向控制稳定性分析 通过对车辆操纵稳定性和轮胎稳定性的综合评价,利用局部线性化方法估计得出横向速度与横摆率的车辆横向稳定域。?=? ?=? ?前提前提条件条件状态状态?0?|?失稳状态?稳定状态?0?|?失稳状态?稳定状态?=min?,?,?,?=1基于稳定域的车辆失稳判断方法稳定域描等价描述:?=?,?,?,?Copyright 2018-2019 Suzhou Automotive Research Institute,Tsinghua University *非授权请勿打印、复制、剪辑、对外传阅!p 横纵向仿真控制分析高速转向稳定控制高速转向稳定控制场景:场景:实际前轮转角设计前轮转角高速转向稳定域轨迹在高速转向稳定控制场景中,分析了所提模型对高车速时急转向场景车辆稳定性的适用性。通过设计的阶跃前轮转角输入,在高速转向稳定控制场景中,分析了所提模型对高车速时急转向场景车辆稳定性的适用性。通过设计的阶跃前轮转角输入,结合稳定域,得到被限值的实际前轮转角结合稳定域,得到被限值的实际前轮转角?移动在车速?基本不变时,设计前轮转角输入阶跃大阶跃大、角度大角度大,不满足车辆稳定性要求。在修正的动态稳定域控制过程中,通过设置控制模式,限制限制?和和?,实现动态稳定性控制。初速度120km/h,?=0.8受稳定域模型控制的车辆姿态迹车辆姿态迹虽超出修正边界,但维持在最大稳定域边界内,满足车辆稳定性要求。Copyright 2018-2019 Suzhou Automotive Research Institute,Tsinghua University *非授权请勿打印、复制、剪辑、对外传阅!p 智能底盘域对线控转向的指标需求ADAS使能时:使能时:p车道偏离车道边线外侧 0.4 mp车辆纵向减速度应不大于 3 m/s2,引起的车速减少量应不大于 5 m/s。p车辆横向加速度应不大于 3 m/s2,车辆横向加速度变化率应不大于 5 m/s3。自动转向使能时:自动转向使能时:p转向角分辨率:0.1度;p转向角精度1度;p转向速度540度/S(Steering wheel)p角度环需求:运行周期1000u s,输入为目标角度与实际轮胎(或方向盘)转速,输出目标转速,带宽:30-50Hz;p保守助力:50%(6.4吨50-75%)p功能安全等级:ASILDp预期功能安全:转向响应滞后导致的安全隐患设计。图片来源于网络Copyright 2018-2019 Suzhou Automotive Research Institute,Tsinghua University *非授权请勿打印、复制、剪辑、对外传阅!电机:D3-PMSM电机/六相T/N:6.5Nm1300rpm 140A;TAS传感器:hella/BOSCH/BI/Valeo位置识别:HALL/旋变/磁阻双电源供电系统双控制器设计多总线通讯互诊L3及以上自动驾驶功能安全:ASILDADAS:角度接口(0.1&450/s)架构:AUTOSAR&终端OTA力矩管理力矩管理 Torque Management力矩仲裁力矩仲裁/分配分配 Torque Arbitration/Distribution力矩力矩/角度接口角度接口 Torque/Angle IF力矩力矩保护保护 Torque Protection控制权控制权 SwitchRamp基本基本功能功能 Basic Function随速助力随速助力 Speed Power Steering阻尼控制阻尼控制 Damping Control主动回正主动回正 Active Return Center力矩高频补偿力矩高频补偿 High Frequency Torque Compensation惯量补偿惯量补偿 Inertia Compensation转向手感模式选择转向手感模式选择 Steering Hand Feeling Mode Choose自适应稳定补偿器自适应稳定补偿器 Adaptive Stability CompensationOverUse/齿条末端保护齿条末端保护 Rack End Protectionp 满足L3的EPS-PowrPack冗余系统架构Copyright 2018-2019 Suzhou Automotive Research Institute,Tsinghua University *非授权请勿打印、复制、剪辑、对外传阅!ECU2 ECU1UARTCANFDPWMTAS1Master MCU2MPS1TAS2MPS2Slave MCU2Master MCU1Slave MCU1PredriverInverterInverterPredriverPower1整车CAN1整车CAN2Power2M1M2ASILB(D) ASILB(D)ASILDASILC(D) ASILA(D)Dual Channel FIT 100Dual Supply FIT 10 p 线控执行系统功能安全冗余架构Copyright 2018-2019 Suzhou Automotive Research Institute,Tsinghua University *非授权请勿打印、复制、剪辑、对外传阅!p 线控转向系统硬件冗余架构Copyright 2018-2019 Suzhou Automotive Research Institute,Tsinghua University *非授权请勿打印、复制、剪辑、对外传阅!p 底盘电子Autosar软件架构服务Copyright 2018-2019 Suzhou Automotive Research Institute,Tsinghua University *非授权请勿打印、复制、剪辑、对外传阅!p 冗余转向硬件结构图Copyright 2018-2019 Suzhou Automotive Research Institute,Tsinghua University *非授权请勿打印、复制、剪辑、对外传阅!p 冗余系统交互状态信号序号序号物理通道物理通道内容内容变量名变量名交互周期交互周期更新周期更新周期1HSCT当前运行模式SystemMode_u8_Sig200us200us2主从ECU状态InitArbitration_u8_Sig200usRT3主从目标力矩仲裁模式TqCmdArbitrateMode_u8_Sig200us1ms4主ECU仲裁目标力矩Tacmd_Master_s16s12_Sig200us1ms5从ECU仲裁目标力矩Tacmd_Slaver_s16s12_Sig200us1ms6目标力矩(限制前)Tacmd_unlimited_s16s12_Sig200us1ms7目标力矩(限制后)Tacmd_Limited_s16s12_Sig200us1ms8力矩信号SteeringTq_s16s10_Sig200us1ms9方向盘角度信号SteeringAngle_s16s4_Sig200us1ms10电机转子电气角度MotEAngle_u16s12_Sig200us200us11A相电流信号MotorCurrentA_Actual_s16s7_Sig200us200us12C相电流信号MotorCurrentC_Actual_s16s7_Sig200us200us13Q轴电流目标值IqRef_Cmd_s16s7_Sig200us200us14D轴电流目标值IdRef_Cmd_s16s7_Sig200us200us15故障等级FaultLevel_u8_Sig200usRT16CANFD当前运行模式SystemMode_u8_Sig1ms1ms17主从ECU状态InitArbitration_u8_Sig200usRT18主从目标力矩仲裁模式TqCmdArbitrateMode_u8_Sig1ms1ms19目标力矩(限制后)Tacmd_Limited_s16s12_Sig1ms1ms20目标角度AngleCmd_s16s4_Sig1ms1ms21故障等级FaultLevel_u8_Sig1ms1ms22PWM同步迟滞时间SyncDelaytime_s16s10_SigRTRT23电机控制运行时间MotCtrDuration_s16s10_SiRTRTCopyright 2018-2019 Suzhou Automotive Research Institute,Tsinghua University *非授权请勿打印、复制、剪辑、对外传阅!应用概应用概率率(%)202010010015km/h10010015km/h需求功率比(需求功率比(%)5050FMEAFMEA严重度(严重度(1010)10105 515km/h15km/h技术亮点:线控冗余系统的仲裁与分配n主从角色的实时转换;n保证最基本的线控功能;n应用场景的二八定律及平均分配原则n环境因素的最大化限制p 线控系统力矩仲裁与分配Copyright 2018-2019 Suzhou Automotive Research Institute,Tsinghua University *非授权请勿打印、复制、剪辑、对外传阅!p 冗余系统协作机制Copyright 2018-2019 Suzhou Automotive Research Institute,Tsinghua University *非授权请勿打印、复制、剪辑、对外传阅!p 冗余系统电机驱动同步交互Copyright 2018-2019 Suzhou Automotive Research Institute,Tsinghua University *非授权请勿打印、复制、剪辑、对外传阅!p 底盘域故障FTTI需求冗余执行冗余执行仲裁与分仲裁与分配配稳定性稳定性安全性安全性Fault confirmationFall Back RouteBasicFunctionFault confirmationMain Route SilentSwitch OffFunction横向偏移:直道0.2m 弯道0.3m 中心线0.2m横向控制:横向控制:SAEL3时时:FTTI=10-20ms=10-20msSAEL3时时:FTTI=20-30ms=20-30ms纵向制动:纵向制动:SAEL3时时:FTTI=60-80ms=60-80msSAEL3时时:FTTI=80-100ms=80-100msCopyright 2018-2019 Suzhou Automotive Research Institute,Tsinghua University *非授权请勿打印、复制、剪辑、对外传阅!SBW Additional Safety Goal SummarySG_No.FSRASIL Level紧急操作模式安全状态Operating mode从故障状态进入紧急操作模式的时间维持紧急操作模式的时间FSR01冗余EPS应该在辅助驾驶中控制方向盘转角跟期望转角在xx度以内D避免输出错误方向盘转角,继续保持输出期望转角能力转向轮角度车速30KM/H以内辅助驾驶过程中15ms10min or one drive-cycleFSR02冗余EPS应该在辅助驾驶中控制方向盘转速跟期望转速在xx.x度/s以内D避免输出错误的方向盘转速,继续保持输出期望的转速能力10.5度/s运行车速30KM/H以内辅助驾驶过程中15ms10min or one drive-cycleFSR03当司机输出转动方向盘的扭矩大于x.xNM时,冗余EPS应该停止方向盘自动控制并且根据司机扭矩提供方向盘助力D手动驾驶优先级大于自动驾驶优先级停止自动控制并且根据司机扭矩提供助力扭矩辅助驾驶过程中15ms10min or one drive-cycleFSR04当任一ECU/TAS/总线异常时,电机应提供30-75%的助力需求D避免整车无法转向部分助力 辅助驾驶过程中15ms10min or one drive-cycleFSR05电机实际力矩估算值与仲裁后的力矩分配值的差值?超出阈值时,EPS输出50%助力D避免力矩分配错误导致助力异常。部分助力 辅助驾驶过程中15ms10min or one drive-cyclep 域控制器功能安全目标(例)Copyright 2018-2019 Suzhou Automotive Research Institute,Tsinghua University *非授权请勿打印、复制、剪辑、对外传阅!关键路径异构设计相似度评价安全执行Dc-link电压采样硬件异构多点采样(电源电压与驱动桥电压)容错度:在合理压差范围内0.3-1V主从调用:驱动桥电压与电源电压有直接的继承关系,因此采用驱动桥电压作为驱动部分的效率计算机相关诊断。软件异构采用中位值与平均值的软件滤波采样Booster Curve并行异构曲线多点插值/函数计算容错度:余度0.5nm,同步互诊0.3nm安全优先p 线控系统异构设计Step1:异构设计Step2:相似度评价Step3:安全执行主从调用均值调用缺省调用安全优先功能优先硬件异构 软件异构:DC_Link电压采样、电流采样、电源Enable、TAS采样、基于内核的锁步、多总线互诊、双电机同步、MPS等软件异构:工作模式、NVM、力矩环、底层驱动反馈、RAMP、仲裁、分配反馈、双BL的OTA、诊断等硬件异构:相电流、温度、主辅架构等Copyright 2018-2019 Suzhou Automotive Research Institute,Tsinghua University *非授权请勿打印、复制、剪辑、对外传阅!关键路径异构设计相似度评价安全执行Dc-link电压采样硬件异构多点采样(电源电压与驱动桥电压)容错度:在合理压差范围内0.3-1V主从调用:驱动桥电压与电源电压有直接的继承关系,因此采用驱动桥电压作为驱动部分的效率计算机相关诊断。软件异构采用中位值与平均值的软件滤波采样Booster Curve并行异构曲线多点插值/函数计算容错度:余度0.5nm,同步互诊0.3nm安全优先NVM方式异构多区(2区或3区)存储,调用时采用轮流或对照调用根据上电的奇偶次数,进行结果评价当发生数据异常时,采用缺省数据或上一次正常工作的数据力矩RAMP并行算法异构采用定步长变化与等比例变化的异构。限值对照:设定的变化率在一定范围内。功能优先,因是限值对照,安全隐患低,在目标阶跃较大时可选择调用。角度计算并行算法异构 方向盘角度传感器采集;轮速 横摆角传感器容错度:冗余度5度安全优先 (偏小)扭矩传感器硬件同步采样容错度:冗余度0.3Nm安全优先(偏小)p 域控制器异构设计(例)Copyright 2018-2019 Suzhou Automotive Research Institute,Tsinghua University *非授权请勿打印、复制、剪辑、对外传阅!Known UnsafeKnown SafeUnknown UnsafeUnknown Safe满足功能安全需求但不满足ADAS横向控制指标p 预期功能安全的关联因子(例)Copyright 2018-2019 Suzhou Automotive Research Institute,Tsinghua University *非授权请勿打印、复制、剪辑、对外传阅!横向控制横向控制性能测试性能测试FS&SOTIF测试内容测试内容ADAS测试内容测试内容正反向空载力矩测试传感器信号数据溢出测试角度阶跃指令响应测试对称度/力矩平顺性传感器信号传输延时特征测试角度连续调节动态响应测试各车速最大转动力矩电压范围超限测试最大调节角度测试静态电流特性测试电压扰动注入测试车速/轮速反馈信号检测输入输出特性测试FAIL-OFF测试感知传感器模拟信号测试主动助力/回正测试Fail-operational测试横向控制响应性测试传感器信号特征测试转向FTTI测试LKA执行性能测试跟随/响应特性机电极限特征SOTIF测试AEB执行性能测试手/自驾驶工况转换特征手/自转换过程故障注入测试APA执行性能测试故障注入测试手/自驾驶工况SOTIF测试手/自驾驶工况转换特征测试底盘域的横纵协调控制远程客户端测试远程客户端测试Switch Ramp时序测试孪生仿真(模拟 实际)孪生仿真(模拟 实际)p 线控转向测试内容Copyright 2018-2019 Suzhou Automotive Research Institute,Tsinghua University *非授权请勿打印、复制、剪辑、对外传阅!Thanks!联系讨论方式:高峰 13917480226Intelligent Chassis Electronic Control

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  • Syrennes Have:2023 年肥胖治疗药物研究报告(50 页).pdf

    肥胖症治疗药物研究报告March 16,20231.数据来源:官方公开披露的数据2.数据分析范围:截至 2023 年 2 月 9 日前的肥胖症治疗药物。3.声明:本报告由 Insight 团队制作,未经许可任何人不得以任何方式擅自复制、再造、传播、出版、引用、改编、汇编本报告内容;本报告所发布的信息以及所表达的意见仅为提供信息参考之目的,不构成决策建议理由和依据;报告中所包含的信息是我们于发布之时从我们认为可靠的渠道获得,但我们对本报告所发布的信息、观点以及数据的准确性、可靠性、时效性及完整性不作任何明确或隐含的保证;报告所发布的信息、观点以及数据有可能发布日之后的情势或其他因素的变更而不再准确或失效,在相关信息进行变更或更新时不会另行通知或更新报告。说明关于 Insight 数据库Insight 数据库()是丁香园在药学领域建立的数据情报平台,专注于医药行业17 年,为药企、投资公司、CRO 等国内外 3000 多家企业提供全球新药、临床试验结果、品种筛选、企业分析等整合分析解决方案以及申报进度、临床试验、上市产品、一致性评价、市场准入等国内外药品全生命周期基础数据。Insight 数据库为企业提供数据准确、功能好用、专业交付的数据情报产品,助力企业决策更精准,工作更高效。扫码关注【Insight 数据库】公众号持续获取行业动态、自研报告等内容关于 Insight 自研报告Insight 自研报告是由 Insight 医药分析师整合分析输出的报告,数据来源以 Insight 数据库中的数据为主。目前分为全球新药月报、行业研究专题报告等类型,可通过关注【Insight 数据库】公众号及时获取相关内容。扫码或点击下方链接观看报告解读https:/dxy.me/P7Zo0K01.02.03.04.目录CONTENTS背景肥胖简介 流行病学 市场规模 发病机制 治疗现状调节激素水平药物GLP-1R单靶点 GLP-1R多靶点 AMYR减肥药物的多道机制抑制胃肠道吸收 抑制脂肪合成 增加能量消耗 抑制食欲展望PART.01背景 肥胖简介 流行病学 市场规模 发病机制 治疗现状扫码申请Insight 数据库7 天免费试用肥胖简介“百病之源”肥胖 肥胖乃“百病之源”,会增加心血管疾病、糖尿病、血脂异常、卒中、部分肿瘤等多种慢性病的风险,也会导致社会和心理问题,增加居民以及卫生保健服务成本,造成医疗卫生体系的负担加重。在医学界,对于肥胖的认知是一个不断进展的过程,早在1948年WHO就将肥胖列入疾病分类名单,但直到2013年,美国医学会才正式认定肥胖是一种疾病。2014年,AACE/ACE肥胖共识首次提出“以肥胖相关并发症为中心”的诊断模式。肥胖症是指机体脂肪总含量过多和/或局部含量增多及分布异常,是由遗传和环境等多种因素共同作用而导致的慢性代谢性疾病。肥胖主要包括3个特征:脂肪细胞的数量增多、体脂分布的失调以及局部脂肪沉积。1 肥胖症基层诊疗指南(2019);2 中国居民肥胖防治专家共识(2022)分类BMI腰围WHO中国IDFCDS超重25.0-29.924.0-27.9-肥胖30.028.0-中心性肥胖-男:90.0女:80.0男:90.0女:85.0注:WHO:世界卫生组织;IDF:国际糖尿病联合会;CDS:中国糖尿病学会;BMI:体质指数中国成人超重或肥胖诊断标准临界值 过去的研究表明,在一定的BMI水平下,中国人的体脂率、心血管危险因素及全因死亡率均高于白种人。肥胖症的分类流行病学市场规模治疗现状发病机制中国成人超重/肥胖率已过半 在中国各个年龄段人群中,超重/肥胖率都在持续增加,2019年,中国成人的超重和肥胖率分别为34.3%和16.4%,已经超过半数。1 Xiong-Fei Pan,Limin Wang,An Pan.Epidemiology and determinants of obesity in China.Lancet Diabetes Endocrinol,2021 Jun;9(6):373-392.肥胖简介流行病学市场规模治疗现状发病机制1920212223240.00.00 .000.00.00P.00.0082199220022010-122015-19BMI(kg/m2)超重/肥胖率(%)基于CNNSs的中国成人超重/肥胖率超重率肥胖率BMI16171819200.00%5.00.00.00 .00%.008519952000200520102014BMI(kg/m2)超重/肥胖率(%)基于CNSSCH的中国儿童和青少年超重/肥胖率超重率肥胖率BMI中国的肥胖流行趋势预测(BMI30kg/m2)近日,世界肥胖联盟发布了世界肥胖地图,对全球及各个国家和地区的的肥胖率进行了预测。其中,预测中国在2035年有18%的成年人BMI30kg/m2,年增速高达5.4%。近年来,中国慢性非传染性疾病致死率高达90%,已成为中国以及全球的重大公共卫生问题,而超重/肥胖是慢性病的主要危险因素。随着社会经济的发展、人们生活水平的不断提高,生活方式也发生了重大变化,肥胖问题愈加凸显。减肥需求市场将持续增加数据来源:弗若斯特沙利文分析、诺和诺德2022年报 与国外市场相比,国内市场目前只有奥利司他是通过 NMPA 批准的减肥药物,过去几年其市场表现平稳,从 2016 年不到 3 亿元人民币增长到 2020 年的人民币 19 亿元,复合年增长率为 64.6%。随着线上消费成为新的购买途径,肥胖人群增加,体重管理意识增强,新的减肥药上市等因素驱动,预计到2025 年,其市场规模将达到 87 亿元,并将保持高速增长至 2030 年的人民币149 亿元,期间复合年增长率为 35.6%和 11.3%。从年报数据上看,减肥业务板块已经成为了诺和诺德的新兴增长点。减肥领域销售额2022年增长了84%(按恒定汇率计算)。诺和诺德在减肥领域有两款重点产品,分别是Saxenda(利拉鲁肽减肥针)和Wegovy(司美格鲁肽减肥针)。Saxenda于2014、2015年分别获FDA及EMA批准用于治疗肥胖/超重人群,目前已经在超65个国家/地区上市。Saxenda2022年年全球销售额为15.08亿美元。Wegovy于2021年6月5日获FDA批准用于治疗肥胖/超重人群。2021年底,一家Wegovy的供应商因GMP问题,被短暂暂停了向诺和诺德交付相关产品。2022年第二季度恢复生产,并重新向诺和诺德提供交付。Wegovy的2022年全年销售额为8.74亿美元。肥胖简介流行病学市场规模治疗现状发病机制肥胖症发病机制及主要影响因素肥胖简介流行病学市场规模治疗现状发病机制饮食过量能量消耗脂肪分解 肥胖为遗传、膳食、生活方式及行为、心理因素及其他因素(如职业、文化程度、社会经济、健康素养、疾病状况、用药情况等)等个体因素导致的能量过剩。同时,环境驱动因素和更远端的系统动力因素在很大程度上影响个体的行为,从而影响超重和肥胖的发生。其中,遗传因素是肥胖最主要的影响因素之一,可占肥胖发病的40%。事实上,全基因组关联研究已经确定了 300 多个单核苷酸多态性和 227 个与肥胖相关的遗传变异。这些获得性因素不仅会扰乱转录后水平的能量代谢平衡,还会改变个体的表观遗传,从而使他们的后代更容易患肥胖症。脂肪组织炎症胰岛素抵抗脂肪生成抗肥胖机制由能量消耗、脂肪分解和抑制食欲组成。1 Wen X,Bohan Zh,Beiyi Wu.Signaling pathways in obesity:mechanisms and therapeutic interventions.Signal Transduction and Targerted Therapy,2022 Aug;298促肥胖机制由胰岛素抵抗、脂肪组织炎症和脂肪生成构成中国肥胖症临床需求未被满足数据来源:Insight数据库肥胖简介流行病学市场规模治疗现状治疗机制尽管历史上出现过不少肥胖症药物,但由于各种严重的副作用(包括但不限于严重成瘾性、对心脑血管、中枢神经等产生不可逆的伤害),已经撤市。目前,美国在肥胖症药物的应用上走在前列,在售肥胖症药物共9款。不同于国外市场,中国市场仅有奥利司他获 NMPA 批准用于肥胖治疗,并仅适用于成人。奥利司他主要通过减少肠道脂肪吸收发挥减重作用,对高碳水化合物摄入或低脂肪摄入型肥胖患者无良好效果,在过去几年其市场表现平稳。肥胖/超重在国内的临床治疗中一直缺乏安全有效的治疗手段,尤其在药物治疗方面,存在未被满足的巨大市场需求。各国药监局批准的减肥药时间线,红色字体为已撤市药物,黑色字体为在售药物。蓝色虚线表示短期使用药物。对氯苯丁胺芬美曲秦美芬雷司苯氟雷司1959芬特明1959安非拉酮1960苄非他明1964乙雌烯醇1979苯甲曲秦1997西布曲明1998奥利司他2006利莫那班2012氯卡色林2012Qsymia(芬特明/托吡酯)2013西替司他2014Contrave(安非他酮/纳曲酮)2014利拉鲁肽2020塞美拉肽2021司美格鲁肽通过抑制胃肠道的脂肪酶,减少肠腔黏膜对脂肪的吸收,促使脂肪排除体外。由拟交感神经兴奋性胺类食欲抑制剂芬特明和抗癫痫药托吡酯组成的新型复方减肥药。安非他酮是一种抗抑郁药,纳曲酮用于阿片和酒精成瘾,两者均可抑制食欲。通过恢复受损 MC4R通路的功能,重新建立罕见肥胖遗传性疾病患者的能量消耗和食欲控制,减少饥饿感。GLP-1受体激动剂GLP-1受体激动剂再摄取抑制剂,抑制去甲肾上腺素、5-羟色胺和多巴胺的再摄取。.广泛处方拟交感神经药,作用于丘脑下部,抑制食欲和刺激中枢神经系统。5-羟色胺2c受体激动剂,致癌风险高CB1抑制剂,通过阻断脑组织CB1受体抑制食欲。由于增加神经系统严重副作用被全球撤市机制同奥利司他PART.02调节激素水平药物 GLP-1R单靶点 GLP-1R多靶点 AMYR扫码申请Insight 数据库7 天免费试用降糖&减重的明星靶点GLP-1R 单靶点GLP-1R激动剂市场风起云涌:全球共有8款GLP-1R单靶点新药获批上市,主要用于治疗2型糖尿病,其中因较低的不良反应和较高的减重效果又被其开发用于肥胖的治疗,根据最近司美格鲁肽销售额数据,该产品2021年6月获得FDA用于治疗肥胖适应症,2022年销售额达109亿美元,与2021年的61亿美元相比,增长高达78%,成为首个年销售额破百亿的 GLP-1 类药物。结构特点:GLP-1是由胰高血糖素原在肠道L细胞中产生的具有 30 个氨基酸的肽类激素,易在体内被二肽基肽酶-4(DPP4)降解,半衰期较短(人体静脉给药后1.5 分钟,皮下给药后 1.5 小时);GLP-1R属于G蛋白偶联受体中Gs亚类,包含130个氨基酸长的细胞外结构域(ECD),是一种七次跨膜 G 蛋白偶联受体(GPCR),在胰腺、心血管、肠、脑等许多组织中表达。作用机制:GLP-1通过激活Nos1 神经元介导的交感神经反射引起胃胀和厌食来减轻体重。1 Lau J,Kruse T.Discovery of the Once-Weekly Glucagon-Like Peptide-1(GLP-1)Analogue Semaglutide.J Med Chem.2015 Sep 24;58(18):7370-80.GLP-1R人体分布GLP-1减肥机制信号通路GLP-1与GLP-1R结合AMYRGLP-1R多靶点GLP-1R单靶点GLP-1R激动剂研发概览标准法AMYRGLP-1R多靶点GLP-1R单靶点 目前共有27款靶向GLP-1R用于治疗肥胖适应症的临床在研项目,药理类型主要以多肽为主,但也有抗体融合蛋、单特异性抗、小分子化药等多个药理类别在研;国内目前无该靶点获批的肥胖适应症药物,但多家企业已经对该靶点进行布局,赛道较为拥挤。临床III期申请临床批准临床临床 I 期临床 II 期申请上市批准上市GLP-1R多肽化药抗体融合蛋白单特异性抗体利拉鲁肽利拉鲁肽诺利糖肽利拉鲁肽度拉糖肽口服司美格鲁肽艾塞那肽SHR-2042PB-119SAL0112格鲁塔珠单抗PF-07081532 Orforglipron GSBR-1290 XW014 TJ103诺博特生物利拉鲁肽K-757DanuglipronEcnoglutide 利拉鲁肽司美格鲁肽贝那鲁肽GZR18 MDR-001 利拉鲁肽数据来源:Insight 数据库利拉鲁肽-首款GLP-1类似物减肥药物 诺和诺德利拉鲁肽是一种GLP-1类似物,与天然来源的GLP-1同源性高达97%,2014 年12月被美国 FDA 批准用于肥胖症治疗,开辟了 GLP-1 受体激动剂用于肥胖症治疗的先河。利拉鲁肽二维结构 利拉鲁肽在天然GLP-1的基础上,将27位Lys替换为Arg,并 在G l u 修饰了十六烷酰基脂肪酸,能够以可逆方式与白蛋白结合,克服了天然GLP-1易降解的缺点。在人体的药物代谢半衰期为1214小时,适合每日一次皮下注射给药,开始时0.6mg/天,每隔一周增加用药剂量,直至3mg/天。登记号患者人群人数体重减轻比例(56周)Liraglutide vs placebo不良反应(SAE)NCT00781937无2型糖尿病肥胖生活干预 药物治疗422-6.2%vs-0.2%-NCT012722322型糖尿病超重肥胖635-6.0%vs-2.0%8.8%vs 6.1%NCT01272219无2型糖尿病超重肥胖3731-8%vs-2%6.2%vs 5.0%关键临床试验结果 利拉鲁肽国外被批准用于成人BMI指数30kg/m2或者BMI27m2合并糖尿病,高血压,高血糖等病症的治疗;国内尚未获批该适应症。支持利拉鲁肽用于成年人肥胖治疗的安全有效的数据来自3项3期试验,其中最大的一项纳入3731例患者的SCALE-Obesity and Pre-diabetes试验,研究满足了FDA要求的治疗组与安慰剂之间差异达到5%的减肥药基准。三项研究显示大多数不良事件的严重程度较轻,最常见的副作用为胃肠道疾病,这类不良反应持续时间较短。1 Pi-Sunyer X.SCALE Obesity and Prediabetes NN8022-1839 Study Group.A Randomized,Controlled Trial of 3.0 mg of Liraglutide in Weight Management.N Engl J Med.2015 Jul 2;373(1):11-22.AMYRGLP-1R多靶点GLP-1R单靶点利拉鲁肽利拉鲁肽利拉鲁肽利拉鲁肽单方改良新及类似药市场竞争情况标准法数据来源:Insight 数据库AMYRGLP-1R多靶点GLP-1R单靶点利拉鲁肽利拉鲁肽诺博特生物利拉鲁肽利拉鲁肽利拉鲁肽利拉鲁肽临床III期申请临床批准临床临床 I 期临床 II 期申请上市临床前批准上市利拉鲁肽利拉鲁肽利拉鲁肽利拉鲁肽利拉鲁肽利拉鲁肽利拉鲁肽利拉鲁肽利拉鲁肽 目前有7家企业在肥胖领域布局了利拉鲁肽单方的改良新/类似药。此外,还有11家企业管线中有利拉鲁肽单方的改良新/类似药在研糖尿病适应症。司美格鲁肽减肥药界“新星”利拉鲁肽肥胖适应症的成功获批,增加了人们对GLP-1R靶点开发的兴趣,但每日注射对患者来说是具有较低的依从性,由此诺和诺德基于利拉鲁肽结构进而研发了第二代GLP-1类似物司格美鲁肽,与天然的GLP-1相比,保留了高达94%同源性。根据最近司美格鲁肽销售额数据,该产品2021年6月获得FDA用于治疗肥胖适应症,2022年销售额达109亿美元,与2021年的61亿美元相比,增长高达78%,成为首个年销售额破百亿的 GLP-1 类药物。司美格鲁肽与利拉鲁肽结构对比 8号位Ala被Aib取代,可以抵抗二肽基肽酶IV(DPP-IV)的降解;延长生物半衰期。将十六烷酰基脂肪改造成远端游离羧基的十八烷酰基脂肪二酸(C18diacid),可以进一步提高与白蛋白结合力。半衰期长达一周,适合每周1次给药,开始剂量为0.25mg,持续4周给药,4周给药之后每隔4周,增加剂量直到达到2.4 mg。1 Knudsen LB,Lau J.The Discovery and Development of Liraglutide and Semaglutide.Front Endocrinol(Lausanne).2019 Apr 12;10:155.2 Wilding JPH,Batterham RL,Kushner RF;STEP 1 Study Group.Once-Weekly Semaglutide in Adults with Overweight or Obesity.N Engl J Med.2021 Mar 18;384(11):989-1002.AMYRGLP-1R多靶点GLP-1R单靶点成分词商品名获批适应症最早获批时间司美格鲁肽Ozempic2型糖尿病2017年12月5日获FDA批准Rybelsus2型糖尿病2019年9月20日获FDA批准Wegovy肥胖症2021年6月4日获FDA批准司美格鲁肽的三个商品名 Ozempic 2022年销售总额:84.55亿美金,同比增长77%Rybelsus 2022年销售总额:16.00亿美金,同比增长133%Wegovy 2022年销售总额:8.76亿美金 司美格鲁肽2022年销售额总计约109亿美金 预计到2025年,诺和诺德肥胖症的销售额将超过35.94亿美金司美格鲁肽减肥药界“新星”Wegovy关键临床试验结果 司美格鲁肽获批减肥的新适应症主要来源于以上4项STEPs研究,适用于体重指数(BMI)27kg/m2且伴有至少一种体重相关疾病(如高血压、2型糖尿病或高胆固醇)或 BMI30kg/m2的患者。目前注册的药物治疗的平均体重减轻百分比都在个位数范围内变化,而司美格鲁肽2.4mg有三分之一的患者体重减轻20%,以及10%的患者体重减轻30%,这与肥胖外科手术的效果相似。恶心是最常见的胃肠道事件,主要发生在剂量递增期间,与利拉鲁肽报告相似。1 Knudsen LB,Lau J.The Discovery and Development of Liraglutide and Semaglutide.Front Endocrinol(Lausanne).2019 Apr 12;10:155.2 Wilding JPH,Batterham RL,Kushner RF;STEP 1 Study Group.Once-Weekly Semaglutide in Adults with Overweight or Obesity.N Engl J Med.2021 Mar 18;384(11):989-1002.登记号患者人群人数体重减轻比例Semaglutide vs placebo不良反应(SAE)NCT03548935无糖尿病超重肥胖196168-week:-14.9%vs-2.4%9.8%vs 6.4%NCT03552757有糖尿病的超重肥胖121068-week:-9.6%vs-3.4%9.9%vs 7.7%NCT03611582无糖尿病超重肥胖(联合强化行为治疗)61168-week:-16.0%vs-5.7%9.1%vs 2.9%NCT03548987无糖尿病超重肥胖(20周导入期 继续用药/安慰剂)90220-week导入期,-10.6H-week,-7.9%vs 6.9%vs 5.6%AMYRGLP-1R多靶点GLP-1R单靶点司美格鲁肽包含中国的,随机、双盲、安慰剂对照的期临床试验(CTR20202040)于2022年8月23日完成研究,中国区入组300人,结果暂未公布。口服司美格鲁肽的肥胖症在研临床试验NCT05035095(OASIS 1)期,2021.08-2023.05(未完成)试验组:口服司美格鲁肽 50 mg对照组:安慰剂 50 mgN=660BMI27主要终点:体重变化NCT05236517 期,2022.02-2022.11(已完成,结果未公布)试验组:口服司美格鲁肽对照组:安慰剂N=60BMI=3045主要终点:能量摄入变化司美格鲁肽片在中国的肥胖症临床试验于2022年9月6日审批通过司美格鲁肽单方改良新及类似药市场竞争情况标准法数据来源:Insight 数据库AMYRGLP-1R多靶点GLP-1R单靶点临床III期申请临床批准临床临床 I 期临床 II 期申请上市临床前批准上市肥胖口服司美格鲁肽司美格鲁肽NN9904口服司美格鲁肽司美格鲁肽司美格鲁肽司美格鲁肽司美格鲁肽口服司美格鲁肽司美格鲁肽司美格鲁肽司美格鲁肽司美格鲁肽司美格鲁肽司美格鲁肽司美格鲁肽 目前有2家企业在肥胖领域布局了司美格鲁肽单方的改良新/类似药。此外,还有12家企业管线中有司美格鲁肽单方的改良新/类似药在研糖尿病适应症。GLP-1R激动剂重点在研产品临床研究进展AMYRGLP-1R多靶点GLP-1R单靶点 GLP-1R单靶点新药,上海仁会贝那鲁肽进展最快,已完成III期临床研究;诺和诺德司美格鲁肽已完成涵盖中国人群的III期临床试验,期待最新结果的发布药物企业登记号20192020202120222023Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4新药司美格鲁肽诺和诺德CTR20202040NCT04251156艾塞那肽阿斯利康NCT00375492Danuglipron辉瑞NCT04707313PF-07081532辉瑞NCT05579977Orforglipron礼来NCT05051579贝那鲁肽上海仁会CTR20190408诺利糖肽恒瑞医药CTR20210439TJ103石药集团CTR20220498Ecnoglutide先为达NCT05111912Ecnoglutide先为达CTR20213434GZR18甘李药业CTR20221495格鲁塔珠单抗鸿运华宁CTR202216012023/2Scope:china globalRecruitment completedNot yet recruitingTrial ongoingTrial completedPh III,N=423Ph III,N=300Ph II,N=252Ph II,N=195Ph I,N=60Ph I/II,N=114Ph I/II,N=120Ph II,N=272Ph II,N=497Ph II,N=780 试验进展:2006/9登记,2009/2完成;临床结果:艾塞那肽与安慰剂相比24周体重减轻更多(-6.16 kg vs-3.97 kg)Ph III,N=200GLP-1R激动剂重点在研产品临床研究进展AMYRGLP-1R多靶点GLP-1R单靶点药物企业登记号/受理号20192020202120222023Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4类似药利拉鲁肽华东医药CTR20201274双鹭药业CTR20211086万邦医药CTR20201449诺博特CTR20210968先为达CXSL1700215司美格鲁肽联邦制药CXSL2300103改良新口服司美格鲁肽片诺和诺德NCT05035095诺和诺德JXSL22001072023/2Ph III,N=300Ph III,N=464Ph III,N=414Ph I,N=32Ph III,N=660 利拉鲁肽生物类似药,华东医药进展最快,已完成III期临床研究,其次是双鹭药业,已完成受试者招募;改良新药物口服司美格鲁肽III期入组已完成,期待最新结果发布。已受理,但未披露临床试验登记信息2023年2月9号临床申报获受理Scope:china globalRecruitment completedNot yet recruitingTrial ongoingTrial completed2022年09月06日批准临床GLP-1R多靶点药物进度概览 近几年,除了GLP-1R单靶点药物,以GLP-1R为基础的双靶点和多靶点药物在降糖和减重领域逐渐火热,包括GLP-1R/GCGR、GLP-1R/GIPR、GIPR/GLP-1R/GCGR等。产品均未上市,有3款已进入临床III期,另有多款药物处于临床I期。除了以下已有药物开展临床研究的组合靶点,也出现了其他新探索,比如CinFina开发的CIN-209(GLP-1/GDF-15)和 CIN-210(GLP/PYY)。临床前批准临床临床 I 期临床 II 期临床 III 期申请临床GLP1R|GIPRGLP1R|GCGRGLP1R|AMYRGLP1R|FGF21 ReceptorGLP1R|GLP2RGLP1R|GCGR|GIPRGLP1R|GCGR|FGF21 ReceptorNN9277DapiglutideretatrutideNN 9423SAR441255DD 03DR10624替尔泊肽CT-868AMG133CT-388GMA106BGM0504HS-20094SCO-094Next Gen GSBRHEC88473NNC0487-0111CagriSemaPemvidutideBI 456906MOD-6031MK-1462OXM-101 PB-718 PP18OXM-104 NN1177 LDM-3G3215DA-1726数据来源:Insight 数据库AMYRGLP-1R多靶点GLP-1R单靶点MazdutideGLP-1R/GIPR/GCGR靶点协同增强减肥疗效GLP-1R/GCGR双重激动剂 看似有悖常理众所周知,胰高血糖素具有升高血糖的作用,对于肥胖患者来说糖尿病是一种负担或合并症,升高血糖显然不可取。然而胰高血糖素也会增加餐后饱腹感,并增加能量消耗。协同基本原理GLP-1 的促胰岛素作用将缓冲胰高血糖素的高血糖倾向;GLP-1 的厌食作用与胰高血糖素的厌食、改善肝脏脂肪代谢和增加能量消耗作用协同以减轻体重。天然双重激动剂胃泌酸调节素(OXM)OXM为GLP-1R/GCGR共激动剂的开发提供了灵感,多款GLP-1R/GCGR双重激动剂都是OXM的类似物。1 Brandt,S J et al.“Are peptide conjugates the golden therapy against obesity?.”GLP-1R单靶点作用降低体重存在局限,经多次迭代后的GLP-1类似物仅具有适度的减肥功效,并且胃肠道副作用限制其高剂量的使用。天然 GLP-1与胰高血糖素和GIP具有高度序列同源性,这使得仅用一个分子同时激活他们的受体存在可行性。此处介绍双重激动剂的协同作用,三重激动剂类似。GLP-1R/GIPR双重激动剂 葡萄糖依赖性促胰岛素多肽GIP由42个氨基酸组成的多肽,又称肠抑胃多肽,由近端小肠上的K细胞分泌。GIP可激活胰腺细胞中的GIPR以葡萄糖依赖性方式增强胰岛素分泌,兼具血糖益处(高血糖刺激胰岛素释放,低血糖刺激胰高血糖素释放)。致肥胖or降体重过去研究认为GIP是致肥胖的,近十年来研究发现GIP可抵抗肥胖降低体重。GIP单靶点减重药物仅诺和诺德的NNC0480-0389进展到临床I期,并且也是研究与司美格鲁肽的协同作用。协同基本原理双重肠促胰岛素作用使血糖益处最大化,双重抑制胰高血糖素的致糖尿病倾向;GLP-1 的厌食作用抑制 GIP 的任何致肥胖潜力,基于GIP机制不够明确,也有开发GIP抑制剂的药物。AMYRGLP-1R多靶点GLP-1R单靶点GLP-1R/GIPR双靶点布局数据来源:Insight 数据库药物名称成分类别公司给药方式项目进度登记号/受理号适应症详细替尔泊肽tirzepatide多肽礼来每周一次皮下注射III期SURMOUNT系列研究AMG-133抗体类融合蛋白Amgen每四周一次皮下注射II期NCT05669599(招募中)CT-868多肽Carmot 每天一次皮下注射II期NCT05110846(预计2023年完成)超重和肥胖的2型糖尿病患者CT-388多肽Carmot每周一次皮下注射I期NCT04838405GMA-106双特异性抗体鸿运华宁预计每两周或每月一次皮下注射I期NCT05054530批准临床CXSL2101501HS-20094多肽豪森制药皮下注射批准临床CXHL2101148拟用于治疗2型糖尿病、肥胖症等,具体适应症待临床研究后确定BGM0504多肽博瑞生物批准临床CXHL2200761SCO-094TAK-094化药华东医药ScohiapreIND拟用于治疗2型糖尿病、肥胖症和NASH等疾病Next Gen GSBR化药硕迪生物临床前Scope:China global 礼来公司的替尔泊肽(tirzepatide)进度最为靠前,其在中国的临床III期试验近期取得积极结果。此外,国内企业豪森制药、华东医药、鸿运华宁、硕迪生物等针对这一对靶点均有布局,处于研发早期阶段。AMYRGLP-1R多靶点GLP-1R单靶点替尔泊肽减肥市场重磅潜力新药 偏向激动作用增强疗效研究表明替尔泊肽是一种失衡和偏向的双重激动剂,对GIPR亲和与天然GIP相同,对GLP-1R亲和力比天然GLP-1弱约5倍,这种偏激动作用增强了胰岛素分泌,使替尔泊肽展现出更优的减重效果。SURMOUNT系列登记号人群特征地区进度SURMOUNT-1NCT04184622CTR20200672饮食减肥失败,合并有并发症全球(含中国)2022-09-29公布积极结果SURMOUNT-2NCT04657003患2型糖尿病患者的肥胖或超重人群全球预计2023年完成SURMOUNT-3NCT04657016饮食减肥失败,合并有并发症全球SURMOUNT-4NCT04660643饮食减肥失败,合并有并发症全球SURMOUNT-JNCT04844918日本患者日本2022-02-09招募完成SURMOUNT-CNNCT05024032CTR20210227未患糖尿病的中国人群中国2023-02-06宣布结果积极SURMOUNT-MMONCT05556512CTR20223054伴心血管疾病的肥胖患者全球(含中国)2022-10-11首例入组SURMOUNT-OSANCT05412004CTR20221560CTR20222427伴阻塞型睡眠呼吸暂停的肥胖患者全球(含中国)2022-06-21首例入组1 Chavda,Vivek P et al.“Tirzepatide,a New Era of Dual-Targeted Treatment for Diabetes and Obesity:A Mini-Review.”2 Willard,Francis S et al.“Tirzepatide is an imbalanced and biased dual GIP and GLP-1 receptor agonist.”替尔泊肽(Tirzepatide)是礼来公司推进的一款GLP-1R和GIPR双受体激动剂。结构上是一种含有 39 个氨基酸的合成线性肽分子,与C20脂肪二酸部分偶联,半衰期较长,每周一次给药。作用机制特点 肥胖适应症的III期临床试验积极推进2019年底开始针对肥胖开展了SURMOUNT系列III期临床研究,其中SU RM OU NT-1和 SURMOUNT-CN 均达到主要 终 点,SURMOUNT-2、3、4预计2023年完成。AMYRGLP-1R多靶点GLP-1R单靶点替尔泊肽III期试验陆续取得积极结果分组72周体重变化72周体重降低5%替尔泊肽5mg-16%替尔泊肽10mg-21.4%替尔泊肽15mg-22.5%/安慰剂 2.4(%两个共同主要终点 第72周时体重自基线降低的百分比 体重降低5%的受试者比例入组基线BMI30kg/m2或者27kg/m2且至少伴有一种体重相关合并症的非糖尿病成年患者。随机1:1:1:1Tirzepatide 10 mg(2.5 mg起始到5 mg、7.5 mg)Tirzepatide 15 mg(2.5 mg起始到5 mg、7.5 mg、10 mg、12.5 mg)Tirzepatide 5 mg(2.5 mg 起始,2.5mg/4周递增)N=2539安慰剂 试验方案 SURMOUNT-1(NCT04184622/CTR20200672)是一项多中心、随机、双盲、平行、安慰剂对照的III期研究,在全世界9个国家的119个地区开展,旨在比较饮食控制和增加运动的基础上联合Tirzepatide 与安慰剂每周一次皮下注射的减重疗效和安全性。SURMOUNT-1 研究 试验结果 疗效:替尔泊肽第72周体重降低显著优于安慰剂,最高降幅可达22.5%,并且体重降低5%的受试者比例更高。安全性:最常见的不良事件是胃肠道反应,大多数是轻度至中度。替尔泊肽针对肥胖或超重成年患者的III期研究捷报频传,继2022年5月礼来公布全球性SURMOUNT-1研究达到两个共同主要终点后,2023年2月又宣布针对210例中国人群的SURMOUNT-CN研究取得积极结果,达到主要终点和所有关键性次要终点,在中国人群中再次验证了替尔泊肽的减肥疗效。SURMOUNT-CN数据尚在整理分析中,此处详细介绍SURMOUNT-1研究。数据来源:Insight 数据库,NEJM和EASD研讨会主要终点主要终点AMYRGLP-1R多靶点GLP-1R单靶点AMG133作用机制反其道而行之数据来源:Insight 数据库,安进官网资料 AMG133以GIPR抗体融合GLP-1,将GLP-1直接化学偶联到重链上,同时发挥抑制GIPR、激活GLP-1R的效应。AMG133与替尔泊肽同样作用于GLP-1R和GIPR双靶点,但作用机制大不相同。替尔泊肽是GLP-1R和GIPR的双重激动剂,而AMG133则抑制GIPR。两者的开发策略如此不同是因为GIPR在减重中的作用尚未明确。低剂量140mg高剂量420mg安慰剂12周体重变化-7.2%-14.5% 1.49%AMG133是安进开发的一款潜在“first-in-class”双特异性抗体多肽偶联物,作用机制与替尔泊肽看似矛盾,但同样可发挥减肥功效。2022年12月1日安进公布了AMG133最新的I期临床数据,初步表现出强大的减重药效,目前AMG133的临床2期试验病患招募已经启动。作用机制GLP-1RGIPR替尔泊肽激动剂激动剂AMG133激动剂抑制剂 每四周给药一次,治疗 12 周后减重效果显著且大多数TEAE轻微且短暂。1期临床结果(NCT04478708)AMYRGLP-1R多靶点GLP-1R单靶点GLP-1R/GCGR双靶点布局数据来源:Insight 数据库 信达生物与礼来共同推进的mazdutide进度全球领先,正在中国进行III期临床试验,有两款药物进入II期研究,另外也有项目因疗效或依从性问题处于非积极状态。多款GLP-1R/GCGR双靶点药物为OXM的衍生物,比如mazdutide、MOD-6031、DA-1726等。注:表格中临床前项目未全部列出。药物名称成分类别公司给药方式项目进度登记号/受理号地区mazdutide多肽信达生物礼来制药每周一次皮下注射III期(招募中)CTR20222567NCT05607680(GLORY-1)中国I期(招募中)NCT05623839美国pemvidutide多肽Altimmune每周注射一次II期(招募完成)NCT05295875MOMENTUM美国BI-456906化药勃林格殷格Zealand每周皮下注射1次II期CTR20210717NCT04667377中国NN9277多肽诺和诺德每周一次皮下注射I期(2020年完成后无进展)NCT03308721美国MOD-6031多肽OPKO HealthI期(2016年完成后无进展)NCT02692781以色列DA-1726多肽NeuroBo临床前(预计2023年启动1期研究)美国非积极项目 Cotadutide 阿斯利康2023年最新管线披露,Cotadutide肥胖适应症已从2期管线中移除。原因是竞争力不足:2021年公布的IIb期结果显示,300 g高剂量组14周体重下降仅5.01%;一天一次给药方式在依从性方面也没有优势。Efinopegdutide 强生曾开发其肥胖症,后将权益退回给韩美,现被默沙东买来开发NASH II期研究(NCT03486392)结果表明,与安慰剂相比,Efinopegdutide以剂量依赖方式减轻体重,但与治疗引发的不良事件发生率增加相关。AMYRGLP-1R多靶点GLP-1R单靶点Mazdutide具有同类最优潜力数据来源:Insight 数据库、信达官网资料结果宣布时间:II期2022年6月,Ib期2022年10月1b期高剂量队列(NCT04440345)试验结果:高剂量队列(9 mg)降幅达11.7%,12周减重幅度实现新突破。结果比较:同为GLP-1R/GCGR双靶点药物的pemvidutide,Ib期最优剂量组在12周减重10.3%(NCT04561245)。试验设计:248例中国超重或肥胖受试者,每周一次皮下注射,主要终点为给药24周后体重相对基线的百分比变化。试验结果:疗效方面,24周后减重效果显著且呈剂量依赖性,同时可改善血脂、血压等指标,展现同类最优的潜力。安全性方面,mazdutide耐受性良好,未发现新的安全信号。II期研究减重效果显著(NCT04904913)终点指标3.0 mg组n=634.5 mg组n=616.0 mg组n=62安慰剂组n=6224周体重变化7.21.56.57% 1.05%体重下降5X.1.5.3%4.8%体重下降10.4I.2P.8%0%导致治疗终止的AE1例,判定与药物无关常见不良事件轻中度的腹泻、恶心和上呼吸道感染主要终点 Mazdutide(IBI362)是信达生物与礼来公司共同推进的一款胃泌酸调节素创新化合物(OXM3),作为一种与OXM类似的长效合成肽,mazdutide使用脂肪酸侧链来延长作用时间,允许每周给药一次。临床试验结果显示,Mazdutide的II期研究达到主要终点及所有关键次要终点,Ib期高剂量队列结果使其成为全球首个减重幅度在给药12周即超过11.5%的减肥单药。分组人数疗效(体重下降)安全性9mg队列(3.0-6.0-9.0)1212周11.7%(9.23kg)耐受性良好,无受试者因不良事件退出10mg队列(2.5-5.0-7.5-10.0)1216周9.5%(7.62kg)12周平均体重下降 试验设计:中国超重或肥胖受试者,多次剂量递增给药,每周一次皮下注射,每个剂量水平4周。AMYRGLP-1R多靶点GLP-1R单靶点GLP-1R三靶点布局数据来源:Insight 数据库靶点药物成分类别企业给药方式进度登记号地区GLP1R|GCGR|GIPRRetatrutide多肽礼来制药每周一次皮下注射II期NCT04881760美国,波多黎各I期(预计2023年完成)NCT05548231CTR20222436中国NN 9423多肽诺和诺德每天一次皮下注射I期(2019年完成)NCT03661879美国SAR441255多肽赛诺菲皮下注射I期(2019年完成)NCT04521738美国DD 03多肽D&D Pharmatech口服临床前GLP1R|GCGR|FGF21 ReceptorDR10624抗体类融合蛋白浙江道尔生物(华东医药控股)皮下注射I期NCT05378893新西兰pre-IND中国 三靶点激动剂的相关研究也在积极开展中,其中礼来的Retatrutide进度最快,公司披露计划于2023年启动III期临床试验。DR10624 DR10624是全球首创的同时靶向GLP-1R、GCGR和FGF21 Receptor的Fc融合蛋白药物 DR10624由中国仓鼠卵巢(CHO)细胞表达,经纯化后获得,其由N端靶向GLP-1R/GCGR的嵌合肽段与去糖基化改造的IgG1 Fc融合(延长半衰期),并在Fc的C末端融合重组的FGF21突变体,结构上为对称二聚体 临床前的动物研究显示,DR10624具有明显的降糖、降脂、减重等疗效AMYRGLP-1R多靶点GLP-1R单靶点靶点AMYR数据来源:Insight 数据库、Cardiovascular Research、Pharmacol Rev 胰岛淀粉素(Amylin)是一种胰腺 细胞激素,与胰岛素共同分泌。Amylin能抑制胰高血糖素分泌、改善瘦素应答从而调节餐后血糖,还可抑制食欲、增加饱腹感、减少能量摄入,以及抑制胃酸分泌,延缓胃排空。Amylin的代谢调节功能均是由胰淀素受体(Amylin receptors,AMYRs)介导完成的。AMYR是一类特殊的蛋白异二聚体,由一个降钙素受体(Calcitoninreceptor,CTR)分别和三种同源的受体活性修饰蛋白(Receptor-ActivityModifying Protein,RAMP 1,2,3)聚合而形成,共有三种亚型。各亚型的生理相关性尚不清楚。药品成分研发机构靶点全球进度国内进度CagriSema诺和诺德GLP1R|AMYR临床III期批准临床Cagrilintide诺和诺德CTR|AMYR临床II期临床I期davalintide阿斯利康武田Amylin PharmaceuticalsCTR|CGRP|AMYR临床II期NNC0487-0111诺和诺德GLP1R|AMYR临床I期LY3841136礼来AMYR临床I期ZP8396ZealandAMYR临床I期BI 473494Zealand勃林格殷格翰AMYR临床I期amycretin诺和诺德GLP-1|AMYR临床I期Amylin类似物与其作用的靶点AMYR是减肥药物的研发新方向,进度最快的项目已经进入临床III期。背景介绍AMYR靶点临床阶段药物AMYRGLP-1R多靶点GLP-1R单靶点诺和诺德复合制剂CagriSema抢占先机 Cagrilintide是一种人胰淀素类似物,同源性84%,半衰期180小时,每周1次皮下注射;期临床试验结果表明其减重的安全有效性。诺和诺德在Cagrilintide单方的基础上开发了其与司美格鲁肽的复合制剂CagriSema:期试验确定了CagriSema最优剂量组(Cagrilintide 2.4 mg 司美格鲁肽 2.4 mg);在期试验中证实了对2型糖尿病合并肥胖人群的减重潜力;正在开展多项全球多中心3期临床研究,进一步探讨CagriSema减重治疗的有效性和安全性。Cagrilintide 期临床结果治疗32周CagriSema(Cagri 2.4 mg 司美格鲁肽 2.4 mg)司美格鲁肽Cagrilintide体重,%-15.6-5.1-8.1试验代号人群人数REDEFINE 1体重指数30 kg/m2或27 kg/m2并患有除糖尿病外的与体重相关的合并症3400REDEFINE 2体重指数27 kg/m2合并2型糖尿病1200REDEFINE 3体重指数30 kg/m2合并心血管疾病4000数据来源:Insight 数据库、企业官网、LancetAMYRGLP-1R多靶点GLP-1R单靶点CagriSema 期试验结果(N=92)CagriSema 正在开展的期试验PART.03减肥药物的多道机制 抑制胃肠道吸收 抑制脂肪合成 增加能量消耗 抑制食欲扫码申请Insight 数据库7 天免费试用LIPF|PNLIP|FASN抑制胃肠道中的脂肪分解酶活性,使膳食中的脂肪不能被分解吸收;由于未经消化的脂肪通过消化系统,主要会引起胃肠道的副作用PNLIPSI抑制胃肠道中的蔗糖-异麦芽糖酶,使膳食中的蔗糖、麦芽糖不能被分解吸收消化酶是一大类酶的总称,存在于人体体内的消化酶可以将膳食中的蛋白质、脂肪、碳水化合物分解成更小的成分,以备人体利用或能量存储。抑制这些消化酶可以减少能量的摄入,进而达成对体重的控制。胃甘油三酯脂肪酶(Gastric triacylglycerol lipase,LIPF)与胰腺甘油三酯脂肪酶(Pancreatic triacylglycerol lipase,PNLIP)作为在人体消化系统中水解膳食中脂肪的主要脂肪酶,可将摄入膳食中的甘油三酯(三酰基甘油,Triacylglycerol,TG/TAG)水解并生成游离脂肪酸、二酰基甘油、单酰基甘油和甘油。蔗糖-异麦芽糖酶(Sucrase-isomaltase,SI)可以将摄入到体内的碳水化合物中的蔗糖、麦芽糖分解,从而被人体吸收利用。减少食物在胃肠道中被消化吸收抑制胃肠道吸收抑制食欲增加能量消耗抑制脂肪合成奥利司他西替司他IQP-VV-102*PMDA已批准(未销售)由于该类药物可以抑制消化酶的活性,导致食物不能被有效消化,所以容易引起胃肠道方面的副作用,这些副作用通常包括,胃疼或胃不适、有油性分泌物从肛门排出、油性粪便、排便更频繁、急便或难以控制的排便等。所以如何减少副作用是此类药物需要解决的课题之一。数据来源:Insight 数据库*只展示部分上市及项目活跃的药物批准上市临床 III 期临床 I 期临床 II 期抑制脂肪的合成与转化甘油三酯是脂肪的主要成分,脂肪是体内代谢能量的主要存储库。超重和肥胖者的甘油三酯水平明显更高,使他们更容易患糖尿病及其相关的代谢并发症。抑制脂肪细胞的生成或多余脂肪在体内转化存储的过程,将能有效改善异常血脂水平与控制体重。临床前临床 III 期临床 II 期临床 I 期批准临床申请临床AZD3988BAY-74-4113SAR707XEN103LY3584703抑制胃肠道吸收抑制食欲增加能量消耗抑制脂肪合成数据来源:Insight 数据库S-309309非诺贝特LTK-14ASR923SP-1154ElafibranorPPAR|PPARDPPARMOGAT2DGAT1SCD1p300RPS6KB1LXRTGF-/Smad3注:只展示部分上市及项目活跃的药物抑制脂肪在体内合成的潜力靶点DGAT1 AZD39881 Chitraju C,Walther TC,Farese RV Jr.2019 Jun;60(6):1112-1120;2 McCoull W,Addie MS,Birch AM,Birtles S.Bioorg Med Chem Lett.2012 Jun 15;22(12):3873-8.AZD3988是由阿斯利康开发的一种新型恶二唑类DGAT1抑制剂,在动物实验中显示出良好的口服药代动力学,并在肥胖相关模型中证明了体内疗效。三酰甘油的合成径路甘油三酯是生命体中主要的能量储存物质,其合成过程主要有两种路径:3-磷酸甘油路径以及单酰基甘油路径。两种合成路径的最终一步都是二酰基甘油的酰基化从而产生TAG,而这一过程是由二酰甘油-O-酰基转移酶(Diacylglycerol-O-Acyltransferase,DGAT)催化完成。人体中有两种序列不同源的DGAT,分别为DGAT1和DGAT2。临床前研究表明,DGAT1敲除小鼠的脂肪组织储存甘油三酯的效率降低,但仍能保持正常的代谢,并且可以抵抗高脂肪饮食引起的肥胖。而皮肤特异性DGAT2敲除的小鼠则在出生后不久死亡,脂肪组织特异性DGAT2敲除的小鼠仍能受到高脂肪饮食诱导肥胖的影响。大鼠口服AZD3988后脂肪组织中的TAG/DAG的比值饮食诱导肥胖小鼠口服AZD3988(20mg/kg,BID)后体重的变化临床前的结果可以得出,AZD3988可以显著抑制二酰基甘油向三酰基甘油转化这一过程,有效抵抗高脂肪饮食引起的肥胖。抑制胃肠道吸收抑制食欲增加能量消耗抑制脂肪合成抑制脂肪在体内合成的潜力靶点MGAT2 S3093091 盐野义制药株式会社投资者文档;Pratik Devasthale and Dong Cheng.Journal of Medicinal Chemistry 2018 61(22),9879-9888S-309309是一种强效的MGAT2抑制剂,通过抑制MGAT2的活性,影响三酰基甘油在小肠上皮细胞中的再合成,使吸收的脂肪无法被人体吸收或利用MGAT2与肠道脂肪吸收途径单酰甘油-O-酰基转移酶2(Monoacylglycerol O-Acyltransferase 2,MOGAT2)通过催化肠细胞中三酰基甘油的再合成,在小肠吸收膳食脂肪中起核心作用。MGAT2在小肠中高度表达,在单酰基甘油-三酰基甘油合成途径中对膳食脂肪的吸收发挥重要作用。当摄入膳食脂肪时,脂肪酶将三酰基甘油消化成游离脂肪酸和单酰基甘油,这些脂肪酸和单酰基甘油被小肠上皮细胞吸收。一旦进入小肠上皮细胞,游离脂肪酸和单酰基甘油被用作合成三酰基甘油的底物,通过MGAT与DGAT重新再合成三酰基甘油。A.饮食诱导肥胖小鼠口服S-309309后的脂肪组织,进食量与体重的变化B.饮食诱导肥胖小鼠在“pair-fed”喂养条件下口服S-309309后的体重变化与能量消耗从两项临床前结果(A与B)可以看出,S-309309不仅可以抑制MGAT2的活性,阻止三酰基甘油在体内的再合成,还可以抑制食欲与增加能量消耗,进而控制体重治疗肥胖;安全性良好,价格低廉,未来有望成为治疗肥胖的重磅药物。抑制胃肠道吸收抑制食欲增加能量消耗抑制脂肪合成提高能量代谢Growth hormoneNQOACVR2FGF21 ReceptorNAMPTIP6K1|IP6K2FGF21 Receptor|GDF15临床前临床 III 期DS68702229临床 II 期临床 I 期批准临床申请临床数据来源:Insight 数据库尽管体重的变化受遗传因素、行为、代谢和激素的影响,但是当摄入的热量超过通过正常的日常活动和运动消耗的热量时,身体会将这些多余的热量以脂肪的形式进行储存。体重超重或肥胖患者可能需要摄入更多热量才会产生饱腹感,更快感到饥饿,或者由于压力或焦虑而摄入更多热量。并且通常来说很难通过日常活动或运动消耗大量热量而减轻体重,因此促进脂肪分解,提高能量代谢率,也是肥胖治疗研究中的重要方向之一。AOD-9604MB12066UNC7467FGF21-GDF15融合蛋白(豪森)BOS-580NNC 0194 0499Bimagrumab抑制胃肠道吸收抑制食欲增加能量消耗抑制脂肪合成注:只展示部分上市及项目活跃的药物1 Zhang J,Li Y.Front Endocrinol(Lausanne).2015 Nov 5;6:168;Prida E,lvarez-Delgado S.Int J Mol Sci.2022 Nov 1;23(21):13318.成纤维细胞生长因子21(Fibroblast growth factor 21,FGF21)作为FGF基因家族的成员,可与成纤维细胞生长因子21的靶向蛋白(Fibroblast growthfactor 21 receptor)结合发挥作用。FGF21 主要在肝脏和胰腺中表达,同时也存在于脂肪和肌肉组织中。通过 FGFR 的介导和跨膜蛋白 Klotho(KLB)的辅助,FGF21 能诱导肝脏、胰腺和脂肪组织中的多种信号通路和功能活动,进而实现对糖脂代谢的调节和对胰岛B细胞进行保护的生理功能。可以增加能量代谢的潜力靶点FGF21 ReceptorFGF21调节糖脂质代谢与能量代谢FGF21可以调节体内葡萄糖、脂质和能量稳态。在各种糖尿病动物模型中显示出在使血浆葡萄糖水平正常化、提高胰岛素敏感性、对饮食诱导肥胖的抵抗力、促进脂肪的分解、降低血浆甘油三酯和胆固醇水平等方面具有显着效果FGF21可以刺激褐色脂肪细胞和白色脂肪细胞中UCP1的表达,通过促进产热来消耗多余的能量储备由诺华制药开发的BOS-580与诺和诺德制药开发的NNC 0194 0499均为FGF21类似物,用于治疗非酒精性脂肪肝炎和肥胖症,目前肥胖症处于临床1期阶段抑制胃肠道吸收抑制食欲增加能量消耗抑制脂肪合成FGF21可以通过多种信号通路和功能活动,诱导能量消耗和减轻体重,并同时改善葡萄糖代谢和脂质代谢,所以FGF21 receptor有望成为治疗肥胖症的最佳靶点之一。1 MBL Life science;Japan Agency for Medical Research and Development;2 Inagaki T,Sakai J,Kajimura S.Nat Rev Mol Cell Biol.2016 Aug;17(8):480-95;3 Chung HT,Joe Y.Integr Med Res.2014 Dec;3(4):198-203;白色脂肪细胞可在特定的条件下转化为Beige脂肪细胞,与褐色脂肪细胞一样富含线粒体,位于线粒体内膜中的UCP1可以产生热量。从消耗能量产热作为切入点,近年来研究者们将UCP1产热作为研究方向,促使白色脂肪细胞转化为Beige脂肪细胞,或者提高UCP1在细胞中的表达,以此来提高能量代谢,进而控制体重。解偶联蛋白1(Uncoupling Protein 1,UCP1)是一种在棕色脂肪组织和Beige脂肪组织的线粒体中发现的蛋白,能通过非颤抖性产热来产生热量,消耗多余的能量储备。白色脂肪细胞与Beige脂肪细胞之间的转化烟酰胺磷酸核糖基转移酶(Nicotinamide phosphoribosyltransferase,NAMPT)可以催化烟酰胺(NAM)和磷酸核糖焦磷酸(PRPP)缩合为烟酰胺单核苷酸(NMN),然后通过烟酰胺单核苷酸腺苷酸转移酶(NMNAT)产生 NAD 。UCP1产生热量可消耗多余能量储备,提高全身的基础代谢率,是作为治疗肥胖症并改善代谢异常的潜力靶点由于NAD 在能量代谢中起着关键作用,并且促进NAD 的产生对能量代谢调节具有积极作用,因此激活NAMPT是治疗各种疾病的一种有吸引力的治疗方法,包括2型糖尿病和肥胖当抑制NAMPT时,无法产生NAD ,会使细胞内的NAD 耗竭,从而抑制细胞的生长与增殖,因此也被作为治疗癌症的靶点之一。NAD 合成与代谢径路激活NAMPT不仅有利于能量代谢,还具有提高身体活动能力,延长寿命抗老化的潜力可以增加能量代谢的潜力靶点UCP1和NAMPT抑制胃肠道吸收抑制食欲增加能量消耗抑制脂肪合成可以增加能量代谢的潜力靶点NAMPT DS68702229 1 Akiu M,Tsuji T,Iida K,Sogawa Y,Terayama K,Yokoyama M,Tanaka J,Asano D,Honda T,Sakurai K,Pinkerton AB,Nakamura T.Chem Pharm Bull(Tokyo).2021;69(11):1110-1122.DS68702229(Compound 12c)是一种有效的 NAMPT 激动剂,可以激活 NAMPT,增加细胞中的 NAD 水平,并且在口服给药后的小鼠中表现出优异的药代动力学特征。Structuret1/2(h)Cmax(M)AUC0-24(Mh)DS687022294.322237C57BL/6N 小鼠口服给药(DS68702229,10mg/kg)后的药代动力学结果饮食诱导肥胖小鼠口服给药(DS68702229,30 or 100mg/kg)后的组织NAD 水平饮食诱导肥胖小鼠口服给药(DS68702229,30 mg/kg)后的体重变化DS68702229具有良好的药代动力学特征;与对照组相比,口服DS68702229可引起小鼠肝脏、腓肠肌和比目鱼肌中的NAD 显著上升;体重持续下降的同时累积食物摄入量没有差异。并且该化合物耐受性良好,在研究期间没有明显的毒性。抑制胃肠道吸收抑制食欲增加能量消耗抑制脂肪合成重点抑制食欲药物 全球抑制食欲机制减肥药物中,重点上市在售和在研减肥药项目列表如下所示 替索芬辛是Saniona开发用于治疗成年人肥胖的药物,最初是为帕金森病和阿尔茨海默病开发,尽管无法有效治疗这些神经退行性疾病,但体重减轻的副作用引起关注;Tesomet(替索芬辛 美托洛尔)在2021年4月被FDA授予治疗下丘脑肥胖孤儿药称号,后因资金原因,Tesomet的3期临床试验暂停。成分类别药品成分企业剂型靶点适应症全球最高状态多肽塞美拉肽Rhythm Pharmaceuticals皮下注射MC4R批准上市NN9056诺和诺德制药CCKAR临床前化药替索芬辛Saniona片剂SLC6A3|SLC6A2|SLC6A4申请上市DietressaMateria Medica Holding片剂CNR1临床III期依考匹泮Emalex Biosciences静脉注射DRD1临床III期MK0493默沙东制药MC4R临床II期TesometSaniona片剂SLC6A3|SLC6A2|SLC6A4|DRB1|ADRB2临床II期ANEB-001Vernalis ResearchCNR1临床I期GLWL-01GLWL Research胶囊MBOAT4临床I期AZD1979阿斯利康制药MCHR1临床I期ENT-03EnterinPTPN1临床前抑制胃肠道吸收抑制食欲增加能量消耗抑制脂肪合成数据来源:Insight 数据库塞美拉肽首个治疗罕见遗传性肥胖症的药物 2020年11月,Imcivree 获得美国FDA批准,成为有史以来第一个治疗罕见遗传性肥胖症的药物。并在美国和欧盟被授予了治疗 POMC 和 LEPR 缺陷型肥胖症的孤儿药资格,另外分别被授予了突破性疗法资格认定和优先药物资格。Imcivree 的活性药物成分为塞美拉肽,这是一种首创、寡肽类 MC4R 激动剂,可恢复因上游基因缺陷引起的受损 MC4R 通路的功能。塞美拉肽能够重新建立患者的能量消耗和食欲控制,减少饥饿感、降低体重。塞美拉肽通过激活 MC4R 来恢复受损的通路信号,重建下游功能并调节饥饿感和饱腹感,能量摄入和能量消耗,从而减轻体重。FDA 批准 Imcivree 是基于基于2项关键性 III 期临床试验的阳性结果,受试者为 6 岁或以上的 POMC 或 LEPR 缺乏的肥胖患者。试验设计 NCT03287960 双盲,多中心、安慰剂对照 LEPR 缺乏的肥胖患者 每日一次皮下注射试验设计 NCT02896192 双盲,多中心、安慰剂对照 POMC 缺乏的肥胖患者 每日一次皮下注射指标POMC 缺乏肥胖患者LEPR 缺乏肥胖患者Body weight(1-year;loss10%)80E%Most hunger score(vs placebo)-27.1%(90%CI,-40.6 to-15.0),P=0.0005-43.7%(90%CI,-54.8 to-29.1),p0.0001POMC:前阿片黑素细胞皮质激素LEPR:瘦素受体数据来源:Insight 数据库抑制胃肠道吸收抑制食欲增加能量消耗抑制脂肪合成作用机制关键临床结果数据来源:Insight 数据库Tesomet首个获 FDA孤儿药资格的治疗丘脑性肥胖药物 可透过血-脑屏障在大脑发挥作用,阻止血清素、去甲肾上腺素和多巴胺三种单胺类神经递质重吸收,阻断再摄取会增加大脑中这些神经递质的水平,从而减少对食物的渴望,降低食欲,并增加代谢性脂肪燃烧。抑制胃肠道吸收抑制食欲增加能量消耗抑制脂肪合成 Tesomet 是替索芬辛和美托洛尔口服固体复方制剂。替索芬辛是一种新型三重单胺再摄取抑制剂,可在神经递质多巴胺,去甲肾上腺素和 5-羟色胺的突触间隙中有效抑制再摄取过程。Tesomet 的II期临床结果显示,替索芬辛耐受性良好,不影响心率或血压(Tesomet 和 安慰剂组的血压和心率均无显著性差异),与安慰剂相比,下丘脑肥胖成人的体重显着减轻。试验设计 NCT03845075 双盲,单中心、安慰剂对照 下丘脑损伤性肥胖患者 每日 0.5 mg 替索芬辛/50 mg 美托洛尔指标结果Tesomet 组安慰剂组Body weight(5%weight loss)8/13 pts1/8 ptsTRAESleep disturbances 50%,dry mouth 43%,headache 36%Sleep disturbances 13%,dry mouth 0%,headache 0%作用机制关键临床结果靶点NPYR酪酪肽(Peptide YY,PYY)是一种肽激素,主要由胃肠道粘膜L细胞分泌。PYY在体内有两种形式;一个是 PYY1-36,另一个是 PYY3-36。前者与 Y1、Y2 和 Y5 结合。后者激通过激活下丘脑中的 Y2 受体(NPY2R)来抑制食物摄入。PYY类似物与其作用的靶点NPYR已有明确的临床前研究结果,但进入临床阶段的项目中仅Y14对外披露了临床结果,目前国内还没有相关项目进入临床阶段。抑制胃肠道吸收抑制食欲增加能量消耗抑制脂肪合成药品成分研发机构靶点全球适应症在研状态中国内地适应症在研状态PYY1875诺和诺德NPYR临床II期S-237648盐野义NPY5R临床II期韦利贝特盐野义NPY5R临床II期奥尼匹肽7TM PharmaNPY2R|NPY4R临床II期Y14Imperial College LondonNPY2R临床I期NPYR 靶点临床阶段药物 NCT03673111 肥胖患者数据来源:Insight 数据库Y14 试验设计指标Y14 结果(vs安慰剂)Body weight 2.87 to-3.58 kg(P 0.0001)Food intake-38%to-55%(P 0.0001)单盲,随机、安慰剂对照 皮下注射PART.04总结与展望 肥胖症重点项目结果横向对比 中国肥胖症药物市场的未来趋势 未来值得关注的临床试验扫码申请Insight 数据库7 天免费试用肥胖症重点项目结果横向对比试验药企业登记号/代号分期干预措施body weight利拉鲁肽诺和诺德NCT01272219III期利拉鲁肽 vs 安慰剂56周:-8%vs-2%司美格鲁肽诺和诺德STEP 1III期司美格鲁肽 vs 安慰剂68周:-14.9%vs-2.4%艾塞那肽阿斯利康NCT00375492III期艾塞那肽 vs 安慰剂24周:-6.16kg vs-3.97kg替尔泊肽礼来SURMOUNT-1III期替尔泊肽 vs 安慰剂72周:-22.5%vs 2.4%AMG133安进NCT04478708I期AMG133 vs 安慰剂12周:-14.5%vs 1.49%Mazdutide信达生物NCT04904913II期Mazdutide vs 安慰剂24周:11.57%vs 1.05%pemvidutide AltimmuneNCT04561245I期pemvidutide vs 安慰剂12周:-10.3%vs-1.6grilintide诺和诺德NCT03856047期Cagrilintide vs 利拉鲁肽 vs 安慰剂26周:-(6.0-10.8)%vs-9.0%vs-3.0griSema诺和诺德NCT04982575期CagriSema vs 司美格鲁肽 vs Cagrilintide32周:-15.6%vs-5.1%vs-8.1%奥利司他罗氏说明书来源奥利司他 vs 安慰剂1年:10creased:20%vs 8%西替司他武田说明书来源西替司他 vs 安慰剂52周:-2.783.80%vs-1.102.99%塞美拉肽RhythmNCT02896192/NCT03287960III 期塞美拉肽(POMC缺陷 vs LEPR 缺陷)1年:10creased:80%vs 45%TesometSanionaNCT03845075II期Tesomet vs 安慰剂 5creased:61.5%vs 12.5%下表中为本篇报告提到的所有药物的临床结果,选取疗效最佳的剂量组进行对比。中国肥胖症药物市场未来趋势01肥胖症药物的安全性是限制其广泛应用的主要原因。历史上不少肥胖症药物,由于各种严重的副作用,已经纷纷撤市,这促进了对安全性更高的药物的开发。安全是重要考量因素02肥胖是一种慢性疾病,需要长期管理,且停药后容易反弹。药物滥用和不良反应使得短期药物在临床使用中有很大的局限性。短期药物在欧洲已被集体撤市,因此,长期治疗药物的研发将成为重要的发展方向。长期疗效为目标03联合用药/复方制剂04用药依从性在慢病管理中,患者对药物治疗方案的执行程度对疗效有很直接的影响。因此,在保证安全性和有效性的前提下,开发更多给药间隔更长的口服制剂,将成为未来肥胖症药物研究的重点。我国的超重/肥胖患者数量都在持续上升,很多患者同时还会合并其他的一些慢性疾病。对于这个庞大且复杂的市场,单一用药的局限性越来越明显。因此,联合用药、复方制剂、多靶点药物,在增加疗效并减少各自的副作用,同时治疗患者的其他并发症,也是未来的发展方向之一。未来值得关注的肥胖症项目调节激素水平药物SURMOUNT-1SURMOUNT-CN推荐理由:有望获批上市替尔泊肽 礼来NCT04251156推荐理由:有望在中国获批司美格鲁肽 诺和诺德抑制脂肪合成药物S-309309NCT05247970推荐理由:一直处于活跃状态,21、22年的投资者文档均有介绍此药物,可见企业应该是对他相当有信心;临床前研究表明安全性高,减重效果显著,与已上市的减肥药物相比预计价格低廉,副作用低,有望成为治疗减肥的首选药物。BOS-580 诺华NNC 0194 0499 诺和诺德FGF21类似物,FGF21可作用于多种信号通路,不仅可以促进能量消耗,还能改善糖脂代谢水平,从多方面控制体重,还能改善肥胖患者的慢性代谢疾病。CagriSema 诺和诺德Cagrilintide与司美格鲁肽的复方制剂,目前结果显示由于各自单方AMG133 安进四周给药一次12周减重14.5%口服司美格鲁肽 诺和诺德OASIS 1预计今年5月完成利拉鲁肽 华东医药申请上市阶段Thank You.March 16,2023

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    India 2047 Vision and strategic roadmap for technical 2023Mohit Bhasin Partner and Global Co-lead for Economic Growth Practice,Government&Public Services(G&PS)Foreword KPMG in IndiaIndia has always been a leading player in the traditional textiles and natural fibres segment.But in the recent times,we have made remarkable progress in the specialised area of technical textiles as well.Indias leap towards modernisation and its manufacturing competitiveness are the key contributors to the growth of this segment.The world noticed the manufacturing capability of Indian technical textiles during the past 3 years.From being a non-producer of COVID Grade Personal Protective Equipment(PPE),India rose to become worlds second largest producer and exporter of PPEs and N-95 Masks in a period of six months during 2020.Considering technical textiles rapid growth and diverse applications in almost all walks of life,we believe that the future of the textile sector is intimately linked with the growth of the technical textile industry which is expected to fuel our Honble Prime Ministers Atma Nirbhar Mission.I would like to put on record the remarkable efforts and initiatives under by the Government to proactively address the challenges of the industry and facilitate the creation of an enabling environment,such as creation of PLI scheme,National Technical Textiles Mission,development of new HSN Codes,strengthening quality regulation through QCOs,among others.I believe the true potential of technical textiles in India is immense.The governments key projects in infrastructure development including PM GATI SHAKTI,highways,railways,irrigation,power,renewable energy,irrigation,healthcare,etc.,presents significant opportunities for technical textiles to be used extensively.In order to further capitalize on market opportunities presented by global trade and investment dynamics,India needs to focus creating world-class technical textiles ecosystem,up-skill the workforce,facilitate creation of advanced indigenous technologies&products and foster strategic international collaborations.It gives me immense pleasure to share with you that we have come up with a report on the technical textile sector,providing a detailed overview of technical textiles landscape at a global and national level.The report provides key insights and interventions required across varied time span to achieve a consistent growth in the technical textiles in India during the Amrit Kaal.I am confident that this report will be useful for the entrepreneurs,industry players and the Government in understanding the current market scenario of technical textiles and will play a pivotal role in shaping the growth of the sector as a manufacturing and export hub.I would like to thank Ministry of Textiles&FICCI for providing KPMG this opportunity to present this dynamic report to industry stakeholders at Technotex 2023.India 2047 Vision and strategic roadmap for technical textiles|07 2023 KPMG Assurance and Consulting Services LLP,an Indian Limited Liability Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.08|India 2047 Vision and strategic roadmap for technical textiles 2023 KPMG Assurance and Consulting Services LLP,an Indian Limited Liability Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.2023 KPMG Assurance and Consulting Services LLP,an Indian Limited Liability Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.08|India 2047 Vision and strategic roadmap for technical textiles 2023 KPMG Assurance and Consulting Services LLP,an Indian Limited Liability Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.India 2047 Vision and strategic roadmap for technical textiles|09 2023 KPMG Assurance and Consulting Services LLP,an Indian Limited Liability Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.2023 KPMG Assurance and Consulting Services LLP,an Indian Limited Liability Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.Table of contents1.Introduction 102.Global scenario 123.India outlook 22 Domestic market 23 Trade ecosystem 25 Skilling and education ecosystem 28 Specialty and high-performance fibres Backbone of technical textiles 29 Growth drivers 304.Government initiatives to augment technical textiles 345.Technical textiles 2047 386.Way forward and recommendations 40India 2047 Vision and strategic roadmap for technical textiles|09 2023 KPMG Assurance and Consulting Services LLP,an Indian Limited Liability Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.10|India 2047 Vision and strategic roadmap for technical textiles 2023 KPMG Assurance and Consulting Services LLP,an Indian Limited Liability Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.2023 KPMG Assurance and Consulting Services LLP,an Indian Limited Liability Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.01Introduction10|India 2047 Vision and strategic roadmap for technical textiles India 2047 Vision and strategic roadmap for technical textiles|11 2023 KPMG Assurance and Consulting Services LLP,an Indian Limited Liability Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.2023 KPMG Assurance and Consulting Services LLP,an Indian Limited Liability Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.Technical textiles are textile products that have technical performance and functionality as their primary focus.The end usage of these products cater to a wide array of sectors including construction,agriculture,aerospace,automotive,healthcare,protective gear,home care,among others.Technical textiles products exhibit enhanced performance over the traditional textiles,the products that largely focus on the aesthetics.Technical textile products are manufactured using natural as well as manmade fibres such as Nomex,Kevlar,Spandex,Twaron,etc.These fibres exhibit enhanced functional properties like higher tenacity,superior insulation,improved thermal resistance,etc.,and are used in varied industries and applications.The market is divided into the following 12 segments based on their application,with the rise in the dominance of technical textiles.12 segments of technical textilesIndutechHometechProtechMobiltechMeditechPacktechSportechClothtechOekotechBuildtechAgrotechGeotechIndustrial brushes,computer printer ribbon,composites,ropes and cordages,coated abrasives,drive belts,conveyor belts,etc.Pillows,mattresses,blinds,mosquito nets,carpet backing cloth,filters,vacuum cleaner consumables,etc.Bullet-proof protective clothing,high visibility clothing,fire retardant products,etc.Seat cover,upholstery,tyre cord fabrics,tufted carpet,insulation felts,seat belts,cabin filters,helmets,etc.Contact lenses,baby diapers,sanitary napkins,surgical sutures,surgical disposables,etc.Wrapping fabric,soft luggage,tea bag filter paper,woven jute sacks,etc.Sports nets,parachutes,artificial grass and turfs,sport composites,hot-air balloons sleeping bags,etc.Interlinings,labels,elastic narrow fabrics,shoe laces,etc.Waste management,environmental protection,recycling.Floor and wall coverings,scaffolding nets,awnings&canopies,etc.Bird protection nets,crop covers,fishing nets,shade nets,mulch mats,etc.Geo-composites,geo-bags,geogrids,geonets.Introduction12|India 2047 Vision and strategic roadmap for technical textiles 2023 KPMG Assurance and Consulting Services LLP,an Indian Limited Liability Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.2023 KPMG Assurance and Consulting Services LLP,an Indian Limited Liability Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.02Global scenario12|India 2047 Vision and strategic roadmap for technical textiles India 2047 Vision and strategic roadmap for technical textiles|13 2023 KPMG Assurance and Consulting Services LLP,an Indian Limited Liability Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.2023 KPMG Assurance and Consulting Services LLP,an Indian Limited Liability Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.Global marketThe global technical textiles market is estimated at USD212 billion in 2022 and is expected to reach USD274 billion by 2027,growing at a CAGR of 5.2 per cent during 2022-27 backed by increasing global demand for technical textiles across industries and expanding base of new applicative products being developed at a rapid rate.Global technical textiles market,by region(USD Bn)North America(in USD Bn)Europe(in USD Bn)202252.059.4CAGR:4.6e.120252027202261.271.3CAGR:5.3y.320252027Asia Pacific(in USD Bn)LAMEA(in USD Bn)202276.891.2CAGR:62.620252027202222.325.0CAGR:3.8.020252027North America:The U.S.,Canada,and Mexico;Europe:UK,Germany,France,Spain,Italy,and rest of Europe;Asia-Pacific:China,Japan,India,Australia,South Korea,and rest of Asia-Pacific;LAMEA:Brazil,Saudi Arabia,South Africa,and rest of LAMEASource:Global technical textiles Market(2020-27)-Allied Market Research;KPMG in India analysis.1.Global technical textiles Market(2020-27)-Allied Market ResearchGlobal scenario114|India 2047 Vision and strategic roadmap for technical textiles 2023 KPMG Assurance and Consulting Services LLP,an Indian Limited Liability Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.2023 KPMG Assurance and Consulting Services LLP,an Indian Limited Liability Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.The Asia-Pacific region is poised to grow fastest and is valued at USD76.8 billion in 2022,and is projected to grow at an impressive rate with CAGR of 6 per cent to reach USD102.6 billion by 2027.This growth is attributed to sectors including healthcare,automotive,construction and industrial development apart from enhanced Government focus and increasing application cognisance towards technical textiles in the region.The technical textiles market is segmented based on the following parameters:MaterialThe market is categorised into natural fibre,synthetic polymer,mineral,regenerated fibre,and others based on raw material used.Currently the market is dominated by synthetics fibre,followed by natural fibres,minerals and others.The natural fibre segment is expected to grow the most with a CAGR of 5.6 per cent in terms of volume during the period 2022-2027.This is attributed to a rise in demand for ecofriendly and sustainable products across industries such as packaging,automotive,healthcare and others.Global technical textiles market,by material,(in 000 kilotons)8.323.34.41.82.51.19.826.55.12.12.91.311.029.05.62.33.21.4202220252027 Natural Fibre Synthetic Fibre Regenerated FibreMineralMetalOthers5.6%4.5%4.9%5.3%5.1%4.6GR(2022-27)Source:Global technical textiles Market(2020-27)-Allied Market Research;KPMG in India analysis.Global technical textiles market,by material(USD Bn)46.9110.923.610.314.06.755.7127.627.512.116.47.662.7140.630.513.618.28.3202220252027 Natural Fibre Synthetic Fibre Regenerated FibreMineralMetalOthers6%4.9%5.3%5.7%5.5%4.5GR(2022-27)Source:Global technical textiles Market(2020-27)-Allied Market Research;KPMG in India analysis.India 2047 Vision and strategic roadmap for technical textiles|15 2023 KPMG Assurance and Consulting Services LLP,an Indian Limited Liability Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.2023 KPMG Assurance and Consulting Services LLP,an Indian Limited Liability Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.ProcessIn terms of processes followed during intermediary stage,technical textiles are divided into woven,knitted,non-woven and others.Woven segment accounted for the highest share of 66.5 per cent,followed by Non-Woven(16.3 per cent),Knitted(11.7 per cent)and others(5.6 per cent)in 2022.Global technical textiles market,by process(USD Bn)202220252027WovenKnittedNon-wovenOthers5.1%5.5%5.8%4.82.224.433.712.0164.628.639.813.8182.331.944.615.2CAGR(2022-27)Source:Global technical textiles Market(2020-27)-Allied Market Research;KPMG in India analysis.2023 KPMG Assurance and Consulting Services LLP,an Indian Limited Liability Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.16|India 2047 Vision and strategic roadmap for technical textiles 2023 KPMG Assurance and Consulting Services LLP,an Indian Limited Liability Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.2023 KPMG Assurance and Consulting Services LLP,an Indian Limited Liability Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.ApplicationOn the basis of application,the technical textiles market is categorised into Mobiltech,Sportech,Indutech,Hometech,Buildtech,Meditech,Clothtech,Agrotech,Packtech,Protech,Geotech and Oekotech.Global technical textile market,by application(USD Bn)MobiltechIndutechSportechBuildtechHometechClothtechMeditechAgrotechProtechPacktechGeotechOekotech202220275.5%4.6%5.7%6%4.1%5.8%5.5%5.5%4.2%4.7%6.4%7.3W.946.245.935.243.532.921.816.315.612.714.812.118.914.215.212.116.512.616.912.93.22.43.92.7CAGR(2022-27)Source:Global technical textiles Market(2020-27)-Allied Market Research;KPMG in India analysis 2023 KPMG Assurance and Consulting Services LLP,an Indian Limited Liability Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.India 2047 Vision and strategic roadmap for technical textiles|17 2023 KPMG Assurance and Consulting Services LLP,an Indian Limited Liability Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.2023 KPMG Assurance and Consulting Services LLP,an Indian Limited Liability Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.The technical textile market for Mobiltech application was valued at USD46.2 billion in 2022 and is projected to reach USD57.9 billion by 2027.This industry is expected to grow due to automobile units catering to a huge established automobile consumer base in Europe,North America and Asia.Key trends and growth drivers The consumer preference towards the strong combination of protective clothing and fashion trend is driving the demand for smart textiles and nanotechnology.More consumers have now started to prefer technical textiles over traditional textiles as it fulfils their demand for flexible,durable,high-quality and high-strength textiles in various areas such as activewear or medical apparel.Owing to such a market trend,various companies are shifting their focus adoption of new engineering technologies,and are increasing consumption of technical textiles.Emerging economies demographic characteristics such as increasing population,rising birth rates and aging population shall continue to boost the demand for hygienic and personal care medical equipment(meditech),as well as buildtech segments.The increasing awareness and preference of nano-fibres and nano-tubes to manufacture lighter and stronger concrete material to make it long lasting in the construction industry,are providing a fillip to nanotechnology with continuous research&advancement in related technical textile materials and its properties.The rapid increase of technical textiles in the applicative areas of modern technology,especially in interconnected biometric garments that helps in data collection from emissions from the respiratory systems,heart,among others,are catalysing the demand for technical textiles globally.The increasing demand for remote patient monitoring(RPM)is expected to make the wearable technology as one of the most important components in the medical smart textile market.The combination of rising demand for newer technologies and global focus on sustainability and circular economy are raising the awareness towards use of Geotech and Oekotech solutions in advanced as well as emerging economies.Also,this has raised the hopes of making technical textiles more feasible and affordable for vast commercial use in the coming years.With the issue of land degradation being faced globally,Geotech products are increasingly being used to control soil erosion on hillsides and embankments.Additionally,rise in infrastructure projects in the developing economies is playing a key factor driving the market growth.18|India 2047 Vision and strategic roadmap for technical textiles 2023 KPMG Assurance and Consulting Services LLP,an Indian Limited Liability Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.2023 KPMG Assurance and Consulting Services LLP,an Indian Limited Liability Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.Global best practicesAt a global level,countries such as USA,Japan,UK,Germany,Israel are positioned as manufacturing hubs for specific segments of technical textiles backed by their strong R&D,technology readiness,among other factors,which has placed them in the list of global success stories.Usage of Geotech in European UnionKey drivers include high technology readiness level and robust R&D and university industry linkage.Usage of Protech in Israel Key drivers include high demand from growing defence sector and technology readiness level 7 and above:Reservoir tsunami protection barrier,Tyrol,Austria Geotech barriers used to deflect avalanches from entering the reservoirRunway rehabilitation at Pula Airport,Croatia Mechanically bonded PP nonwoven with fibre glass yarns used to give strength to runway and increase the lifeKit 300It is a high-end camouflage technology with thermal visual concealment material reduce detectability of soldiers to keep pace with evolving challenges on the battlefieldwith evolving challenges on the battlefieldRepair of a cracked road surface,The Netherlands Asphalt system used to reinforce to avoid cracks in roadsRailway protection,Portugal For safe use of railways along the Tua river,non-woven materials were used to increase long-term filtration and low clogging risks18|India 2047 Vision and strategic roadmap for technical textiles 2023 KPMG Assurance and Consulting Services LLP,an Indian Limited Liability Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.India 2047 Vision and strategic roadmap for technical textiles|19 2023 KPMG Assurance and Consulting Services LLP,an Indian Limited Liability Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.2023 KPMG Assurance and Consulting Services LLP,an Indian Limited Liability Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.Usage of Sportech in USAKey drivers include greater footprint of sports and athletics,and presence of major sports brandsHealth and performance monitoring sports wearIn order to improve performance of athletes,heart sensor strap monitors aerobic and anaerobic thresholds Combat vestDifferent versions of vest have been designed for Israel Defence Forces(IDF)for different rolesIoT Recycling processDefence technology designed in Israel uses the IoT to identify the raw material of fabric to strengthen the recycling processHi-tech all-weather sports wearWaterproof woven laminated wear helps in liquid absorption,thermal comfort,UV protection,provides extreme breathability India 2047 Vision and strategic roadmap for technical textiles|19 2023 KPMG Assurance and Consulting Services LLP,an Indian Limited Liability Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.20|India 2047 Vision and strategic roadmap for technical textiles 2023 KPMG Assurance and Consulting Services LLP,an Indian Limited Liability Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.2023 KPMG Assurance and Consulting Services LLP,an Indian Limited Liability Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.Usage of Agrotech in ItalyKey drivers include sustainability of food systems,value chain and food security.Insect protection netIt offers insect netting as well as enables improvement in microclimate protected environment agriculture Rain protection netThe net protects crops from rain but allows adequate airflow,reduces rain passage by 90 per cent and keeps optimal microclimateThermo reflective screen Screens with the addition of the LD additive for light diffusion,they improve the microclimate and reduce the temperature in the protected area High tech sports uniformHigh tech jacket with heating technology.US athletes in US Winter Olympics,2018 used these jackets20|India 2047 Vision and strategic roadmap for technical textiles 2023 KPMG Assurance and Consulting Services LLP,an Indian Limited Liability Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.India 2047 Vision and strategic roadmap for technical textiles|21 2023 KPMG Assurance and Consulting Services LLP,an Indian Limited Liability Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.2023 KPMG Assurance and Consulting Services LLP,an Indian Limited Liability Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.India 2047 Vision and strategic roadmap for technical textiles|21 2023 KPMG Assurance and Consulting Services LLP,an Indian Limited Liability Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.22|India 2047 Vision and strategic roadmap for technical textiles 2023 KPMG Assurance and Consulting Services LLP,an Indian Limited Liability Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.2023 KPMG Assurance and Consulting Services LLP,an Indian Limited Liability Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.03Indian outlook22|India 2047 Vision and strategic roadmap for technical textiles India 2047 Vision and strategic roadmap for technical textiles|23 2023 KPMG Assurance and Consulting Services LLP,an Indian Limited Liability Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.2023 KPMG Assurance and Consulting Services LLP,an Indian Limited Liability Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.Domestic marketIndian technical textiles market is the fifth largest in the world and stood at USD21.95 billion in 2021-22,with production accounting to USD19.49 billion and imports accounting to USD2.46 billion.In the past five years,Indian technical textiles market has grown at a rate of 8-10 per cent per annum.The Government is endeavouring to accelerate this growth to the level of 15-20 per cent over the next five years.Globally,the penetration/usage level of technical textiles across different sectors is comparatively stronger than in India.The penetration level of technical textiles in India varied from 5-10 per cent across different application areas compared to 30-70 per cent globally in 2021-22.Indian outlook2Growth factorsRising demand from new application areasInnovation and R&DStandards and guidelinesUseful physical properties of technical textilesGovernment regulationsClimate change2.Technical Textiles Industry in India:Opportunities and Challenges Baseline Study 2020;Ministry of Commerce&Industry24|India 2047 Vision and strategic roadmap for technical textiles 2023 KPMG Assurance and Consulting Services LLP,an Indian Limited Liability Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.2023 KPMG Assurance and Consulting Services LLP,an Indian Limited Liability Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.Indigenously manufactured technical textiles are anticipated to serve a sizeable market for various end-use industries with focus on technical properties,innovation,rising demand from a number of industries encompassing almost all areas of manufacturing and infrastructure development.The industry has huge potential for growth,and is expected to grow at a fast pace in the coming years,driven by increasing demand for advanced materials and the growing population.Production of Packtech,Hometech,Indutech and Mobiltech were estimated to be the highest in 2021-22.Technical textiles production in IndiaSegmentProduction 2019-2020 (in INR Cr)Production 2021-2022 E*(in INR Cr)Production 2021-2022 E*Agrotech2,2442,7150.38Buildtech4,1965,2630.73Clothtech7,6808,8651.23Geotech1,9582,8190.39Hometech13,23115,4102.14Indutech11,48914,9312.07Meditech5,8917,6771.07Mobiltech7,6699,7801.36Packtech57,61461,1238.49Protech2,8503,5970.50Sportech7,2268,1191.13Total140,30019.49 2023 KPMG Assurance and Consulting Services LLP,an Indian Limited Liability Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.India 2047 Vision and strategic roadmap for technical textiles|25 2023 KPMG Assurance and Consulting Services LLP,an Indian Limited Liability Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.2023 KPMG Assurance and Consulting Services LLP,an Indian Limited Liability Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.Trade ecosystemIndias trade of technical textile products has been growing strongly and the country has been a net exporter3.Indias exports of technical textile products grew from USD2.21 billion in 2020-21 to USD2.85 billion in 2021-22,registering a growth rate of 28.4 per cent(YoY)whereas imports grew from USD1.7 billion in 2020-21 to USD2.46 billion in 2021-22,registering a growth rate of 44 per cent(YoY).Considering the existing global market dynamics,there exists a huge opportunity for India to emerge as one of the key leaders in world technical textile market.By strengthening research and development in strategic areas of technical textiles,upscaling manufacturing and increasing cost competitiveness,India stands a chance to be at par with advanced countries in the world.S.No.CategoryExports(USD Million)CAGRShare(%)2021-222017-182018-192019-202020-212021-22Short Run(2020-21-2021-22)Medium Run(2017-18-2020-21)1Packtech693.37809.23740.32784.451104.0940.7.39%2Indutech315.71370.54441.74522.72692.6832.5!.7%3Mobiltech208.68234.7212.48187.22261.3139.6%5.8%9Llothtech133.1158.06141.4226.56222.72-1.7.7%8%5Hometech130.55115.56130.9125.64136.88.9%1.2%5%6Meditech90.5594.23111.53119.72154.6129.1.3%5zgrotech71.7485.0485.5989.1893.765.1%6.9%3uildtech6.0411.2814.6117.948.69172.0h.5%2%9Protech28.5647.3645.9739.4849.3825.1.7%2Geotech24.1834.931.3327.5135.0627.4%9.7%1Sportech91.5287.88100.7773.444.02-40.0%-16.7%1Fibre and Filament0.440.761.051.580.81-48.7.5%0%Grand Total1794.442049.542057.692215.362843.9328.4.2%-Exports at a glance3.207 HSN Codes at 8-digit Level26|India 2047 Vision and strategic roadmap for technical textiles 2023 KPMG Assurance and Consulting Services LLP,an Indian Limited Liability Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.2023 KPMG Assurance and Consulting Services LLP,an Indian Limited Liability Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.S.No.CategoryImports(USD Million)CAGRShare(%)2021-222017-182018-192019-202020-212021-22Short Run(2020-21-2021-22)Medium Run(2017-18-2020-21)1Mobiltech631.74693.18576.27501.56806.1860.7%6.33%2Indutech647.32661.85599.44505.41733.0845.0%3.20lothtech261.61276.2270.7214.53281.231.1%1.8%4Hometech364.84342.67331.92196.29257.5631.2%-8.3%5Meditech90.23116.984.23113.46140.4723.8.7%6%6Packtech83.5985.5880.4259.0784.8843.7%0.4%4zgrotech18.6225.830.1836.349.6436.7.8%2%8Protech17.0122.117.9425.8621.77-15.8%6.4%1%9Geotech14.5114.1916.3717.0723.1435.6.4%1Sportech18.218.7813.416.8423.4239.1%6.5%1Buildtech13.0516.8416.7512.9122.2572.3.3%1Fibre and Filament10.4910.598.7912.2616.0430.8.2%1%Grand Total2171.212284.682046.411711.562459.6343.7%3.2%-Import at a glanceSource:Ministry of Commerce and Industry 2023 KPMG Assurance and Consulting Services LLP,an Indian Limited Liability Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.India 2047 Vision and strategic roadmap for technical textiles|27 2023 KPMG Assurance and Consulting Services LLP,an Indian Limited Liability Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.2023 KPMG Assurance and Consulting Services LLP,an Indian Limited Liability Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.Source:ITC Trademap Database#HSDescription of goodsCategoryIndia import (USD Mn)2017-182018-19Share of total technical textile imports in India4297089500Parts and accessories of the motor vehicles of headings 8701 to 8705:Other parts and accessories:Safety airbags with inflater system;parts thereofMobiltech131.97142.85259032090Other Fabrics Impregnated Laminated Plated And Coated With PolyurethaneHometech88.13114.9359039090Other Fabric Plated Laminated Coated Impregnated With Other PlasticsIndutech69.3887.71459031090Other Fabrics Impregnated,Laminated Plated And Coated With PVCHometech53.1672.03559021090Tyre cord fabric Of nylon or other polyamides:OthersMobiltech77.68145.03654022090High Tenacity yarn of nylon or other polyester(others and textured yarns)Mobiltech52.7557.75756039400Non wovens Other:Weighing More Than 150 g/sqmClothtech43.8450.01859021010Tyre Cord Fabric Of High Tenacity Yarn Of Nylon Or Other Polyamides:Impregnated With RubberMobiltech52.9896.48957032090Carpets and other textile floor coverings,tufted,whether or not made up:Of nylon or other polyamides:OtherHometech28.3319.871056039200Non wovens Other:Weighing Between 25 g/sqm And 70 g/sqmClothtech43.8450.011154021990High Tenacity yarn of nylon or other polymer(others)(Less than 840 Denier)Mobiltech52.7557.751253101012Unbleached:Containing 100%By Weight Of Jute:Sacking FabricsPacktech21.5828.83Top 12 Technical textiles import716.39930.2Remaining995.21529.4Total1711.562459.6328|India 2047 Vision and strategic roadmap for technical textiles 2023 KPMG Assurance and Consulting Services LLP,an Indian Limited Liability Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.2023 KPMG Assurance and Consulting Services LLP,an Indian Limited Liability Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.Skilling and education ecosystemDynamics of technical textiles curriculum in India and the worldIndia has several strategic enablers aimed towards attaining leadership position and long-term growth in technical textiles.These key enablers establish India as a leading manufacturing hub and a major destination for investments.Globalisation,technology advancements,regulatory enforcements and the need to meet high performance standards in technical textiles have led to a greater dependence on education,skilling and capability development of the workforce at all levels.ln this regard,the developed countries have already taken a lead and their cutting-edge research,production and innovative applications are driven by a set of highly competent and skilled professionals.Therefore,the need of the hour is to bolster the existing curriculum of textile engineering courses offered by the colleges in the country.Institutions such as IIT-Delhi,IIT-Bombay,Shri Guru Gobind Singhji Institute of Engineering and Technology(SGGSIE&T),Institute of Chemical Technology(ICT),VTU,DKTE,amongst others are running successful textile technology courses and may take advantage of their existing MoUs with foreign institutes for providing training and internships to students.This will enhance their existing knowledge base and provide exposure to global best practices and technology from leading countries in technical textiles.Globally,USA and UK based universities such as University of Texas,NC State University,Arizona State University,The University of Manchester,University of Glasgow,etc.have some of the most comprehensive and refined technical textile engineering courses in the world.The degree courses for Bachelor and Master of Engineering in these universities include curriculum on nonwoven processes and products,advanced non-woven processing,nonwoven characterisation methods,nonwoven product development,bio-based fibres and specialised fabrics,3D technology,etc.Besides other countries such as Germany,Japan,Sweden also have engineering courses with focus on technical textiles.PlaceDegreeModulesCivil EngineeringTextilesIIT DelhiB.Tech122,715Textile Technology:Technical1 Textile CourseM.Tech385,263Fibre Science&Technology and Textile Engineering:Technical Textile CourseNIT,JalandharB.Tech118,865Textile Technology:Technical1 Textile Course&Non-woven Technology2M.Tech162,819Textile Engineering and Management:TechnicalTextile CourseOther IITs and NITsB.Tech/M.Tech-Modules on:Reinforced Earth and Geotech;Overview of Geotech;Applications of Geotech;etc.Courses/programmes of technical textiles in IITs and NITs Source:Data gathered from respective websites of universities/colleges1 Including Filtration Textile,Geotech,Meditech,Protech,Sportech and Recreation textiles,Mobiltech,Protech,Mobiltech&Agrotech for NIT and IIT.2 Nonwoven Technology:application in Medical and Hygiene,Apparel,Household and Hometech,Geotech,additionally for B.Tech NIT.India 2047 Vision and strategic roadmap for technical textiles|29 2023 KPMG Assurance and Consulting Services LLP,an Indian Limited Liability Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.2023 KPMG Assurance and Consulting Services LLP,an Indian Limited Liability Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.Specialty and high-performance fibres Backbone of technical textilesSpecialty and high-performance fibres and composites are the backbone of the technical textiles industry,including polyester high tenacity yarn,carbon fibres and ultra high molecular weight polyethylene(UHMPE).These fibres are known for specific/special functional properties associated with high specific physical properties in at least one of the following chemical resistance,tensile strength,limiting oxygen index and operating temperature.From a design perspective,specialty and high-performance fibres offer more design alternatives for various items.They may be applied in a wide range of industries,including computer and communication applications,biotechnology,and ground and space transportation.High-performance fibres must meet certain requirements in terms of their extreme strength,outstanding high-temperature endurance and distinctive geometrical features,including surface morphology.Major developments in fibre and polymer technologies have led to the development of these criteria.Few of the major specialty and high-performance fibres include aramid fibre,gel-spun polyethylene fibres,carbon fibre,metallic fibres,glass fibre,ceramic fibres,melamin fibre,polyimide fibre,polybenzimidazole fibre,basalt fibre,boron fibre,optical fibre,high-density polyethylene(HDPE),fluoropolymer,chemically and thermally resistant fibres,among others.In India,various R&D initiatives have been undertaken to develop such a strategic and high-specialty product.Under the flagship scheme of Ministry of Textiles National Technical Textiles Mission(NTTM)around 24 R&D projects have been undertaken by various premier research bodies and institutes in India for development of specialty fibres including meta aramid and para aramid fibre/fabric(1),carbon fibre/fabrics and applications(4),glass fibre and application(2),specialty/functional fibre(2),ultrafine nano fibre and non-woven webs(7),ultra high molecular weight polyethylene(UHMWPE)(4),nylon 66(1),high tenacity/super high tenacity polypropylene(1),and ceramic fibre and applications(2),among others.Specialty fibresPolyester high tenacity yarn(HTY)Carbon fibresUltra high molecular-weight polyethylene(UHMPE)Nylon 6 6,6 IDY Tire Cord,MRG,Twines,Auto parts PP Yarn-Geotextiles,Agrotextiles,etc Glass Fibres Composites Insulation Polyester IDY Geogrids,Tire Cords,MRG Coated Viscose HTY Tire Cord,MRG Meta Aramid-Protective gears,Electrical Insulation Fire Resistant Suits Para Aramid Bullet Proof Vests Structural Usage Aerospace Ceramic Fiber Insulation Filtration.Geotextiles Geo-grids Mooring Ropes Tire Cords Automotive Seat Belts Fire Hose Lifting Slings Cargo Straps Conveyor Belts Transmission Belts Aircraft Wings&Aerospace Car Components Windmill Blades Bike Frame Fuel Tank Medical Components Bullet Proof Jackets Engineered Parts Armored Vehicles Parachutes Yarns Sheets RopesFew of the key high-performance fibres and its applications30|India 2047 Vision and strategic roadmap for technical textiles 2023 KPMG Assurance and Consulting Services LLP,an Indian Limited Liability Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.2023 KPMG Assurance and Consulting Services LLP,an Indian Limited Liability Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.Growth driversStandards and quality control ordersMinistry of Textiles in India is working with the Bureau of Indian Standards(BIS)to develop and maintain standards for highly specialised and technologically advanced technical textiles products.Over 500 Indian standards have already been developed by BIS and more than 40 are under development for the improvement of technical textiles product quality and boost the domestic production.The Ministry may roll out Quality Control Orders(QCOs)for 59 technical textile products including 19 products of Geotech,12 products of Protech,22 products of Agrotech and 6 products of Meditech,to protect health of people,animals and plants;ensure environment safety;discourage deceptive trade practices and for the national security purposes.Ministry of Textiles is also considering the periodic issuance of QCOs to ensure the production of standardised material and provide user access to high-quality products.The aim is to continuously develop new standards,review existing standards,harmonise Indian technical textile standards with global standards and enforce mandatory compliance for usage in various application areas.In order to lay the foundations of becoming a developed nation by 2047,India must embrace a culture of quality and integrate it into every aspect of its processes.Mandatory usageInstitutional buying and mandatory usage of technical textiles across different line ministries and departments will play a pivotal role in driving the domestic market.The ministries and departments may review existing standards,codes,guidelines,SoRs,etc.and examine the different areas in which the use of technical textiles could be made mandatory.Such mandatory provisions may accordingly be incorporated in the relevant standards,specifications,codes,guidelines,SoRs,etc.Identification of areas for usage of technical textiles across flagship schemes and programmes of different line ministries and identifying areas for mandating usage of technical textiles products across Government projects.0104Ministry of Agriculture&Farmers WelfareMinistry of Road Transport&HighwaysMinistry of Water ResourcesMinistry of ShippingMinistry of Health&Family WelfareMinistry of RailwaysMinistry of Home Affairs0205070306Agro-based products such as insect net,shade net,vermi-bed,micro irrigation pipe,etc in Mission for Integrated Developed of Horticulture(MIDH)Geotextiles&geogrids in construction of roads under National Investment Pipeline(NIP)Geomembranes,geonets,geobags for water&soil conservation near water bodies under Jal Jeevan MissionGeobags,geotubes and geomembranes at seaports to prevent shoreline erosion under Sagarmala ProgramMeditech products such as adhesive plasters,single use surgical masks,bandage elastic etc.under National Health Mission(NHM)Geogrids,geostrips&geotextiles in construction of railway tracks etc.under National Investment Pipeline(NIP)Bullet proof jackets,protective-wear,high strength composite material etc.in Strategic Sectors such as Defence,Space and Para-military India 2047 Vision and strategic roadmap for technical textiles|31 2023 KPMG Assurance and Consulting Services LLP,an Indian Limited Liability Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.2023 KPMG Assurance and Consulting Services LLP,an Indian Limited Liability Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.Case study:Technical textiles in railwaysTechnical textiles have become an integral part of various industries,including automobiles and transportation.Indian Railways has also begun to utilise technical textiles in various applications to improve its performance and safety of passengers.Technical textiles usage in Indian Railways may further be enhanced as a part of various initiatives under Government of India and Ministry of Railways.Major areas include;AreaRailway body/organisationProspective usage of technical textilesInfrastructure development,railway construction RITES Ltd.IRCONGeotech:Geogrids used for reinforcement/stabilisation and for reducing stress and Geobags for railway tracks.Geocell for railway embankment applications to improve the load support capacity of soft subsoil.Geo-composite drain for construction of new embankment over soft subsoil.Geonets as filters,separators,and facilitators in channelising water through lateral drainage,reinforcement of rail tracks for stress reduction.Prefabricated vertical drains that force water out of the soil matrix,facilitating soil consolidation.Geosynthetic encapsulated column(geotech/geogrid)for railway tracks to increase load carrying capacity and decrease the vertical deformation Geo membrane for tunnel lining to restrict fluid seepage and reinforced geomembrane to protect railway tracks from wear&guard the foundation against seepage.Jute geotech for slope stabilisation of railway embankments and hill slopes along railway track,for riverbank protection and railway track construction.Protech:High visibility warning clothing for workers in railway construction for protection against heat,fire,chemicals,and to provide high visibility for employees working in low-light.Dedicated freight corridor DFCCILDevelopment of railway stations RLDA IRSDC Road over/under bridges/subways KRCLCoaches and wagons Railway production units Railway wagon manufacturing units RITES Ltd.COFMOW BCLComposites:Composite seats,ceiling panels,composite doors,body side panels,floor covering,cab fronts and body ends,etc.in railway coaches.Hometech:Upholstery in the coaches of passenger trains seat covers and berth coversProtech:Fire retardant curtains and blinds in the passenger coach Fire treated bedroll,bedsheet and pillow in the passenger coach Fire Retardant(FR)fabric in the passenger coach.India 2047 Vision and strategic roadmap for technical textiles|31 2023 KPMG Assurance and Consulting Services LLP,an Indian Limited Liability Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.32|India 2047 Vision and strategic roadmap for technical textiles 2023 KPMG Assurance and Consulting Services LLP,an Indian Limited Liability Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.2023 KPMG Assurance and Consulting Services LLP,an Indian Limited Liability Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.AreaRailway body/organisationProspective usage of technical textilesConstruction of multi-functional complexes(MFCs)and railway colony RLDABuildtech:Scaffolding nets,tarpaulins,awnings and tents in construction work Polyester matrix(IS 16481)polyesterProtech:Mosquito repellant nettingTerritorial Army,Railway Protection Force Railway Engineers RegimentsProtech:Bulletproof jackets Rain ponchos Haversacks Mosquito repellant nettingClothtech:UniformsMedical services Indian Railway Medical ServiceMeditech:Meditech dressings/bandages/plasters;absorbent cotton ribbon gauze;surgical gowns,surgical drapes and surgical masks etc.Multi-modal logistics support CONCORComposites:Composite material or carbon fibre for shipping containers Indutech Webbing slings for lifting purpose or handling loads on port.32|India 2047 Vision and strategic roadmap for technical textiles 2023 KPMG Assurance and Consulting Services LLP,an Indian Limited Liability Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.India 2047 Vision and strategic roadmap for technical textiles|33 2023 KPMG Assurance and Consulting Services LLP,an Indian Limited Liability Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.2023 KPMG Assurance and Consulting Services LLP,an Indian Limited Liability Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.India 2047 Vision and strategic roadmap for technical textiles|33 2023 KPMG Assurance and Consulting Services LLP,an Indian Limited Liability Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.34|India 2047 Vision and strategic roadmap for technical textiles 2023 KPMG Assurance and Consulting Services LLP,an Indian Limited Liability Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.2023 KPMG Assurance and Consulting Services LLP,an Indian Limited Liability Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.04Government initiativesto augment technical textiles34|India 2047 Vision and strategic roadmap for technical textiles India 2047 Vision and strategic roadmap for technical textiles|35 2023 KPMG Assurance and Consulting Services LLP,an Indian Limited Liability Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.2023 KPMG Assurance and Consulting Services LLP,an Indian Limited Liability Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.Given the importance of technical textiles across different sectors,the Government undertook various dynamic interventions and initiatives to augment the segment end-to-end.Some of the key interventions undertaken by the Government.Current initiatives of the Government a.National Technical Textiles Mission(NTTM)It is the flagship scheme of the Ministry of Textiles with an outlay of INR1480 crore and launched for the period 2020-21 to 2023-24.The objectives of the scheme are to improve penetration level of technical textiles and upgrade skillsets of the workforce,promote technical textiles usage in various flagship schemes and missions,develop products,indigenous machineries and equipment for technical textiles in order to boost Make in India as well as enable competitiveness of the industry,and position India as the global leader.The scheme is divided into four components,namely:(i)Research,Development&Innovation(INR1000 crore);(ii)Promotion&Market Development(INR50 crore);(iii)Export Promotion(INR10 crore);and(iv)Education,Training and Skill Development(INR400 crore).Key initiatives undertaken under NTTM include:Approved 89 research proposals worth INR265 crore in different application areas of technical textiles including Geotech,Agrotech,Specialty fibres,Protech,Sportech,Sustainable Textiles etc.,as of January 2023.Launched guidelines to support indigenous development of tools,equipment,testing instruments and high-end machinery for technical textiles in India and establish an indigenous platform for domestic design,development and manufacturing.Guidelines to support startups and young scientists in the application areas of technical textiles is being formulated.Mega events and conclaves conducted to promote technical textiles including International Conference on Technical Textiles:Creating the Winning Leap in Technical Textiles on 12 March 2022 with CII,5th National Conclave on Standards for Technical Textiles on 10 June 2022 with FICCI,Technical Textiles Conference:Geotech&Agrotech at Imphal on 23 August 2022 with ICC,National Conclave on Technical Textiles Protech on 16 November 2022 with NITRA&ITTA,and International Conference on Technical Textiles at Chennai on 2526 November 2022 with CII.Development of a Mega Demonstration Centre for Agrotech at Navsari Agricultural University(NAU),Gujarat spanning across 10,000 sq.m.The goal of the centre is to increase the Agrotech product adoption and market demand by demonstrating the application of agrotech in improving productivity and quality of horticulture and floricultural produce.SRTEPC has been assigned the role of the Export Promotion Council for promotion of technical textiles.Launched a two-week pilot skill development training course on geo-synthetics application in collaboration with IIT Madras,IIT Roorkee and IISc Bangalore during 17-28 January 2022.A total of 124 design engineers registered for the pilot skilling programme.Launched General Guidelines for Enabling of Academic Institutes in Technical Textiles-For Private&Public Institutes,covering funding support for enhancement and upgradation of laboratory equipment,training of lab personnel and specialised training of faculty members of the relevant department/specialisation in the university/institute,with respect to the undergraduate(UG)and postgraduate(PG)degree programmes across different areas of engineering.4.Ministry of Textiles,Government of IndiaGovernment initiatives436|India 2047 Vision and strategic roadmap for technical textiles 2023 KPMG Assurance and Consulting Services LLP,an Indian Limited Liability Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.2023 KPMG Assurance and Consulting Services LLP,an Indian Limited Liability Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.Launched General Guidelines for Grant for Internship Support in Technical Textiles(GIST).The implementation of the GIST guideline shall be conducted in two phases,(i)Empanelment of the eligible companies,(ii)Internship Programme,wherein a grant of up to INR20,000 per student(B.Tech students in 2nd/3rd/4th year of the relevant departments/specialisations of eligible private/public institutes)per month shall be provided to the empaneled companies,subject to the maximum period of two months of funding support for internship period.To promote industry usage and broaden application areas of Geotech and to encourage its adoption across various programmes,projects and missions under User Ministries and Departments,in this regard the Honble Minister of Textiles chaired a meeting on 24 March 2022,“Broadening Application areas of Geotech with User Ministries and Manufactures”,with participation from the representatives of line ministries,industry representatives and industry associations.b.Production Linked Incentive(PLI)scheme for textilesIn order to promote domestic production of technical textiles,Production Linked Incentive(PLI)scheme was launched,in addition to MMF fabrics and MMF apparel.Of the 67 applications received,17 applications received exclusively for technical textiles with projected investment of INR6,351 crore and 16 applications received in combination of technical textiles with projected investment INR5,517 crore.d.Quality Control Regulations107 items identified to be brought under regulation to ensure quality:QCOs for 19 Geotech,12 Protech,22 Agrotech and 6 Meditech items are already under issue.48 items of Meditech under CDSCO regulation.c.PM MITRA SchemeTo boost the overall textile industry and value chain,especially MMF and technical textiles,Ministry of Textiles launched PM Mega Integrated Textile Regions and Apparel Parks(MITRA)Scheme with an overall outlay of INR4445 crore over a period of seven years up to 2027-28.Under the scheme,development of integrated large scale and modern industrial infrastructure on overall textile value chain including Spinning,Weaving,Processing,Garmenting,Textile Manufacturing,Processing,and Printing Machinery Industry,is focused.So far,13 proposals have been submitted by different state governments including Maharashtra,Gujarat,Karnataka,Andhra Pradesh,Rajasthan,Odisha,Madhya Pradesh,Telangana,Punjab,Chhattisgarh,Uttar Pradesh,Bihar and Tamil Nadu.India 2047 Vision and strategic roadmap for technical textiles|37 2023 KPMG Assurance and Consulting Services LLP,an Indian Limited Liability Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.2023 KPMG Assurance and Consulting Services LLP,an Indian Limited Liability Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.e.New HSN CodesIn addition to 207 identified technical textiles items in 2019,development of 30 new HSN Codes dedicated to technical textiles products:30 HSN Codes/Tariff Items introduced as per Finance Bill 2022 2 HSN Codes/Tariff Items revised as per Finance Bill 2022 5 HSN Codes as per the Seventh edition of the HSN nomenclature HS-2022 which came in effect on 1 January 2022.f.Standards in technical textilesDevelopment of more than 500 BIS standards for technical textiles.In addition,more than 50 standards are in the process of development.g.Mandatory usage of technical textilesCurrently,119 technical textiles products have been identified for mandatory usage across ten Central ministries/departments to derive the benefits of technical textiles in various fields of applications.So far,notifications for mandatory use have been issued for 68 products by the line ministries.2023 KPMG Assurance and Consulting Services LLP,an Indian Limited Liability Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.38|India 2047 Vision and strategic roadmap for technical textiles 2023 KPMG Assurance and Consulting Services LLP,an Indian Limited Liability Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.2023 KPMG Assurance and Consulting Services LLP,an Indian Limited Liability Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.05Technical textiles 204738|India 2047 Vision and strategic roadmap for technical textiles India 2047 Vision and strategic roadmap for technical textiles|39 2023 KPMG Assurance and Consulting Services LLP,an Indian Limited Liability Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.2023 KPMG Assurance and Consulting Services LLP,an Indian Limited Liability Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.Considering the global market dynamics for technical textiles,there are a plethora of opportunities for India to tap into unexplored export markets and domestic potential.Emphasis needs to be on strengthening R&D in strategic areas,upscaling commercialisation and increasing cost competitiveness,policy support,etc.to position India as a leading and emerging nation for technical textiles,especially in Specialty fibres,Composites,Geotech,Meditech,Agrotech.#Criteria of Indian technical textiles2021-222026203520471Total market size(USD billion)21.95*45*123*309*2Total exports(USD billion)2.85#6*16*50*3Growth rate(CAGR in%)*9%*15%*12%*8%*4Penetration level(%)5-10%*13-20%*25-35%*40-60%*Technical textiles market 2047 at a glance*Estimated;#Actual;*With respect to previous periodNote:Market size is evaluated using pegged growth rates at 15%till 2026-27;12 per cent till 2035-36;&8 per cent till 2047-48Technical textiles 204740|India 2047 Vision and strategic roadmap for technical textiles 2023 KPMG Assurance and Consulting Services LLP,an Indian Limited Liability Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.2023 KPMG Assurance and Consulting Services LLP,an Indian Limited Liability Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.06Way forward and recommendations40|India 2047 Vision and strategic roadmap for technical textiles India 2047 Vision and strategic roadmap for technical textiles|41 2023 KPMG Assurance and Consulting Services LLP,an Indian Limited Liability Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.2023 KPMG Assurance and Consulting Services LLP,an Indian Limited Liability Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.To achieve the technical textiles vision 2047,a slew of collaborative efforts is required across areas including R&D,investment and export promotion,market development and linkage,skilling and education,among others:Thematic pillars driving Indian technical textiles 20472022-47Strengthening R&D and Skilled Workforce in Technical TextilesBuilding world-class Infrastructure and strong value chainProjecting India as a Market for High-Value and High-Growth products through Innovation and InvestmentsPositioning Indian Brands as Global Champions&Preparing Industry to create customer specific productsIndia-Emerging as Global Hub for Technical TextilesTechnical Textiles to be a Thrust Sector for Indias Vision 2047Textiles Knowledge Hub for National Tech Creation and IPR Sharing Robust R&D in Strategic areas High-performance fibres,Machines,etcDemonstration Centers and Kiosks displaying usage of technical textiles applicationSelf-sustaining Indigenous supply chain Reduce Import IndependenceRestructuring Existing Textile Research Associations(TRAs)&COEsGlobal positioning and Branding Technical Textiles India(Similar to Wool Mark)International Collaborations for Curriculum Development,Skilling,and Capacity BuildingHarmonization&Rationalization of Technical Textiles HSN CodeEmphasis on Investment Promotion and JVs in strategic areasAtma-Nirbhar High-Tech and High-Value traded productsPLI-modeled Schemes on regular intervalsGlobally aligned Standards&Regulatory mechanismsSupport to Technical Textiles recycling industry,etc.Institutional buying&Mandatory Usage across Central/State Ministries/DepartmentsCreation of Incubation Centers for supporting StartupsStrategic InterventionInfrastructure InterventionPolicy InterventionWay forward42|India 2047 Vision and strategic roadmap for technical textiles 2023 KPMG Assurance and Consulting Services LLP,an Indian Limited Liability Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.2023 KPMG Assurance and Consulting Services LLP,an Indian Limited Liability Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.In order to achieve consistent growth in technical textiles in India,various measures and interventions are required in the short-term,medium-term and long-term,especially around(1)Policy,infrastructure,technology and investment(2)Labour productivity and quality(3)Research and innovation(4)Sustainability(5)Marketing and brand promotion;(6)Other specific interventions:Short-term actions(2026)Medium-term actions(2035)Long-term actions(2047)Policy,Infrastructure,Technology&Investment PLI-modelled schemes on regular intervals,with special emphasis on technical textile products and value chain Facilitation of PPP modelled Centre of Excellence with focus on designing,market linkages,capacity building,testing centres,research on sustainable materials and technology upgradation support in technical textiles Encouraging user education about implicit benefits of technical textiles through setting up of demonstration centres and awareness drives across industrial centres Promoting joint ventures for creating indigenous machinery manufacturing hub in technical textiles Creation of incubation centres and encouragement of start-ups for entrepreneur development in technical textiles.Establishing world class laboratory infrastructure with focus on technical textiles products in line with international quality standards Setting up regional marketplace across key clusters for enhancing logistical ease and providing ample trade opportunities(for domestic market and exports)Dedicated measures to enhance the access of domestic companies to foreign technologies along with development of advanced indigenous technologies in technical textiles.These may include partnerships between industries and government laboratories,incentives,in the form of tax concessions and subsidies;joint ventures between foreign companies and Indian partners;and judicious development of an intellectual property regime to enable more collaborative innovation.Promoting setting up of large-scale integrated fabric manufacturing units,relevant to technical textiles.Encouraging MSMEs to adopt leasing/renting model,whereby leading international technical textile machinery manufacturers provide select technologies and machinery through financial lease.Development of neo-cluster models-product hub and spoke models with main clusters as hub including various craft product types and micro-clusters as spokes to strengthen the entire ecosystem.This model can be considered at state/regional level to ensure holistic value chain development for technical textiles.Focus on development of dedicated export-oriented industrial clusters in coastal states and domestic industrial clusters in interior and remote areas.India 2047 Vision and strategic roadmap for technical textiles|43 2023 KPMG Assurance and Consulting Services LLP,an Indian Limited Liability Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.2023 KPMG Assurance and Consulting Services LLP,an Indian Limited Liability Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.Short-term actions(2026)Medium-term actions(2035)Long-term actions(2047)Labour Productivity&Quality Making labelling mandatory for all types of textile and apparel manufacturers(technical textiles,etc.),indicating essential information such as fibre composition,quantity in terms of weight,dimensions,care instructions/washing instructions/drying and other instructions,technical properties/specifications viz.counts/CSP,denier/filament/twist,etc.Adopting and popularising international quality management systems and standards e.g.ISO,ASTM,TQM and Six Sigma for Technical Textiles products Dedicated skilling programmes for value chain,with state-specific approach to prevent migration Focus on creating future ready and super skilled workforce in areas including robotics,3D printing,AI etc.,including sub-segments of technical textiles Identification of select districts and involvement of SHGs/non-government organisations(NGOs)by providing them training,especially for Agrotech.Large scale technology adoption and upgradation with focus on high-growth product segments such as specialty fibres,and high-tech segments such as Mobiltech,Protech,Buildtech,Indutech,etc.Initiating Mission Quality for developing quality marks/labels based on conformance to the defined quality standards and Quality Control Orders(QCOs)for technical textiles Creation of technical textiles knowledge hub,centres of excellence for national technology creation and IPR sharing Large-scale capacity building for high wage,highly skilled workforce with tech-enabled interventions Development of state-of-the-art training centres for skilling,upskilling of technical textiles related workforce Development of curriculum and laboratory infrastructure in line with global standards in technical textiles Collaborating with international and National Institutes for Training of Trainers in technical textiles.Focus on creating a national network of testing laboratories near all key clusters having quality and productivity norms for technical textiles value chain Creation of labour market information portal for providing real-time information on vacancies and availability of competent manpower across the value chain.In addition,leveraging the portal for undertaking skill development initiatives as per the changing industry needs.Research&Innovation Restructuring of Textiles Research Associations(TRAs)Identification of testing infrastructure gaps in India Facilitation of academia Cluster level craft-form collaboration for product designers from National Institute of Design(NID),National Institute of Fashion Technology(NIFT),etc.,as a part of curriculum to ensure the artforms are market relevant Laboratory,testing and product development infrastructure,especially for technical textiles,across premier government engineering institutes in India,especially in Tier 2 and 3 cities Setting up technology incubation centres in all key clusters in collaboration with premier institutes and research bodies.Infrastructural and mentoring support to institutions and startups for R&D on affordable products Consistent support for R&D on mission mode for technical textiles.44|India 2047 Vision and strategic roadmap for technical textiles 2023 KPMG Assurance and Consulting Services LLP,an Indian Limited Liability Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.2023 KPMG Assurance and Consulting Services LLP,an Indian Limited Liability Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.Short-term actions(2026)Medium-term actions(2035)Long-term actions(2047)Research&Innovation Future ready technology large-scale technology upgradation Support for technical textiles machinery development with longer gestation period Strengthening research and innovation in circular textiles processing,manufacturing,testing&design and sustainability in textiles materials and processes.Driving design ideation and innovation in collaboration with global institutes Textiles knowledge hub and CoEs for national tech creation and IPR sharing.Sustainability Introducing Harit-Bharat(Greening India)certification in technical textiles industry Green Fund for environmentally sustainable technologies(as part of National Textiles Fund)Establishing national system of recycling-detailing mechanism&SoPs by offering preferential benefits Special support for technical textiles recycling industry and effluent treatment plants Formulating a 10-year roadmap to promote the adoption of green technologies using technical textiles Supporting industry in seeking strategic alliances with global initiatives such as OEKOTECH standard,Fashion for Good,Global Recycling Standard(GRS),Zero Discharge of Hazardous Chemicals(ZDHC),CEO Water Mandate,Canopy Style Initiative(Canopy)and Textile Exchange Preferred Fibre Benchmark.Developing climate resilience technologies and products with support of national institutes,especially replacement of rubber and plastic products with technical textiles.Focus on R&D initiatives,including development of technical textiles through recycled materials,usage of eco-friendly natural fibres,etc.Marketing&Brand Promotion Focus on global positioning and branding Technical Textiles India(similar to Wool Mark)Establishing dedicated retail hub India mart across key global fashion hubs for promoting Indian technical textiles Increasing awareness about Government e-Marketplace(GeM)platform and supporting technical textile MSMEs to get onboarded Conducting and participating in international workshops,events,summits,expos for different sub-segments of technical textiles across India Creating cloud-based platform for digitally mapping supply chain of textiles for facilitating business transactions Supporting enterprises in digital cataloguing,creating digital kiosks and websites for usage of technical textiles Setting up wholesale markets for technical textiles industries at regional level to house textiles products from all the states across the value chain Developing strategy to target emerging markets such as ASEAN(Vietnam,Indonesia),WANA(Egypt,Turkey,Saudi Arabia),Oceania(Australia),CIS(Russia),NEA(South Korea)and LAC(Brazil,Chile,Colombia,Peru)for exports Marketing support for 40-50 global champions for establishing presence in international market Improved penetration through e-commerce,transforming unorganised to organised market infrastructure,with special focus on promoting and leveraging Open Network for Digital Commerce(ONDC)for technical textiles MSMEs Focus on creating a national network of testing laboratories near all key clusters having quality and productivity norms for technical textiles value chain.India 2047 Vision and strategic roadmap for technical textiles|45 2023 KPMG Assurance and Consulting Services LLP,an Indian Limited Liability Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.2023 KPMG Assurance and Consulting Services LLP,an Indian Limited Liability Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.Short-term actions(2026)Medium-term actions(2035)Long-term actions(2047)Marketing&Brand Promotion Connecting with international and regional industry associations and technical textiles associations to invite global companies to invest in India.Creation of demonstration centres and kiosks to display physical and virtual usage of different technical textiles application areas across major cities in India.Creation of labour market information portal for providing real-time information on vacancies and availability of competent manpower across the value chain.In addition,leveraging the portal for undertaking skill development initiatives as per the changing industry needs.Other Specific Interventions Focus on undertaking regulatory reforms for supporting the usage of standardised technical textile products(for instance installation of airbags according to international standards)Rationalisation of HSN Codes dedicated for technical textiles.Also,aligning HSN Codes with national and international standards Promoting promotional videos across national and international forums on usage,benefits,etc.of different application areas of technical textiles Increased industryacademia connect and linkages for development of indigenous technical textiles Leveraging PM Gati Shakti initiative to catalyse industrial development,including identification of new textile clusters for reducing supply chain,boosting demand for technical textiles and logistical cost Coordination with Ministry of MSME and Ministry of Finance for leveraging online available resources to grade the performance of technical textile enterprises and assess credit worthiness.Driving the demand of technical textiles through institutional buying and robust inter-ministerial coordination for wider usage of technical textiles,especially in Ministry of Railways(MoR),Ministry of Road Transport and Highways(MoRTH),Shipping and Waterways(MoPSW),Ministry of Jal Shakti(MoJS),Ministry of Ports,Ministry of Defence(MoD),Ministry of Agriculture and Farmers Welfare(MoAFW),etc.Identifying and highlighting opportunities in various flagship programmes,missions,including the strategic sectors in India.Development of mechanism for comprehensive and proper recording of technical textiles production,investment,etc.database.Harmonising technical textile standards and regulations in line with global best practices Inclusion of dedicated incentives(fiscal/non-fiscal)across states industrial and segment-specific policies Focus on undertaking targeted technical textiles investment promotion catering to critical segments of value chain and attracting investments in textiles parks and clusters Developing a state level textiles rating system covering all technical textiles value chain components to promote healthy competition among states.Leveraging Virtual Reality and other state-of-the-art digital platforms(E.g.:Metaverse)for market promotion and access to new markets.46|India 2047 Vision and strategic roadmap for technical textiles 2023 KPMG Assurance and Consulting Services LLP,an Indian Limited Liability Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.2023 KPMG Assurance and Consulting Services LLP,an Indian Limited Liability Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.AcknowledgmentsAcknowledgement to authors:Goutham Jain Rohit Singh Disha Acharya Kritika BhasinDesign and Compliance:Sameer Hattangadi Shveta Pednekar46|India 2047 Vision and strategic roadmap for technical textiles 2023 KPMG Assurance and Consulting Services LLP,an Indian Limited Liability Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.India 2047 Vision and strategic roadmap for technical textiles|47 2023 KPMG Assurance and Consulting Services LLP,an Indian Limited Liability Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.2023 KPMG Assurance and Consulting Services LLP,an Indian Limited Liability Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.Elias George National Head Government&Public Services(G&PS)E:Mohit Bhasin Partner and Global Co-lead for Economic Growth Practice,G&PS T: 91 95608 81777E: KakkarJoint DirectorT: 91 96542 58258E:KPMG in India contacts:FICCI contacts:The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity.Although we endeavour to provide accurate and timely information,there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future.No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.The views and opinions expressed herein are those of the quoted third parties and do not necessarily represent the views and opinions of KPMG in India.KPMG Assurance and Consulting Services LLP,Lodha Excelus,Apollo Mills Compound,NM Joshi Marg,Mahalaxmi,Mumbai 400 011 Phone: 91 22 3989 6000,Fax: 91 22 3983 6000.2023 KPMG Assurance and Consulting Services LLP,an Indian Limited Liability Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization.This document is meant for e-communications only.(024_THL0223_SP)Follow us on: beyond

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    March 2023Global Insurance Report 2023:Closing the personal P&C protection gapDespite overall growth,personal P&C lines are losing market relevance and facing a growing protection gap,with a clear dichotomy between local winners and losers.Whats next?This report is a collaborative effort by Selma Belghiti,Ana Brito,Kia Javanmardian,Jos Miguel Novo,Sirus Ramezani,and Ashish Srivastava,representing views from McKinseys Insurance Practice.ContentsiiIntroduction 01Personal P&C industry landscape07Challenges facing personal P&C insurance13Road map for personal P&C in 2023 and beyond23Getting startedIntroductionDespite a slowdown during the height of the pandemic,personal property and casualty(P&C)insurance has seen annual growth of 3 percent since 2019.Personal lines still represent more than half of global P&C gross written premiums(GWP),but a growing protection gap in both developed and developing countries indicates that insurers struggle to design products fit for the evolving and emerging risks that modern personal-lines consumers demand.The protection gap has a number of direct and indirect causes.In developed economies,customers personal P&C insurance needs are changing significantly and rapidlyparticularly when it comes to motor insurance,given that connected cars and the sharing economy are transforming pricing models and risk profiles.Extreme weather events are wreaking havoc,with increased flooding,tropical storms,wildfires,and droughts challenging traditional risk assessment and underwriting models in property insurance.Cybersecurity risk is on the rise,and many insurers are struggling to properly quantify risk exposure,adjust terms and conditions,and consequently win the conviction of reinsurance capacity.And e-commerce is becoming indispensable,1 bringing a heightened risk of online fraud and theft.Developing economies populations also remain underinsured,with premiums largely for 1“Becoming indispensable:Moving past e-commerce to NeXT commerce,”McKinsey,November 15,2022.2 McKinsey Global Insurance Pools.3 To read the first two chapters on life insurance and P&C commercial insurance,see“Global Insurance Report 2023:Reimagining life insurance,”McKinsey,November 16,2020;and“Global Insurance Report 2023:Expanding commercial P&Cs market relevance,”McKinsey,February 16,2023.nonmandatory products such as homeowners insurance still representing a small portion of peoples incomemostly driven by limited purchasing power and a lack of awareness about the benefits of personal P&C protection.In Latin America,personal property insurance as a portion of income is just 0.12 percent of GDP,compared with 0.32 percent for Western Europe.2The industry is growing overall,but a more granular assessment shows that locally focused scale largely defines a given personal P&C insurers competitive stance.Regional winners are likely to continue to retain market share,benefiting from the capabilities they employed to achieve their current leadership position and from their investment capacity going forward.More globally,personal P&C insurance will join all industries in contending with inflation in the near term,putting additional pressure on margins.Inflation will also have clear implications for traditional operating modelsspecifically by requiring faster feedback loops between the claims,actuarial,and pricing functions.Insurers must recalibrate their products,distribution,and technical models for a customer base and an employee pool with higher standards than ever.This is the third and final chapter of McKinseys Global Insurance Report 2023.3 iiGlobal Insurance Report 2023:Closing the personal P&C protection gapInsurers must recalibrate their products,distribution,and technical models for a customer base and an employee pool with higher standards than ever.In 2022,the insurance industry surpassed$6.5 trillion in GWP,with P&C representing almost one-third of total revenues.The premium volumes of both the global insurance industry and P&C have recovered from the pandemic(Exhibit 1);however,global insurance profits still have yet to surpass prepandemic levels,and 2022 P&C profits lagged 2019 levels by about 10 percent,suffering from acute inflation.Personal P&C insurance saw an average three-year CAGR of 3 percent from 2019 to 2022,compared with 1 percent during the height of the 1Personal P&C industry landscape1Global Insurance Report 2023:Closing the personal P&C protection gapExhibit 1Web Exhibit of Global insurance gross written premiums(GWP),$billions1 Note:2022 is an estimate.Figures may not sum,because of rounding.12021 average fxed exchange rate used.2Per annum.Source:McKinsey Global Insurance PoolsThe overall industry has been growing,but the growth of personal property and casualty lines has lagged behind that of commercial lines.McKinsey&CompanyGlobal property and casualty(P&C)GWP,$billions1 Global P&C after-tax profts,$billions1 CAGR,201922,%Personal P&CCommercial P&C37LifeP&CHealthCAGR,201922,W2 4.4%p.a.2201920202022E8crease144149132201920202022E2,0191,7861,7439221,0977841,002750993201920202022E5,7655,8256,5661,4622,5591,7431,5652,4751,7861,8002,7482,019 5.0%p.a.2pandemicbetter,but lagging P&C commer cials growth of 7 percent since 2019,fueled by rate increases.4 Personal lines represent more than half of GWP in global P&C,but current growth and profitability headwinds constitute a clear call to change the course and regain relevance in an increasingly complex near future.A closer look at P&C market nuances shows that personal P&C insurance remains a local game and requires insurers to have a strong presence within their specific region.In the United States,the top five insurers earn a disproportionate share of the P&C insurance growth and profitability,claiming 56 percent and 61 percent of five-year 4“Expanding commercial P&Cs market relevance,”February 16,2023.5 Total P&C insurance income in the United States,including underwriting,investments,and income from other sources,net of reinsurance.growth and pretax income,5 respectivelyoutpacing their 2021 market share of 48 percent and thereby signaling an intensifying market concentration.This phenomenon is replicated across most of Europe and AsiaPacific,with the top five insurers claiming as much as 96 percent of the past five years profit,as is the case in Japan(Exhibit 2).Such concentration is less prevalent across Latin America and in the United Kingdom;in the United Kingdom,aggregators play a more relevant role compared with other geographies.In most places,once the next five insurers are accounted for,the remaining insurers have very little left to serve(see sidebar,“Choosing which markets to engage and invest in”).2Global Insurance Report 2023:Closing the personal P&C protection gapExhibit 239365448522958802461335369939096Web Exhibit of Increase in 5-year premium of top 5 insurers,%5-year cumulative pretax income of top 5 insurers,2%Note:Based on average from 2016 to the latest year available(ie,2020 or 2021);for the United Kingdom,data starts in 2017.1Defned as the top 5 insurance carriers by gross direct domestic premiums written(GDDPW)in the latest year.2Defnition varies by country.For Australia,pretax income refers to 2021 pretax income only.Source:AustraliaAustralian Prudential Regulation Authority(APRA);BrazilSusep;CanadaMSA Researcher;Chile,Colombia,MexicoSNL;ChinaChina Insurance Yearbook;FranceMcKinsey Global Insurance Pools;GermanyGerman Insurance Association(GDV),McKinsey Insurance Database Germany;Indiaannual reports;ItalyInfobila;JapanGeneral Insurance Association of Japan,Insurance Statistics;South KoreaFSS Korea;SpainDireccin General de Seguros y Fondos de Pensiones(Directorate-General for Insurance and Pension Funds)(DGSFP);UKA.M.Best,McKinsey Global Insurance Pools;USS&P GlobalAcross most geographies,the top fve property and casualty insurers capture a higher share of growth,income,or both.McKinsey&CompanyTop 5 insurers P&C market share within their country,1%Mexico4047Brazil3752Chile4253Colombia6955France6243Germany4844Spain4251Italy6774United Kingdom1844North AmericaEuropeLatin AmericaAsiaPacifcUnited States5648Canada3145India4042Australia6166South Korea8580China7474Japan108843Global Insurance Report 2023:Closing the personal P&C protection gapChoosing which markets to engage and invest inAs personal property and casualty(P&C)carriers evaluate where to compete,being cognizant of the maturity and sophistica-tion of each potential market will allow company leaders to be intentional about making geographical-footprint decisions and tailoring local strategies.According to our analysis,market maturitydefined by dividing premiums by GDP(that is,insurance penetration)is closely correlated with market sophistication,estimated based on P&C admin ratios (that is,level of operational sophistication),level of competition,and proportion of digital sales.What does this mean for personal P&C insurers prospects in regional markets?1 McKinsey Global Insurance Pools.To start,mature markets are typically economically developed and have lower premium growth compared with less mature markets,whose growth rates benefit from lower baselines of insurance penetration(exhibit).As an example,Latin Americas insurance penetration is below that of developed Asia,Western Europe,and North America,yet the region has sustained above-average GDP growth in some relevant personal linesnamely fire and property and liability.Of course,market maturity comes with product line nuances.For example,in Asia,where overall P&C market maturity is relatively average and motor lines penetration is parallel with global levels,nonmotor lines have yet to gain relevance,with a penetration of personal property pre mi ums in GDP of approximately 0.07 percent(versus 0.30 percent globally).1 By contrast,less sophisticated markets are not as operationally efficient(higher admin ratios),have less market competition,and have lower digital sales.Based on the sophistication of a specific market,the level and scope of investment required to win variesfor example,less sophisti-cated markets could potentially realize a more significant upside from more-tradi-tional technical-excellence initiatives.ExhibitWeb Exhibit of Market assessment11Only includes countries with data on market maturity and market sophistication score.2Includes China,India,Indonesia,Malaysia,Philippines,Thailand,and Vietnam.3Includes Argentina,Brazil,Chile,Colombia,Mexico,and Peru.4Includes Australia,Hong Kong SAR,Japan,Singapore,South Korea,and Taiwan China.5Includes Egypt,Kenya,Morocco,Saudi Arabia,South Africa,Tunisia,Trkiye,and the United Arab Emirates.6Includes Bulgaria,Croatia,Czech Republic,Hungary,Poland,Romania,Russia,Serbia,Slovakia,Slovenia,Ukraine.7Includes Austria,Belgium,Denmark,Finland,France,Germany,Greece,Ireland,Italy,Luxembourg,Netherlands,Norway,Portugal,Spain,Sweden,Switzerland,and the United Kingdom.8Includes Canada and the United States.Source:McKinsey Global Institute;McKinsey Global Insurance PoolsMarket maturity and sophistication are highly correlated.McKinsey&CompanyBubble size=Relative size of property and casualty(P&C)gross direct domestic premiums written(GDDPW)in 2021MarketsophisticationMarketmaturityHighLowLowHighEmerging Asia2DevelopedAsia4LatinAmerica3Middle Eastand Africa5Eastern Europe6Western Europe7NorthAmerica84Global Insurance Report 2023:Closing the personal P&C protection gapAs we explore growth through the lens of product lines,it is clear that personal P&C fortunes are still led by the performance of the motor,fire,and property lines of business.Even taking into account slower overall GDP growth over the past two years,the personal P&C industry still lags behind the GDP growth rate,denoting a declining market relevance that can be seen across most regions and products(Exhibit 3).Structurally,the industry faces pricing pressures driven by high fee transparency and a large number of lower-cost options,including digital attackers.Meanwhile,organic demand for personal P&C insurance products is growing slowly in mature markets,driven largely by price increases rather than new risk-protection products or new customersanother sign of the protection gap that is threatening markets.Exhibit 3Web Exhibit of Global revenues by personal property and casualty(P&C)insurance product and region,2022E,gross direct domestic premiums written(GDDPW),$billions1Note:Figures may not sum,because of rounding.1Average fxed exchange rate used.2Both Canada and the United States are 100%commercial in liability and other P&C.3Includes Canada and the United States.4Includes Austria,Belgium,Denmark,Finland,France,Germany,Greece,Ireland,Italy,Luxembourg,Netherlands,Norway,Portugal,Spain,Sweden,Switzerland,and the United Kingdom.5Includes China,India,Indonesia,Malaysia,Philippines,Thailand,and Vietnam.6Includes Australia,Hong Kong SAR,Japan,Singapore,South Korea,and Taiwan China.7Includes Argentina,Brazil,Chile,Colombia,Mexico,and Peru.8Includes Egypt,Kenya,Morocco,Saudi Arabia,South Africa,Tunisia,Trkiye,and the United Arab Emirates.9Includes Bulgaria,Croatia,Czech Republic,Hungary,Poland,Romania,Russia,Serbia,Slovakia,Slovenia,and Ukraine.Source:McKinsey Global Institute;McKinsey Global Insurance PoolsPersonal insurance carriers are experiencing declining relevance across lines and regions relative to GDP.McKinsey&CompanyMotorFire and propertyLiability2AccidentOther P&C2TotalNorthAmerica3WesternEurope4EmergingAsia5DevelopedAsia6LatinAmerica7Middle Eastand Africa8EasternEurope9Total3020.51.65.01.04.911.63.22.6680161016721271271532.00.40.41.01.67.71.10.4262456215686.92.80.64.07.02.75.71001112620.51.45.52.22.68.78.32.0924324210280.16.18.32.912.42.25.052121115334570.31.24.90.63.110.61.52.21,097263026148147262Diference between premiums and GDP growth(201622)in percentage points(p.p.)N/AN/A 08Growth rates,201622,p.p.:2022 GDDPWX5Global Insurance Report 2023:Closing the personal P&C protection gapIt is clear that personal P&C fortunes are still led by the performance of the motor,fire,and property lines of business.2Challenges facing personal P&C insuranceDespite the segments historically strong performance and resilience after the pandemic,half of P&C insurers are not earning their cost of equity,raising questions about the long-term economic sustainability of their business models.Unsurprisingly,public markets have taken note,with more than half of listed insurance companies trading below book value over the past year.6Among others,we see five main forces driving challenges for the personal P&C insurance industryinflation,new entrants,business model and distribution innovation,mobility disruption,and an explosion of datawhich should also be looked at as opportunities.Margin pressure driven by record-high inflationHistorically,personal P&C carriers have benefited from a stable inflation environment that provided them with a longer lead time when reacting to market changes.That is no longer the case.The rapid rise in inflationa six-percentage-point 6“Creating value,finding focus:Global Insurance Report 2022,”McKinsey,February 15,2022.7Global Insurance Report 2023:Closing the personal P&C protection gapincrease on average inflation across regions worldwide between 2020 and 20227is putting pressure on insurers margins,resulting in contracting or even negative underwriting results across the industry,including for some market-leading insurers.In the United States,the incremental impact of inflation on personal motor and property lines is estimated at$21.8 billion.8 In Germany,P&C costs per claim have largely been in line with the consumer price index for the past 20 years,though there has been a steeper increase in claims costs recently.The adverse effect of inflation has been further compounded by insurers inability to improve their expense ratios.From 2016 to 2021,personal P&C 7“World Economic Outlook database:October 2022,”International Monetary Fund,accessed February 16,2023.8 Kia Javanmardian,Sebastian Kohls,Gavin McPhail,and Fritz Nauck,“Countering inflation:How US P&C insurers can build resilience,”McKinsey,August 25,2022.9 McKinsey 360 Insurance benchmark;McKinsey Global Insurance Pools.carriers saw a 5 percent improvement in their operating expenses.However,this improvement was offset by a 7 percent increase in IT spending during the same time,driven mainly by digitalization efforts and tech system modernization.9 It is safe to say that insurance carriers are being hit from all directions,with increased pressure on both their loss and expense ratios.Some insurance carriers responded to increased margin pressure in 2022 by raising premiums,but this move has not been enough to protect profitability.In several top European markets and in the United States,P&C net combined ratios increased from the first quarter of 2021 to the second quarter of 2022,as did inflation(Exhibit 4).Exhibit 4Web Exhibit of 1-net combined ratio(CoR),1%Note:Figures may not sum,because of rounding.1Country-level nonlife insurance.2Percentage points.Source:European Insurance and Occupational Pensions Authority(EIOPA);OECDInfation hikes have afected insurance carriers productivity.McKinsey&CompanyInfationrate,%SpainItalyFranceQ1 2021 Q2 2022 9 p.p. 6 p.p. 5 p.p.Q1 2021 Q2 2022Q1 2021 Q2 2022156137629 p.p.26 p.p.5 p.p.191715United States 7 p.p.Q1 2021 Q2 2022447 p.p.298Global Insurance Report 2023:Closing the personal P&C protection gapWhile all insurers are feeling the margin pressure,not all are equally positioned to thrive.The limited number of insurance carriers that have done relatively better have stepped up not just in improving their operational performance but also in reducing latency between exposure and detection and response to weeks rather than months.The increased agility across functions(claims,actuarial,pricing,and so on)requires rapid data access and processing to enable the synthesis of multiple trends and loss indicators.Unfortunately,this is not a natural muscle for insurers given that most have historically operated in silos.New entrants capturing the embedded insurance opportunityRetailers,technology companies,and all sorts of industry leaders are emerging as new contenders in traditional personal P&C distribution.These competitors are partnering with insurance carriers or developing in-house insurance solutions,seeking to further monetize their customer access and relationships.For example,retailers are increasingly embedding insurance in the sales processand even postsale servicesof electronics products;some are even building their own insurance or brokerage companies to further expand their insurance business beyond the initial embedded insurance sale.The disruption is particularly relevant in embedded car insurance because OEMs evolve by broadening their service offerings for customers 10 Sylvain Johansson,Andy Luo,Erwann Michel-Kerjan,and Leda Zaharieva,“State of property and casualty insurance 2020,”McKinsey,April 22,2020.and wielding their natural advantages:a network of connected vehicles and a vast trove of data,which can enable OEMs to offer“no quote”products embedded in the car sale.Business model and distribution innovationSome incumbents and insurtechs are driving business model innovation by treating new industry entrants as a business growth opportunity.Indeed,a number of insurtechs around the world are developing tailored value propositions to become the preferred provider for noninsurers seeking to offer insurance(that is,B2B2B propositions).Leaders in this model provide businesses with integrated solutions that can include a range of distribution channels,sales platforms,optimized services,and customer-servicing portals.These solutions also benefit from a quick and effective product development cycle,creating white-labeled products that can be marketed and sold under the partners own brand,supported by the insurers advanced underwriting capabilities and automated claims processes.Simultaneously,ecosystems continue to grow in relevance as a distribution channel,even if broad adoption is still to be proven globally.We estimate that more than 30 percent of global personal lines P&C premiums will be distributed via ecosystems by 2030.10 As such,some players(namely in Asia)are making significant technology investments to offer customers and industries a complete set of functionalities within a digital ecosystem,Retailers,technology companies,and all sorts of industry leaders are emerging as new contenders in traditional personal P&C distribution.9Global Insurance Report 2023:Closing the personal P&C protection gapwhich in turn provides insurers access to granular data that,with the help of AI,can enable greater personalization of product offerings,advice,and pricing.Significant mobility disruptionDespite significant efforts by personal P&C carriers to diversify from motor insurance,it still represents more than 60 percent of the market and is the most relevant line of business for most P&C carriers.Personal P&C carriers are eyeing mobility trends that the McKinsey Center for Future Mobility estimates could affect 25 to 30 percent of motor premium volumes.11“Passenger and commercial vehicle sales in China from 2010 to 2021,”Statista,February 3,2023.12 Brazilian automotive industry yearbook 2022,Brazilian Association of Automotive Vehicle Manufacturers(ANFAVEA),2022.Over the past 20 years,the share of motor insurance has been stable globally,thanks to significant growth in developing Asia,as well as in the Middle East and Africa(Exhibit 5).The growth of Asias economies,particularly China,has contributed to a burgeoning middle class that pushed car sale growth up by a CAGR of 4 percent from 2010 to 2021.11 Meanwhile,Latin America saw the most significant decline,driven by a drop in personal vehicle use in Brazil,as demonstrated by a decline in new-car registrations by a CAGR of 5 percent over the same period.12 In general,personal carriers in developing economies still have an easier road to growth in the third-party liability products Exhibit 5Web Exhibit of Share of motor in total personal P&C,1%Note:Metrics consist of reported and estimated data.1Property and casualty.2Includes China,India,Indonesia,Malaysia,Philippines,Thailand,and Vietnam.3Includes Canada and the United States.4Includes Egypt,Kenya,Morocco,Saudi Arabia,South Africa,Tunisia,Trkiye,and the United Arab Emirates.5Includes Bulgaria,Croatia,Czech Republic,Hungary,Poland,Romania,Russia,Serbia,Slovakia,Slovenia,Ukraine.6Includes Argentina,Brazil,Chile,Colombia,Mexico,and Peru.7Includes Australia,Hong Kong SAR,Japan,Singapore,South Korea,and Taiwan China.8Includes Austria,Belgium,Denmark,Finland,France,Germany,Greece,Ireland,Italy,Luxembourg,Netherlands,Norway,Portugal,Spain,Sweden,Switzerland,and the United Kingdom.Source:McKinsey Global Insurance Pools Motors share of personal property and casualty has been relatively stable globally but varies by regional maturity.McKinsey&Company406080100Emerging Asia2North America3Middle East and Africa4GlobalEastern Europe5Latin America6Developed Asia7Western Europe820002005201020152022E10Global Insurance Report 2023:Closing the personal P&C protection gapthat are compulsory in these markets and also in more complex combinations of casualty and collision(CASCO)insurance,particularly as GDP per capita continues to grow.Mature markets and urban areas face the highest risk of seeing motor insurance lose relevance.For example,in the United States,two-thirds of consumers expect to increase their use of shared mobility over the next two years.In addition,autonomous vehicles have seen an eightfold increase in annual investments since 2017 in the United States.13 Personal P&C carriers will need to reflect on their response,especially in terms of product innovation and competitive pricing,as well as distribution partnershipsall while also contending with new entrants such as OEMs direct-to-consumer strategies.Unprecedented availability of dataData is permeating nearly all aspects of our lives and work.By 2025,smart workflows and seamless interactions among humans and machines will likely be as standard as the 13 Michael Chui,Roger Roberts,and Lareina Yee,“McKinsey Technology Trends Outlook 2022:Future of mobility,”McKinsey,August 24,2022.14 Neil Assur and Kayvaun Rowshankish,“The data-driven enterprise of 2025,”McKinsey,January 28,2022.15“On the brink:Realizing the value of analytics in insurance,”McKinsey,February 22,2023.corporate balance sheet,and most employees will use data to optimize nearly every aspect of their work.14 The industrys embrace of digitalization and shift toward ecosystem distribution will provide new data for insurers to factor into their pricing and underwritingcreating an opportunity for insurers to generate value through improved pricing,more tailored distribution,and improved productivity.For example,a recent McKinsey survey of 59 insurers in Europe,the Middle East,and Africa(EMEA)found that the application of advanced analytics resulted in a 10 to 25 percent increase in the operating profit of the regions top performers in 2021.15Most insurers,despite being businesses built on underwriting and pricing data,are still in the early stages of capturing the full potential of modern analytics and ubiquitous data.The survey of EMEA insurers found that only 19 percent of respondents report having moved beyond proof of concepts and toward core analytical and automated systemsand none consider themselves analytics-driven organizations(Exhibit 6).Exhibit 6Source:QuantumBlack,AI by McKinseyNo surveyed insurers from Europe,the Middle East,and Africa described themselves as analytics-driven organizations.Stages of maturityAnalytics explorersLittle to no advanced data or analytics capability in place Data lakes in place and able to generate insights through basic analytic models Proofs of concept tested and imple-mented with ambition to implement a pipeline of Al use cases at scale Automated Al engines are used for most decisions;core systems are integrated and automated Al is part of the organizations core DNA with enterprise analytics in place Localized or isolated data and analyticsAnalytical aspirationsAutomated analyticsAnalytics-driven organizationOverall%of companies surveyed7Y%0%Web Exhibit of McKinsey&Company11Global Insurance Report 2023:Closing the personal P&C protection gapMost insurers,despite being businesses built on underwriting and pricing data,are still in the early stages of capturing the full potential of modern analytics and ubiquitous data.3Road map for personal P&C in 2023 and beyondGoing forward,insurance carriers can reignite growth by reclaiming their crucial role in society,covering risk where they are most needed,and enlarging the addressable market.The path to doing so will vary:in developing economies,protection gaps tend to be driven by consumers limited purchasing power and a lack of awareness about the benefits of traditional personal P&C products(particularly nonmotor ones);in developed economies,current risk frameworks are lagging the proliferation of new and evolving risks,from cyber and natural catastrophes(NatCats)to shifting mobility habits.13Global Insurance Report 2023:Closing the personal P&C protection gapAs demand for personal P&C insurance grows,insurers are even shying away from addressing the most critical protection needs.Indeed,insurance carriers are crucial to the communities and businesses in regions experiencing more severe climate events,but they are becoming increasingly uninsurable and,in some instances,have required government interventionfor example,in California due to wildfires and storms and in Florida and Texas due to hurricanes.Insurers are already pulling back from the NatCat segment in certain geographies:personal property direct premiums written(DPW)in Florida decreased by 2.0 percentage points from 2007 to 2021 and by 0.5 percentage points in California over the same period.16 To regain relevance and fuel growth,personal P&C carriers need to focus on capturing market tailwindsnamely new or new-product innovationsas well as on addressing four key success factors of distinctive capabilities:perfecting capabilities within specific distribution channels;enabling cross-functional collaboration and faster feedback loops between claims,actuarial and pricing;modernizing claims through advanced analytics and automation;and innovating to address an evolving risk landscape and to fully monetize customer relationships.Perfecting capabilities within specific distribution channelsMany insurers are contending with legacy portfolios that are the result of a series of acquisitions and investment decisions made without a consistent channel,product,or segment focus.Now more than ever,insurers need to be strategic about their distribution models to become customers preferred insurance providers in a specific channel,especially as competitors from other categoriesincluding retailersare encroaching on the customer relationship.When it comes to distribution models,we identified five main archetypes across most markets,spanning both traditional and newer channels as well as newer formats:bancassurance specialists,direct players,ecosystem builders,agent distributors,and white-label specialists(Exhibit 7).Winning within each archetype requires perfecting different capabilities,which in turn demands business focus and,consequently,16 Based on data from S&P Global.17 Finalta Bancassurance Benchmark 2021,July 2020July 2021;n=200 banks from approximately 50 markets.trade-offs;aiming to become an expert of all trades will most likely lead to mediocrity.Bancassurance specialist.There seems to be very little middle ground in bancassurance;companies either thrive or survive.Based on market research in Europe,we estimate that best-in-class players achieve about three times higher penetration in banks customer base than average players.These outperformers adhere to several common characteristics of success,such as tailored and easy-to-sell products and superior customer experience.But a close collaboration and shared ambition between partners(bank and insurer)is likely to be the most relevant characteristicpotentially enabling superior data capabilities,a more effective sales force,and an improved(and shared)investment deployment,as well as offering insurance executives a voice in front of banks top governing bodies.Those with the best performance are rapidly evolving to embrace digital technologies as banks continue to shift to remote channels.Life and P&C digital-insurance sales surpassed 20 percent of total bancassurance sales in 2021.17 Insurers can take advantage of banks higher customer-interaction frequency and the shift to digital channels to personalize engagement with cus-tomers and boost effectiveness.Direct player.Effective direct players focus on building smooth online journeys and providing competitive and transparent pricing,built upon granular risk segmentation to avoid adverse selection.For example,one American insurer has focused on developing the functionality of its website to enable online price comparisons,and its app-induced experience addresses customers needs to define their willingness to pay while also finding the right coverage for them.Players in this archetype differentiate themselves through distinctive marketing and sales capabilities to optimize cost per acquisition.They have highly efficient operations(honed by optimizing online distribution,claims,and servicing processes)that enable them to achieve market-leading expense ratios.The use of telematics is growing in insurance and could play a crucial role in helping direct players design competitive pricing.Long-distance data 14Global Insurance Report 2023:Closing the personal P&C protection gapExhibit 7Web Exhibit of Five winning personal property and casualty distribution archetypes are applicable across global markets.McKinsey&CompanyBancassurance specialistsPrivileged access to distributors and tailored product development,as well as underwriting capabilitiesDirect playersFocus on direct distribution and a view to provide a tailored customer experience and productsEcosystem buildersStrong partnerships to enable ecosystem playAgent distributorsDistinctive across the value chain;strong brand recognition;have an agent network and focus on serviceWhite-label specialistsLarge personal-lines distribution network;strong tech platform with integrated solutions for partnersSales and distributionFocused salesforce with the right incentives and supportScale and acquisi-tion efciency with clear segment targetsPlatform-enabled customer acquisitionAgent-centric strategy with extensive and loyal networkStrong partnership with leading consumer brandsProduct developmentTailored products and bundlesStrong product focus and special-ization(eg,motor)Short time to market for new products for white-labeling by partnersPricing,underwrit-ing,and risk assessment Leveraging banking data;prequotation and one-click salesSuperior technical,commercial,and competitive pricing(eg,advanced-analytics machine learning)Claims management AI and advanced-analytics-optimized claims managementTech support to help agents post-sales servicingAgent and customer experienceSuperior service levelFocus on customer satisfaction score through digital and online distribution and onboardingFrequent customer touchpoints on related servicesFocus on agent experience(eg,clerical tasks or sales support)Empower partners to manage end-to-end insurance journeysOperational excellenceHighly efcient and efective tech-enabled operating modelLeveraging scale and tailored to elevate agent performanceDigital,analytics,and techIntegrated in banks digital assetsDigital and self-servicing modelBig-data approach across whole ecosystemIntegrate with retailers systems(eg,sales channels and customer servicing portals)M&A for scale or distinctive valueProactive identifcation of relevant ecosystem investmentsM&A for market consolidation and new entriesPartnershipsNew partnerships to expand product ofering(eg,car dealers)Focused partnership across prioritized verticalsRequired areas of distinctiveness,by archetype15Global Insurance Report 2023:Closing the personal P&C protection gapcommunication can improve risk assessment and pricing modelsfor example,by providing enough insight to reward accident-free drivers with lower premiums.18 Enabled by tech and analytics,our analysis found that one German players use of telematics has made its pricing more sophisticated,offering customers up to 30 percent cheaper car insurance premiums.However,even if growing,the adoption of telematics has yet to reach a significant scale;in Europe,just 4 percent of registered vehicles have a telematic policy in force.Ecosystem builder.The best-in-class ecosystem builder is adept in capturing rich customer data and migrating customers across diverse services in the ecosystem.One China-based giant insurer invested in a substantial data team focused on mining customer insights.With analytics,the cross-selling and upselling of higher-value products could be targeted at customers with higher sales propensity.Ecosystem players are well positioned to own the customer relationship.To expand the ecosystem,it is key to develop M&A expertise and build partnerships.One way to ensure that M&A activities accrete value is to build a separately governed investment arm focused on promoting ecosystem investments and nurturing tech talents.Partnerships need to be centered on key value chain steps across prioritized verticals.For instance,a major US motor insurer partnered 18 Martin Svegander,“Insurance telematics in Europe and North America,”Berg Insights,2021.with a leading provider of information on auto repair and maintenance to deliver support services to customers during both the initial sale(for example,assistance with loan applications)and throughout ownership(for example,ongoing maintenance).Agent distributor.Strong players in this archetype have an agent-centric distribution strategy,with support systems built with a focus on elevating agent performance.Key use cases of such support include end-to-end funnel tracking and digital tools to ensure high degrees of lead conversion,as well as tech-enabled claims processes to improve customer experience and agent visibility.These players provide outstanding sales support to their agents by removing clerical tasks and sharing effective leads.White-label specialist.White-label specialists typically have an exclusive relationship with leading consumer brands,offering them tailored products and solutions.For example,insurtechs that provide a one-stop-shop,white-label solution for retailers are becoming widespread across geographies;they offer customized products that fit retailers brand and customer needs,as well as data-enabled sales platforms and turnkey servicing solutions.This allows retailers to easily offer own-branded insurance,enriching the customer experience and unlocking a new revenue stream.One way to ensure that M&A activities accrete value is to build a separately governed investment arm focused on promoting ecosystem investments and nurturing tech talents.16Global Insurance Report 2023:Closing the personal P&C protection gapEnabling cross-functional collaboration and faster feedback loopsIn addition to investing in distinctive capabilities within their specific distribution channels,insurance carriers must respond to current market conditions by enabling cross-functional collaboration between and within the product,claims,actuarial,and pricing functions.This is crucial to preserve profitability given the interplay of market conditions,including changing customer needs,expectations of faster product innovation,a changing channel landscape,and evolving claims and inflation trends.Most insurers lack a structured feedback loop across relevant departments to ensure that actions are informed by the most recent activity and external factors.Even if the different areas interact,product,claims,actuarial,and pricing teams often speak different“languages”and,due to most insurers functional structures,have different incentives.This creates silos and makes it easier for functions to be inwardly focused.As such,cross-functional collaboration is not a trivial issue to solve.Leading insurers achieve such collaboration by employing new ways of working;moving away from siloed structures and toward agile squads;providing faster responses through fully connected core functions via digital feedback mechanisms;upskilling teams with new tech and data and analytics profiles;and coordinating communication to adapt to changing trends in the market.As part of a holistic pricing program,one leading European direct insurer set up an agile squad,integrating multiple profiles such as pricing,technology,data,and claims.As a result,the insurer reduced its pricing update turnaround from 18 months to three months;after 18 months,its loss ratio had improved by more than three percentage points.Beyond the direct positive impact on profitability from reshaping current working methods,these insurers also increase the pace at which they can adapt to market changes,which can mitigate the effects of negative economic shocks.A prominent example of the effect of an agile operating model was demonstrated by a leading US carrier in its rapid response to inflation in 2021 and 2022.Partially thanks to quick decision making and 19 Andy Fong,Kristen Ganjani,Elixabete Larrea,and Jos Miguel Novo Snchez,“Claims 2030:A talent strategy for the future of insurance claims,”McKinsey,December 10,2020.20 Deniz Cultu,Kristen Ganjani,Elixabete Larrea,and Michael Mssig,“Claims 2030:Dream or reality?,”McKinsey,May 2,2022.implementation,the carriers average net com-bined ratio increased between the second and third quarters of 2021 by four percentage points,while the US P&C market overall witnessed an average increase of seven percentage points,according to McKinsey analysis.Furthermore,the carrier was able to quickly rebound its margin by the end of 2021 for a positive technical result and kept it relatively stable throughout the first half of 2022.This was not the case for most US insurers:the overall P&C market showed an average net combined ratio of 100 percent in the fourth quarter of 2021 and of more than 100 percent by the second quarter of 2022.Modernizing claims through advanced analytics and automationClaims processing is being disrupted to an extent that was hard to imagine a few years ago.Rapidly rising inflation,coupled with a tight labor market,imposes the need to revisit the claims operating model.Yet amid challenges,the personal P&C industry also has the opportunity to recast its role from an entity that arrives when times are tough to a resource for preventing life-altering experiences through claims prevention.But to do so,insurers must explore the potential of advanced analytics and automation.The technology revolution is reshaping every job in claims organizations.McKinsey research estimates that by 2030,more than half of current claims activities could be replaced by automation19:some existing roles will be eliminated,new digital roles will be created,and people in remaining roles will need to handle new responsibilities and build new skills.Furthermore,new generations of customersmillennials and Gen Zers are necessitating the ubiquity of seamless,omnichannel,and real-time interactions.The most sophisticated insurers use advanced analytics,such as digital cognitive agents,in routine claimswhich is estimated to account for about 60 percent of global claims volume.20 The successful deployment of such advanced-analytics initiatives and the automation of low-value-added tasks can help redirect valuable employee attention to complex interactions that need true empathy to build an improved experience and connection with customers.17Global Insurance Report 2023:Closing the personal P&C protection gapThe advanced-analytics enhancement of claims can also help personal carriers meet customers in a seamless way and mitigate the hassle of overseeing claims processing.For example,a motor insurance customer may receive a steady stream of automated repair-status updates delivered in their preferred channel,or a property customer may visit their insurance companys online claim hub to see photos and videos of their roof repair and communicate directly with emergency mitigation services.Finally,insurers can reduce pressure on margins driven by rising claims costsfor example,on car spare partsby dedicating more attention to claim prevention,powered by telematics capabilities.As examples,sensors in buildings can alert owners and insurers when temperatures get low enough to freeze pipes and can automatically trigger integrated smart thermostats,or smart homes can automatically deploy hurricane shutters based on weather notifications.In doing so,customers and insurers will become partners in loss prevention and build a relationship that goes beyond accidents and negative events.Innovating to address an evolving risk landscape and fully monetize customer relationshipsInsurers are well aware of the benefits of building deep customer relationships that increase insurers average product density per customer.21 Given that neither the industrys risk landscape nor todays customers look anything like they did five years ago,personal P&C carriers will need 21 For more,see“Unlocking the potential of deeper customer-agent-insurer relationships,”McKinsey,November 29,2021.22 For more on the needs of commercial P&C customers,see“Expanding commercial P&Cs market relevance,”February 16,2023.23 The metaverse is expected to generate up to$5 trillion in value by 2030.For more,see Value creation in the metaverse:The real business of the virtual world,McKinsey,June 2022.to accelerate the development of products,improve distribution,and expand partnerships to fully serve modern customers comprehensive needsthus making the most of insurers existing customer base.22To start,the industrys current protection gap is clear evidence that traditional personal P&C products available today are not meeting con-sumers full spectrum of needs.In some cases,customers may not see sufficient value in the available products;in others,insurers are shying away from addressing areas that need protection(for example,NatCat);and sometimes both are true.At a time when insurers are seeking to diversify portfolios into less-volatile lines or to open new pockets of growth beyond the traditional home and motor products,product innovation features as a winwin:a win for a society needing protection and a win for insurers seeking to take full advantage of current customer bases.As such,insurers could leverage booming digital economies and the rapid expansion of the metaverse,23 which will require the development of more-sophisticated digital-crime protection and cybersecurity to grow.Personal P&C carriers can also think about driving more resilience in their property book of business to face NatCat risks,playing a bigger role than just transferring risk,and actually redesigning terms and conditions(for example,limits and deductibles).Product innovation will also be instrumental in achieving environmental,social,and governance(ESG)commitments related to climate change and equalityproviding solutions for areas exposed to natural disasters and addressing the needs of Personal P&C carriers will need to accelerate the development of products,improve distribution,and expand partnerships to fully serve modern customers needs.18Global Insurance Report 2023:Closing the personal P&C protection gapunderserved segments or focusing on prevention.Finally,the boom in the sharing economy can offer the opportunity to add ride-hailing insurance to existing personal motor policies.Innovative products will need to be accompanied by a diversification of the means insurers use to reach customers.Personal P&C carriers can reinforce investments in ecosystems to expand their customer reach as well as the size of the role they play in customers lives.24 They can also facilitate ecosystem partners monetization of their own customer bases with white-label insurance solutions and can serve as a broker partner to other players in segments that are not aligned with their value proposition to provide better risk-adjusted returns without taking any balance sheet risk.Within the US pet insurance segment,for example,our analysis found that eight of the top ten personal-lines insurers rely on pet insurance factory partners to grow and expand in the segment.Addressing the protection gap caused by quasi-uninsurable risks(for example,NatCat)may also involve collaborating with other institutions outside of traditional industry partnerships,such as public entities(that is,publicprivate partnerships).An example could include 24 For more on ecosystems,see Violet Chung,Mikls Dietz,Istvan Rab,and Zac Townsend,“Ecosystem 2.0:Climbing to the next level,”McKinsey Quarterly,September 11,2020;and“Ecosystems and platforms:How insurers can turn vision into reality,”McKinsey,March 12,2020.liaising with the relevant jurisdictions of high-risk areas to raise building code standards to improve communities resilience to climate events.Achieving the scale necessary to competeIn the global personal P&C industry,the data suggest that scale remains a critical competitive factor to further hone capabilities within a specific distribution channel and to spread fixed costs and investments.As an example,leading direct players that have reached scale but remain focused on direct as a core channel(“meaningful scale”)make significant investments in traffic generation(for example,TV ads)thereby creating a large barrier to entry for smaller players that must work with aggregatorsand in developing cutting-edge support tools for price comparison.If they were not to invest meaningfully in their cell,investment capacity would have to be divided between several channels,diluting its value.Additionally,the scale also becomes a critical element to spread fixed costs,gaining a financial-performance edge:more agents(or products)means less fixed costs per agent(or product).This Personal P&C carriers can reinforce investments in ecosystems to expand their customer reach as well as the size of the role they play in customers lives.19Global Insurance Report 2023:Closing the personal P&C protection gapability to wield scale to amortize the investment is pivotal in an industry that strives to achieve high volume by being competitive on price.When looking across geographies,top insurers typically have a loss ratio that is slightly worse than their peers,but all have a better expense ratio,which enables them to be more competitive and protect margins through more efficient,scaled operations(Exhibit 8).25Scale also enables insurers to invest more in talent and the development of capabilities such as digital and analytics.Leading insurers develop programs to recruit and train analytics talent(for example,data scientists and workflow engineers)and enable talent to assimilate their new skills and profiles into the current operating model.Insurance carriers also consider potential changes in frontline roles as new analytical tools are embedded in the processes,and they invest accordingly in capability building and upskilling to drive a better cost structure in the long term.25 In Brazil,the top five players have become more exposed to the motor insurance market compared to the rest(that is,ranging from 53 to 72 percent versus 28 to 47 percent from 2017 to 2021),which have been showing higher expense ratios;in Japan,the top five insurance carriers represent nearly 90 percent of the major lines of business,highly exposing them across linesin particular,fire insurance,which covers damage caused by natural disasters(for example,typhoons,heavy rain,floods,and fires).Beyond organic efforts,M&A can play an important role in building scale.In the past,personal carriers have tended to use M&A to diversify across geographies,even at the risk of entering markets with subscale operations.Given the unassailable importance of local scale,insurers have been rebalancing their portfolios by making bold deci-sions on whether they need to double down on or exit a specific market or segment to achieve scale and obtain efficiencies.For example,AXA sold its operations in Central and Eastern Europe in 2020,and Aviva made similar exits from France,Italy,and Poland in 2021.On the other hand,Generali focused on acquisitions to enhance its position and scale:in its home market,it consolidated its leading position with the acquisition of Cattolica,and in Portugal,it acquired Tranquilidade to become a leading player from a subscale position.Exhibit 8Web Exhibit of Proftability ratios of top 5 personal property and casualty carriers vs rest of the market (average of 201621)Source:BrazilSusep;ChinaChina Insurance Yearbook;ColombiaColombia Insurance Regulator;ItalyInfobila;JapanStatistics of Nonlife Insurance Business in Japan;SpainDireccin General de Seguros y Fondos de Pensiones(Directorate-General for Insurance and Pension Funds)(DGSFP),Inese;USS&P GlobalIn most countries,the expense ratios of the top fve personal property and casualty insurers consistently outperform the rest of the market.McKinsey&CompanyNet combined ratio,%Claims ratio,%Net expense ratio,%Top 5 performance comparisonBetter(lower ratio)Poorer(higher ratio)Top 5Rest ofmarketTop 5Rest ofmarketTop 5Rest ofmarketSpain929468642431Italy899162602831United States9910276742328China9810661603746Japan969563613233Brazil948856493739Colombia1031035857454620Global Insurance Report 2023:Closing the personal P&C protection gapScale enables insurers to invest more in talent and the development of capabilities such as digital and analytics.4Getting startedAs personal P&C carriers further develop and refine their approaches to address current industry trends and define their market position,several key considerations form central they must make.Decide where to playgeographically,by distribution channel,and by business line.Considering the clear importance of local scale to personal P&C market share and growth,many insurers will want to be mindful about investment decisions so that they create meaningful scale in their distribution or product strength.This might entail consolidating their largest domestic market positions in a core channel or even reassessing their readiness to exit the markets and segments without a path for scale.Theyll also need to determine what distinctive business areas they can use as leverage in each market to deepen their competitive advantage.Increase speed and accuracy of insights by reimagining underwriting,pricing,and claims.Rapid change and the need for integrated solutionsfrom embedded distribution to usage-23Global Insurance Report 2023:Closing the personal P&C protection gapbased insurance pricing and claims integrationwill require a new level of collaboration.An effective feedback loop is critical to reacting faster than the competition,as is a plan for overcoming the traditional and well-known roadblocks to boosting organizational collaboration:siloed operating models,lack of data availability,sluggish technology systems,and so forth.Focus on fully serving customers and society.Evolving customer needs and a more complex environment will require reinventing personal P&C value propositions to tackle the next frontier of risks and the new challenges our world is facing(for instance,NatCats,cybersecurity,and digital crime).Too many insurance carriers are doing the exact opposite,allowing their wariness of risk to widen the protection gap.Also,in developing economies,nonmotor-lines penetration in GDP is still lagging that of motor,pushing insurers in those regions to prioritize the diversification of personal lines.Going forward,the leaders in personal P&C will be those that embrace the industrys role in society and ensure coverage is provided where its needed most,both in traditional core personal lines,such as motor and property,and in adjacencies,such as electronic warranties.Determine your ecosystem role.As the global economy increasingly concentrates services and products into ecosystems,traditional distribution channels are being displaced by one-stop-shop solutions built around the customer and their convenience and preferences.Insurers cant afford to sit on the sidelines of these ecosystemsbut they also dont necessarily need to construct an ecosystem or expanded capabilities from scratch.Insurers will need to start by considering what options are available,given existing customer relationships,and by defining the role they want to play:Are they aiming to become the preferred insurance provider of those better positioned to own such customer relationships?What capabilities do they need in any given scenario?All told,personal-lines P&C carriers will continue to face numerous strategic market challenges and considerations in the 2020sand establishing market relevance remains the most effective means of securing stability and growth.There is no right or wrong strategy.In fact,success may be defined more by how adeptly personal P&C carriers can envision their desired end state and adapt along the journey to reach it.Copyright 2023 McKinsey&Company.All rights reserved.Selma Belghiti is a consultant in McKinseys New York office;Ana Brito is a consultant in the Lisbon office;Kia Javanmardian is a senior partner in the Chicago office,where Ashish Srivastava is an associate partner;Jos Miguel Novo is a partner in the Madrid office;and Sirus Ramezani is a senior partner in the Zurich office.The authors wish to thank Erica Andreassi,Rebecca Beckert,Joo Bueno,Varun John Jacob,Priti Joseph,Bernhard Kotanko,Elixabete Larrea,Celine Toh Hsin Li,Cristina Martos,Jrg Muhoff,Fritz Nauck,and Eda Salim for their contributions to this report.24Global Insurance Report 2023:Closing the personal P&C protection gapContactsUmar BagusPartner,JohannesburgUmar_BagusMcKJoo BuenoSenior partner,So PauloJoao_BuenoMcKKia JavanmardianSenior partner,ChicagoKia_JavanmardianMcKBernhard KotankoSenior partner,SingaporeBernhard_KotankoMcKElixabete LarreaPartner,BostonElixabete_Larrea_TamayoMcK Jaime MoralesPartner,MedellinJaime_MoralesMcK Jos Miguel NovoPartner,MadridJose_Miguel_NovoMcKJrg MuhoffSenior partner,BerlinJoerg_MusshoffMcKFritz NauckSenior partner,CarolinasFritz_NauckMcKSirus RamezaniSenior partner,ZurichSirus_RamezaniMcK Angat SandhuPartner,SydneyAngat_SandhuMcKSalomon SpakPartner,LimaSalomon_SpakMcKShannon VarneyPartner,BostonShannon_VarneyMcK25Global Insurance Report 2023:Closing the personal P&C protection gapMcKinsey&CompanyMarch 2023Copyright McKinsey&CompanyCover image:Eskay Lim/EyeEm/Getty Images All interior images Getty ImagesMcK McKinsey McKinsey McKinsey

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    PET MARKETIN EUROPESTATE OF PLAY 2022 PRODUCTION,COLLECTION AND RECYCLINGEUNOMIA I PET MARKET IN EUROPE:STATE OF PLAYPAGE 2GLOSSARY OF TERMSBOPET Bi-axially Orientated PETCITEO French PROCONVERSIO Conversio Market&Strategy GmbHCONAI Consorzio Nazionale Imballaggi(Italian PRO)CPME Committee of PET Manufacturers in EuropeDMT Dimethyl terephthalateDRS Deposit Return SchemeEPBP European PET Bottle PlatformEFSA European Food Safety AuthorityEPR Extended Producer ResponsibilityEPRO European Association of Plastics RecyclingEPS Expanded polystyreneEU27 European Union as of 2021EU27 3 European Union UK,Norway,and SwitzerlandEUCERTPLAST European Certification of Plastics RecyclingEUPC EU-level trade association for European plastics convertersEUROSTAT European Statistical OfficeGPET PET with added glycol,used for 3D printing applicationsICIS Independent Chemical Information ServiceMEG Mono-ethylene glycolMONO-MATERIAL Product comprised of a single materialMULTI-LAYER Product(typically tray or flexible packaging)made with multiple layers of(one or more)material MULTI-MATERIAL Product(typically tray or flexible packaging)made from more than one materialNMWE Natural Mineral Waters EuropePAYT Pay-as-you-throw:charging residents by weight or volume for disposing of residual wastePAGE 3EUNOMIA I PET MARKET IN EUROPE:STATE OF PLAYPEF Polyethylene furanoatePELLET Sized at about 0.2 x 0.2 x 0.2cm,pellets are a standard material used in manufacturing and conversion PET Polyethylene terephthalatePET FLAKE Flake is often used within the PET industry,typically referring to a particle size below 2.5cm.PETCORE EUROPE PET Container Recycling EuropePOM Placed on the marketPP PolypropylenePPWD Packaging and Packaging Waste DirectivePRE Plastics Recyclers EuropePRO Producer Responsibility OrganisationPRIMARY FORMS Raw material input to product manufacturing processes i.e.,pellets and agglomeratesPS PolystyrenePTA Terephthalic acidPTT Pots,tubs,and traysPVC Polyvinyl chlorideRECOVINYL An initiative of the European PVC industry to facilitate PVC waste collection and recyclingrPET Recycled polyethylene terephthalateRPM Recycled plastic materialsRECYCLING The process of taking plastic scrap into rPET SUP Single Use PlasticTRAYS Generally used in this report to describe packaging made predominate-ly of thermoformed PET sheet and will include PTT packages other than traysEUNOMIA I PET MARKET IN EUROPE:STATE OF PLAYPAGE 4TABLE OF CONTENTSGLOSSARY OF TERMS 2ABOUT NATURAL MINERAL WATERS EUROPE 5ABOUT PETCORE EUROPE 5ABOUT PLASTICS RECYCLERS EUROPE 5ABOUT UNESDA SOFT DRINKS EUROPE 51.INTRODUCTION 62.CURRENT STATE OF THE MARKET 7Production and consumption 8Import and Export 10End Markets(Products)12Collection and Sorting 14Recycling 17End Markets(rPET)19PET Net Exports for Recycling 203.KEY CHALLENGES FACING THE RECYCLING MARKET 20Quantity:PET Mass Balance 21Quality:Supply of Collected and Sorted PET 22Quality:Recyclability and rPET Products 234.WHAT IS CHANGING?26Legislation 27Refillable PET Bottles 28Collection:Further Implementation of Deposit Return Schemes 31Sorting 37Recycling 385.WHERE NEXT?39Future State of the Market 39Market Support 42Robust Data Sources 44A Final Note 45ANNEX 46PAGE 5EUNOMIA I PET MARKET IN EUROPE:STATE OF PLAYABOUT NATURAL MINERAL WATERS EUROPENatural Mineral Waters Europe represents almost 550 natural min-eral and spring water producers in Europe,most of them small-and medium sized companies,operating in rural areas.NMWE is dedicated to promoting the unique qualities of natural mineral and spring waters as well as sustaina-ble use of water resources and circular economy.The as-sociation builds on the long heritage and tradition with environment and source protection at heart.By contin-uously encouraging its members to reach even more am-bitious goals,NMWE plays a leading role in paving the way towards healthy,circular and sustainable European food systems,while supporting a green recovery.ABOUT PETCORE EUROPEPETCORE Europe(formerly PETCORE-PET COn-tainer REcycling)is the associa-tion based in Brussels since 1993 representing the complete PET value chain in Europe,from PET manufacture to conversion into packaging,as well as recycling and other related activities.PETCORE Europe is at the forefront of working with all stakeholders to ensure the sustainable growth of PET as a packaging material of choice,while promoting increas-es in post-consumer PET collection and recycling.They produced the first guidelines for PET bottle recycling and have conducted annual surveys on PET recycling since 1997.They liaise with the European institutions about the importance of the PET value chain,especially as PET significantly contributes to the Circular Econo-my.Furthermore,they respond to any concern or issue raised by stakeholders.The membership of the associa-tion is formed by four leading industry sector Europe-an associations,i.e.,CPME,EuPC,Forum PET Europe(the converters)and PRE(the recyclers).There are also a large number of individual companies involved in the PET value chain.ABOUT PLASTICS RECYCLERS EUROPE Plastics Recyclers Europe(PRE)is an organization representing the voice of the European plastics re-cyclers who reprocess plastic waste into high-quality material destined for the production of new articles.Recyclers are important facilitators of the circularity of plastics and the transition towards the circular economy.Plastics recycling in Europe is a rapidly growing sector representing over 3 billion in turnover,8.5 million tonnes of installed recycling capacity,600 companies and over 20.000 employees.PRE is a key stakeholder in the process of formulating,monitoring,and evaluating the EU policies that impact plastics recyclers.It promotes the use of quality plastic recyclates and offers concrete advice on how to devel-op innovative products and packaging with design for recycling.Via its decennial presence in Brussels and an extensive membership,PRE acquired considerable ex-pertise on policy measures to improve the circularity of plastics.ABOUT UNESDA Soft Drinks EuropeEstablished in 1958,UNESDA Soft Drinks Europe is the Brus-sels-based trade association repre-senting the non-alcoholic beverag-es sector.Its membership includes 10 companies and 23 national associations from across Europe.UNESDA members are involved in the produc-tion and/or distribution of a wide variety of non-alco-holic beverages including still drinks,carbonates,fruit drinks,energy drinks,iced teas and sport drinks.UNESDAs policy priorities are Sustainability(e.g.,bev-erage packaging,collection,recycling),Responsibility(e.g.,sugar reduction,school policies,marketing practic-es towards children and labelling)and Competitiveness(e.g.,taxation,market access).EUNOMIA I PET MARKET IN EUROPE:STATE OF PLAYPAGE 6This report,delivered by PRE in partnership with PETCORE Europe,NMWE and UNESDA Soft Drinks Europe,provides the latest data and trends on:The current state of the PET market in Europe;Key changes impacting the market and the resultant challeng-es faced by the supply chain;and What the future PET market will look like.This is the second iteration of this market report,the first was published in 2020.The partners intend to continue to update and re-publish this State of the Market report bi-annually to provide a narrative and assessment of the progress of the PET market in Europe.The report uses best available data sources to present data es-timates.The sources used include production data provided by the Committee of PET Manufacturers in Europe(CPME),PET-CORE Europe,a survey of European Producer Responsibility Organisations(PROs),and the results of the Annual PET Re-cyclers Survey(PRE,2020).Whilst the aim of this report is to provide data on the EU27 3,in some instances we have deviated from this due to data availability.Where this has happened,we have clearly noted changes in scope and have incorporated this into analysis wherever possible.While the reference year for data used in this report is 2020,updated positions on legislation or other new developments(e.g.,DRS implementations)over the past year are also discussed within this report.INTRODUCTIONPAGE 7EUNOMIA I PET MARKET IN EUROPE:STATE OF PLAYFigure 1 illustrates the PET supply chain in the context of a circular economy.The key elements are included within our analysis of the PET market,which can be found in this section1.VIRGIN PET PRODUCTION IN EUROPECONVERTERDEMANDPET PRODUCTS ON THE MARKETrPETPRODUCTIONCOLLECTION&SORTINGEND-OF-LIFEPET PRODUCTSImports of Virgin PET into EuropeExports&Imports ofPET ProductsLong Life Products In UseExports for recyclingExports of rPETImports of rPET into EuropeEnergy fromWaste/Disposal/Lost to environment Sorting LossesRecycling LossesVirgin PET Exports from EuropeFigure 1:PET Lifecycle in the Circular Economy,Source:Eunomia2.CURRENT STATE OF THE MARKETEUNOMIA I PET MARKET IN EUROPE:STATE OF PLAYPAGE 8Net demand for PET in the EU27 UK was estimated at 5.1mt in 2020,of which 3.0mt was supplied from virgin PET production,1.3mt from rPET production,and 0.8mt from imports(note this fig-ure is for net imports).Figure 2 illustrates the production and de-mand of virgin and recycled PET within the EU27 UK(previously the EU28)over the period from 2018 to 2020.This only includes higher viscosity PET(i.e.,PET in primary forms with a viscosity number of 78 ml/g which is used for bottles,trays,and flexible packaging)and therefore excludes demand for polyester fibres.Additionally,rPET quantities are for rPET that is used in ap-plications with a higher viscosity number.Therefore,rPET used in polyester fibres is not included in the report unless it is clearly stated as such.Data was not available for rPET in 2019,so a linear increase has been used as an approximation.PRODUCTION AND CONSUMPTIONFigure 2:Total Demand for PET(Primary Forms and Sheet),2018-2020(EU27 UK)6,005,004,003,002,001,000,00-1,003,042,903,000,731,050,870,300,310,310,100,150,200,100,110,181,081,201,32201820192020PET,milion tonnesvPET production(primary forms)Imports(primary forms)Exports(primary forms)rPET production(high viscosity)Imports(sheets)Exports(sheets)Total demandDue to lack of availability,no data are included for preforms or final packaging formats in Figure 2.Table 1 provides a breakdown of the data with imports and exports for primary form PET and sheets.Source:CPME,Eurostat,Annual PET Recyclers Survey(PRE)TOTAL DEMAND FOR PET APPEARS TO BE STABLE OVER THE PERIOD SINCE THE PREVIOUS ITERATION OF THE REPORT(2018 2020).DATA SUGGESTS A SMALL POTEN-TIAL SHIFT AWAY FROM VIRGIN PRODUCTION AND IMPORTS,AND TOWARDS rPET PRODUCTION.PAGE 9EUNOMIA I PET MARKET IN EUROPE:STATE OF PLAYTable 1:Production and Demand of PET,2018-2020(EU27 UK)Source:CPME,Eurostat,Annual PET Recyclers Survey(PRE)In Table 1,import and export figures for sheet have been split into the two categories for sheet used by Eurostat.This is assuming that:Sheet of thickness 0.35mm is used for thermoform-ing of trays etc;and Sheet of thickness 0.35mm is used for films.Whilst this assumption has been used throughout the re-port,the boundary for thermoforming trays may in fact be less than 0.35mm and is understood to be dependent on the manufacturing process.Therefore,some of what has been classified as film throughout this report may in re-ality be used in thermoforming.Both have been included here as packaging products,but it is important to note the differentiation between the two as the trade balance for each format varies.This has been explored in more detail in Section b.Since 2018,total demand for PET has grown from 4.95mt to 5.12mt,representing an increase of approximately 3.4%.However,from this data alone,and as the demand in 2019 has been estimated at 5.21mt,it does not appear reason-able to conclude that the market is growing.Indeed,it would seem that the market has remained relatively stable over the period discussed.Whilst the overall demand appears consistent,the compo-sition of the sources of PET used to meet this demand has experienced a slight change.Table 2 displays a comparison between the sources used to meet the PET demand in 2018 versus those used in 2020.The table illustrates a small po-tential shift away from virgin production and imports and towards rPET production(for use in applications with a higher viscosity number).However,it should be noted that as this only compares two datasets,it should not be considered a trend.rPET production and end markets are therefore discussed in greater detail in Section f.201820192020IMPORTS(PRIMARY FORMS)(MT)0.731.050.87IMPORTS(SHEETS)0.35 MM(MT)0.250.260.26IMPORTS(SHEETS)0.35 MM(MT)0.050.060.05VPET PRODUCTION(PRIMARY FORM)(MT)3.042.903.00EXPORTS(PRIMARY FORMS)(MT)0.100.150.20EXPORTS(SHEETS)0.35 MM(MT)0.060.060.10EXPORTS(SHEETS)0.35 MM(MT)0.040.040.07rPET PRODUCTION(HIGH VISCOSITY)(MT)1.081.201.3220182020difference(2020-2018)EUROPEAN VIRGIN PRODUCTION61.3X.6%-2.7%NET IMPORTS16.8.7%-1.1%rPET PRODUCTION21.9%.7% 3.8%Table 2:Comparison in Composition of Sources Used to Meet PET Demand,2018 vs.2020EUNOMIA I PET MARKET IN EUROPE:STATE OF PLAYPAGE 10Primary form imports of PET with a viscosity number 78 ml/g(i.e.,high viscosity PET)totalled 667m in 2020 whilst exports totalled 172m suggesting that imports are almost four times higher than exports.Figure 3 displays the value of imports and exports of primary form PET of the relevant viscosity in the EU-27 UK over the period of 2018 to 2020.The import and export tonnages were provided by CPME and used in conjunction with cost per tonne data from Eurostat PRODCOM.The scope within this section is limited to EU-27 UK(i.e.,Norway and Switzerland have not been included).IMPORT AND EXPORT THE EXPORT MARKET VALUE FROM THE EU27 UK IS SMALLER THAN THE IMPORT MARKET.ALMOST FOUR TIMES SMALLER FOR PRIMARY-FORM PET.A LITTLE OVER HALF OF THE VALUE FOR SHEET.THE BOTTLE EXPORT MARKET IS APPROXIMATELY 6%LARGER THAN THE IMPORT MARKET.Figure 3:Value of Imports and Exports of PET in Primary Forms with Viscosity 78 ml/g in the EU27 UK,2018-2020Source:CPME and Eurostat,derivation201820192020Value,million 120010008006004002000-200-400ImportExportNet importPAGE 11EUNOMIA I PET MARKET IN EUROPE:STATE OF PLAYAs demonstrated in the figure,the value of imports of primary form PET with viscosity number 78 ml/g into the EU27 UK has decreased drastically versus 2019 data.In 2019,these imports were valued at approximately 1.1bn whilst exports totalled 161m.Over the timescale considered,the EU27 has consistently been a net importer of PET in primary forms.The EU27s negative trade balance has ranged from 893m in 2019 to 495m in 2020.Additionally,the EU27 has also traditionally been a net importer of PET sheet.Since 2018,the EU27 has consistently imported more sheet with thickness 0.35mm(i.e.,film and some ther-moforms).However,in 2020 exports of sheet with thickness 0.35mm exceeded imports.Whilst marginal,this net export of thick sheet reduces the number of PET trays on the market within the EU27.According to PRODCOM data,the EU27 UKs largest trade partners for imports of primary PET are the Republic of Korea(170m),Turkey(125m),India(125m),and Indonesia(88m),between them contributing more than 61%of total import value.The United Nations(UN)international trade and statistics data-base,Comtrade,shows that since reporting of PET in primary forms was first differentiated by viscosity in 2017,only four of the highest importers of PET have increased the volumes of PET supplied into the EU27 UK Indonesia,China,Egypt,and Swit-zerland and only tonnages from Turkey and Indonesia did not drop in 2020 from 2019 levels3.Almost 70%of PET exported from the EU27 UK is to Ukraine(65m),South Africa(26),Algeria(25m),and Switzerland(18m).In the previous iteration of the report,the top four im-porters of EU27 UK PET were,in order,Switzerland(25m),Ukraine(22m),the USA(14m),and Turkey(12m).Within the EU27 UK,the Netherlands,Germany,Spain,Bel-gium,Latvia,Lithuania,and Slovakia all have positive trade balances(in value terms)in respect of primary PET import ver-sus export.At the time of writing the previous iteration of the report,only four Member States were in this position(Lithua-nia,the Netherlands,Spain,and Belgium).4 Consistent with the findings of the previous report,Italy and France have the largest trade deficits measured by value.THE VALUE OF IMPORTS OF PRIMARY FORM PET WITH VISCOSITY NUMBER 78 ML/G INTO THE EU27 UK HAS DECREASED DRASTICALLY VERSUS 2019 DATA.IN 2019,THESE IMPORTS WERE VALUED AT APPROXIMATELY 1.1BN WHILST EXPORTS TOTALLED 161M.EUNOMIA I PET MARKET IN EUROPE:STATE OF PLAYPAGE 12END MARKETS(PRODUCTS)To obtain a reasonable estimate for the tonnages of bottles,trays,and other PET packaging prod-ucts placed on the market in the EU27 UK in 2020,application splits for both virgin and re-cycled PET were required.An estimation of the demand split of virgin PET(having a viscosi-ty number 78 ml/g)was provided by CPME and an estimation of the rPET application split was provided by PRE.These application splits,alongside the production and import/export data discussed in Sections b and c,infer that an estimated total of 3.6mt of PET bottles and 1.0mt of PET trays were placed on the market in the EU27 UK in 2020.This relates to an almost 6%increase in PET bottles and an 11%increase in PET trays compared to 2018 figures for the EU28 2.If 2020 data were available for the EU27 3,we can assume that this increase would be greater.Figure 4 illustrates an approximate breakdown of PET product applications excluding fibre(polyester)and monofilament.This highlights the significance of the packaging sector in over-all demand for PET.Bottles(beverage)Bottles(non-beverage)TraysFlexible PackagingOtherPACKAGING 97%3%7 %6d%PET PRODUCTSON THE MARKETFigure 4:PET Products on the Market,3.6MT OF PET BOTTLES AND 1.0MT OF PET TRAYS WERE PLACED ON THE EU27 UK MARKET IN 2020.THIS EQUATES TO AN INCREASE IN PRODUCTS PLACED ON THE MARKET OF 6%FOR PET BOTTLES AND 11%FOR PET TRAYS.CONSUMPTION OF ALL PET PACKAGING APPLICATIONS HAS GROWN SINCE 2020.Source:CPME and PRE data,derivationPAGE 13EUNOMIA I PET MARKET IN EUROPE:STATE OF PLAYPACKAGING(97%)The main packaging product uses are:BOTTLES(70%):The largest use of PET is for bot-tles,and within that,drink/beverage bottles.Often,PET bottles are transparent,but opaque PET is used more extensively in some regions(e.g.,milk packag-ing in France).There is a lack of reported data on the split between PET beverage and non-beverage bottles.However,based on a prior PETCORE Europe study by PCI,it is estimated that up to 8%of PET bottles are used for other food applications(for example,sauces)and cosmetic/hygiene products.5 TRAYS(20%):PET in the form of sheet is used for other food packaging,primarily in blisters or thermo-formed/thermoset food trays.Fully crystalline PET(treated so that polymer chains are parallel and closely packed)is opaque and can be used for oven-ready and microwaveable trays.Based on demand data for PET sheet,it is estimated that the amount of PET trays be-ing placed on the market is approximately 1.0mt per annum.6 FLEXIBLE PACKAGING(7%):A smaller amount of PET film/sheet is utilised for flexible film packaging,either as a mono-material or as a barrier layer in mul-ti-material packaging.As a barrier,PET is combined with layers of other materials,such as PE,PP and/or aluminium.It is estimated that around 355kt of PET is used as flexible packaging annually.Figure 5:Changes in Placed on the Market Tonnages per Application,2018 versus 2020OTHER PRODUCT SECTORS(UP TO 3%)Outside of packaging applications,PET is also used for photographic films,X-rays,and electrical insulation.Occasionally,PET is also used to manufacture moulded components in the automotive industry.PET FIBRE AND MONOFILAMENTAPPLICATIONSExcept as an important end market for rPET,monofila-ment and fibre products have not been included within the considered applications in this report.PET can be used in monofilament or fibre form for strapping and extensively for fibre(as polyester)in woven,knitted,and non-woven textiles.MARKET TRENDS OVER TIMEThe tonnage of PET placed on the market has been shaped in the past decade by substantial growth in the consumption of both PET bottles(beverage and non-beverage)and PET trays.However,this increase in consumption has been partly offset by beverage bottle lightweighting,which is an increasingly common prac-tice for manufacturers looking to address environmental concern whilst reducing unit cost.Regardless,the consumption of PET for packaging con-tinues to grow.Figure 5 displays the consumption of each of the major PET applications considered within this report in 2018 and 2020.Placed on the Market(kt)350030002500200015001000500031392649003001853551311017323329520182020Bottles(beverage)Bottles(non-beverage)TraysFlexiblepackagingOtherEUNOMIA I PET MARKET IN EUROPE:STATE OF PLAYPAGE 14COLLECTION AND SORTINGAs the majority of PET products are single use and are quickly disposed of,it can be assumed that most products placed on the market within a year will become available for collection within the same timeframe.Therefore,based on the market data presented in the sections above,it is es-timated that 4.6mt of rigid packaging material reached the end of its useful life in 2020,and was therefore available for collection across the EU27 UK.The large majority of this was PET bottles(3.6mt),with the remainder PET trays(1.0mt).PET BOTTLE COLLECTION&SORTINGIn 2020,2.2mt of PET bottle bales were sorted for recycling.This roughly equates to a sorted for recycling rate of 61%for PET bottles in Europe.We would like to note that this does not account for any trays present in bottle bales that may be wrongfully included within PET bottle sorted for recycling tonnages.However,we expect this figure to be low and for the effects on the overall bottle recycling rate to be small.According to the Annual PET Recyclers Sur-vey(PRE,2020),this included the following proportions of bottle colours;clear and light blue bottles represented the majority of bottles(over 72%),whilst mixed coloured and opaque bottles accounted for approximately 27%and 1%re-spectively.We expect that this is likely an underestimation of the total clear and light blue bottles,as some countries do not have colour sorting for PET.PET TRAY COLLECTION&SORTINGSome,but not all,Member States collect PET trays for recycling.Where PET trays are included within collec-tion systems,they are predominantly collected with oth-er plastic of mixed light packaging.In some cases,some of the tray content is then sorted into PET bottle bales.However,the PET used to manufacture trays has a differ-ent structure to that which is used to manufacture bot-tles.Tray PET has a lower intrinsic viscosity than bottle which means it is significantly more brittle.As a result,it produces more fines throughout the recycling processes,causing losses.Therefore,when PET trays are included within bottle recycling,the resulting recyclate is lower quality and the yield is less with the trays essentially act-ing as a contaminant.In order to prevent loss of quality,trays should be sorted from PET bottles for separate recycling and,ideally,into two separate streams mono-material clear trays and multi-material clear trays.A third stream for coloured trays should be taken into consideration where possible.Capacity for separated PET tray recycling lines appears to have increased in the past few years.It is estimated that the tray recycling capacity will reach around 100ktpa of PET trays in the next 2 to 3 years which is 10%of trays placed on the market and little less than half of trays currently collected.Most of this capacity is orientated to AN ESTIMATED 4.6MT OF PET RIGID PACKAGING ENDED ITS PRODUCT LIFE AND WAS AVAILABLE FOR COLLECTION IN 2020.OF THIS,APPROXIMATELY 49%(61%OF BOTTLES AND 21%OF TRAYS)WAS COLLECTED AND SORTED FOR RECYCLING ACROSS EUROPE.COLLECTION AND SORTING RATES FOR BEVERAGE BOTTLES WILL NEED TO INCREASE FOR MANY MEMBER STATES IN ORDER TO MEET THE SUP TARGETS.COLLECTION AND SORTING RATES FOR TRAYS AND FLEXIBLE PACKAGING WILL NEED TO INCREASE IN MANY MEMBER STATES FOR IT TO BE LIKELY THAT THOSE PACKAGES WILL BE CONSIDERED RE-CYCLABLE.PAGE 15EUNOMIA I PET MARKET IN EUROPE:STATE OF PLAYrecycling clear and mono-material clear trays.Recycling capacities for multi material and coloured trays are in de-velopment and remain small at present.In 2020,approximately 208kt of PET trays were separately sorted for recycling.Of this,roughly 46%was clear mon-olayer trays,47%was clear multilayer,and 7%was black or coloured PET trays.As approximately 1.0mt of PET trays were available for collection,the sorted for recycling rate of PET trays in 2020 is estimated to be approximately 21%.Note that as the data was unavailable,this does not include values for the tonnage of trays present within PET bottle or other mixed plastic bales.COLLECTION SYSTEMSBased on the above analysis of bottle and tray collec-tion and sorting,we estimate that 49%of total PET rigid packaging arisings were collected and sorted for recy-cling across the EU27 3 in 2020.We have been unable to provide an estimate of sorted for recycling rates for each Member State in 2020,as available data was insuffi-cient.However,in Section 4c we have explored the status of DRS in each Member State and have interrogated five case study countries in greater detail.It is worth noting that these schemes are for beverage PET bottles and do not,therefore,include PET bottles for other applications(such as detergents or personal care products).Greater transparency of reporting is required to improve confi-dence in collection and sorting.In general,countries with DRS systems in place achieve higher sorted for recycling rates for in-scope products(i.e.,certain beverage bottles).Nine of ten countries with established DRS,in Europe,have achieved sorted for re-cycling rates of 83%or higher.The tenth,the Netherlands,has a collection rate of 65%but this rate is for a scheme with just partial coverage as only bottles with volumes greater than 0.5l are included.The Netherlands extend-ed this scheme to include smaller bottles in July 2021 and so it is expected that this rate will soon increase.As DRS in these countries only includes beverage bottles the resulting grade of PET bottle bales only includes food contact mate-rials therefore,the collected packaging waste is of sufficient quality to meet the European Food Safety Authoritys(EFSA)requirement for less than 5%non-food-contact PET within food-contact rPET.In addition,collecting bottles separately to trays(e.g.,through DRS)ensures that the quality of bottle grade rPET is not impacted by the presence of tray materials.Household collections,either via door-to-door collection or through the use of bring sites,often include PET packaging.These systems result in varied performance it is currently estimated that the worst performers result in sorted for re-cycling rates of 22%while the best reach rates of 75%.This is with the exception of Belgium,who reports a sorted for recycling rate of 92spite not having a DRS scheme in place.Figure 6 shows the range of performance recorded for different collection schemes in Europe.Member States vary as to which colour fractions PET is sort-ed into.This is illustrated in Figure 7.Where mixed colour fractions contain large amounts of clear and blue PET,they may be further colour sorted.EUNOMIA I PET MARKET IN EUROPE:STATE OF PLAYPAGE 1696ePu%0 0Pp0%DRSOTHER Sorted for Recycling Rate2554%2%2%9%99!#H3bx%3b%4IH%5%33%5g$(%5#0%2%9%5%50%7#%3D%35!$%5%5%OverallItalySpain0 0Pp0%GermanyNetherlandsHungarySwitzerlandRomaniaAustriaFrancePolandIrelandPercentage of sorted PET bottles and traysBottle:ClearBottle:Mixed ColouredTray:Multimaterial ClearBottle:Clear/BlueBottle:OpaqueBottle:Light BlueBottle:Monolayer ClearTray:Black&Colours1%1%Figure 6:Sorted for Recycling Rate for Collection Schemes in EuropeFigure 7:Proportions of Sorted Colours of PET Bottles and Trays in Countries with Available Data 2020Source:PRE,PETCORE Europe,and NMWE(previously EFBW)9Source:Annual PET Recyclers Survey(PRE,2020)PAGE 17EUNOMIA I PET MARKET IN EUROPE:STATE OF PLAYFigure 8:PET Recycling Capacity by Country(EU27 3)Source:Annual PET Recyclers Survey(PRE,2020)RECYCLINGPRE data shows that around 2.4mt of PET was recycled within the EU27 3 in 2020.Of this 2.4mt,following wash and flake processes,ap-proximately 632kt was then processed further and pelletised via extrusion.Germany(21%),Spain(16%),Italy(12%),France(11%),and the UK&Ireland(11%)account for 71%of PET washing capacity in the EU27 3(see Figure 8).The EU27 3 has approximately 2.8mt of total input capacity for PET washing.According to respondents to the Annual PET Recyclers Sur-vey(PRE,2020),in 2020 the average utilisation of wash and flake plant capacity was estimated to be 87%,processing over 2.4mt of input and generating more than 1.7mt of flake output.This includes rPET destined for applications with a viscosity number 78 ml/g,i.e.,for ap-plications outside of packaging(for example,fibres).Following washing,some PET flake is sent for further recycling by extrusion into pellets.IN 2020,APPROXIMATELY 2.4MT OF PET WAS RECYCLED WITHIN THE EU27 3.OF THE 2.4MT INPUT INTO RECYCLING FACILITIES,1.7MT OF FLAKE WAS PRODUCED.OF THE 632KT INPUT INTO EXTRUSION FACILITIES,606KT OF PELLET WAS PRODUCED.THE AVERAGE CAPACITY UTILISATION OF PET WASH AND EXTRUSION FACILITIES WERE 87%AND 86%RE-SPECTIVELY.AN IMPROVEMENT IN DATA AVAILABILITY HAS IN-CREASED REPORTED TONNAGES FOR ALL MEASURED FACTORS RELATED TO RECYCLING.GermanySpainFranceItalyUK and IrelandCentral EuropeSouthern Europe and Southeastern EuropeBeneluxPolandBaltics&ScandinaviaHungary21%7%6%6%4%4%2%PET RECYCLING CAPACITY BY COUNTRY(EU27 3)EUNOMIA I PET MARKET IN EUROPE:STATE OF PLAYPAGE 18Following washing,some PET flake is sent for further re-cycling by extrusion into pellets.Total input capacity for PET extrusion is estimated to be approximately 736kt in the EU27 3According to respondents to the Annual PET Recyclers Survey(PRE),in 2020 the average utilisation of extrusion capacity was estimated to be 86%,resulting in approximately 632kt of pellet output.When compared with the previous iteration of the report,an improvement on the data available for recycling capaci-ty and production has resulted in increases in all measured factors.This can be clearly seen in Figure 9 where overall capacity has increased by 21%in two years.Given the greater level of data granularity available for 2020,alongside the total rPET production,Figure 9 includes the split between rPET produced and destined for low viscosity applications,and that which is destined for high viscosity applications.Figure 9:PET Recycling Capacity,Input and Output,2018 versus 2020Source:Annual PRE Recyclers Survey(PRE,2020)2 161 2 804 1 819 2 22953208 1 083 1 31826438520182020Recycling Capacity,ktpaRecycler CapacityInput to Recycler(Bottle Bales)Input to Recycler(Trays)Output rPET(high viscosity)Output rPET(low viscosity)300025002000150010005000PAGE 19EUNOMIA I PET MARKET IN EUROPE:STATE OF PLAYEND MARKETS(rPET)PRE received end market data from members covering 906kt of recycled material.This figure represents 52%of the total market.This,alongside industry expertise,was used to identify estimates for the split of rPET applications.The resulting split can be seen in Figure 10.Here,rPET destined for both high and low viscosity applications have been included.This data,when used in conjunction with other information laid out earlier in the report,can be used to calculate an estimate of recycled content in European bottle and tray production.The results can be seen in Table 3.THE PRIMARY END MARKET FOR rPET IS PACKAG-ING.THE LARGEST SINGLE APPLICATION FOR rPET IN PACKAGING IN 2020 WAS TRAYS AND SHEETS(32%)FOLLOWED BY FOOD CONTACT BOTTLES(29%).THE ESTIMATED INFERRED RECYCLED CONTENT IN PET BOTTLES IN 2020 WAS 17%.THE ESTIMATED INFERRED RECYCLED CONTENT IN PET THERMOFORMS AND TRAYS IN 2020 WAS 52%.Figure 10:End Markets for rPET(EU27 UK)in 2020 Based on Input from Industry Experts323$%8%1%2%0 0Pp0%All applicationsFood contactBlow-mouldingSheetFibreStrappingInjection mouldingOtherrPET to Product Applications 2020,ktEU27 UK Production,2020,ktEstimate of Recycled Content in 2020Blow-moulding(food contact)5143.61817%Blow-moulding(other)92SHEET529101752%STRAPPING125Injection moulding19Other39Fibres385TOTAL1.703Source:PRE expertiseTable 3:Approximate use of rPET(EU27 UK)Compared to Total Primary PET Production in 2020EUNOMIA I PET MARKET IN EUROPE:STATE OF PLAYPAGE 20PET NET EXPORTS FOR RECYCLINGData on exports of PET sorted for recycling remain unavailable as Eurostat does not report PET exports separately to”other plastics”.Currently,plastic exports include any scrap not recorded as PE,PP,PS,or PVC and may include mixed plastic bales.The best estimate is likely to come from comparing quantities of PET sorted for recycling with input tonnages to EU facilities.With the data available in this study,this provides an estimate of 67kt of PET(inclusive of non-PET material and moisture within bales)exported for recycling in 2020.This is a decrease of approximately 133kt versus 2018 estimates.In the following section,the key challenges facing the PET recycling market in Europe have been explored.It takes the data from the previous section and looks at the PET mass balance across the supply chain,the recyclability of products,and the resulting impacts on the sorting and recycling industry.3.KEY CHALLENGES FACING THE RECYCLING MARKET DEMAND FOR FOOD GRADE rPET FOR BOTTLE PRO-DUCTION EXCEEDS SUPPLY AND THERE WILL NEED TO BE AN EXPANSION IN BOTH RECYCLING CAPACITY OF THIS GRADE AND SUPPLY OF SORTED BOTTLES OF SUFFICIENT QUALITY TO FEED THIS CAPACITY.TRAY RECYCLING CAPACITY WILL NEED TO SUBSTAN-TIALLY EXPAND FOR THIS APPLICATION GROUP TO BE CONSIDERED RECYCLABLE.THE QUALITY OF THE SUPPLY OF COLLECTED PET VAR-IES SIGNIFICANTLY BETWEEN AND AMONG MEMBER STATES.FACTORS CONTRIBUTING TO DIFFERENCES IN-CLUDE COLLECTION METHODS,BALE QUALITY,AND APPROACH TO MIXED PET WASTE.FURTHER IMPROVEMENTS IN DESIGN FOR RECYCLA-BILITY PRACTICES ARE LIKELY TO BE NEEDED TO FA-CILITATE MORE rPET BEING USED WITHIN ITS OWN AP-PLICATION CYCLE.PAGE 21EUNOMIA I PET MARKET IN EUROPE:STATE OF PLAYFigure 11 shows the current mass balance of PET across the EU27 3.The stages are shown across the horizontal axis,with coloured blocks indicating the flows in or out at each stage.The major source of PET leakage from the recycling chain occurs in the initial stages of collection and sorting.When PET is collected for recycling,it is subsequently sorted and recycled to a high degree,with the vast majority recycled in the EU27 3.These factors all contribute to a product stream that is capable of leading to high quality bales that can be more readily sorted and recycled into rPET.For PET trays,collection and sorting rates are much lower.As such,there are far fewer recycling lines for trays.While there is still progress to be made with regards to collection and sorting of PET across the EU,the major challenge for fully bridging the gap in terms of mass balance,remains in the ability for collection and sorting systems to capture PET packaging and sort them into separated streams for recycling.QUANTITY:PET MASS BALANCEFigure 11:Overall PET Mass Balance for the EU27 3 in 2020 10 Source:Eunomia 11Other bottlesTraysTraysExportsNet imports(sheets)FlexiblesOther PETProductionPlaced on theMarketSorted forRecyclingrPETOut of the loop into lower viscosity PET applicationsPET,kt6000500040003000200010000Back into high viscosity PET applicationsHigh viscosityrPET Primary productionNet imports(high viscosity primary PET)High viscosityrPET Low viscosityrPET Bottles(food contact)BottlesTraysEUNOMIA I PET MARKET IN EUROPE:STATE OF PLAYPAGE 22The quality of the supply of collected and sorted PET is impacted by several factors throughout the waste management system.Several of the key factors have been interrogated in the following sections.DIFFERENCES IN COLLECTION SYSTEMSCurrently,collection systems across the EU are not harmonised.Collection varies between DRS schemes(for beverages),door-to-door collection,and bring sites.Furthermore,the waste formats collected for recycling by Member States,and the combinations they are collected in,differ.This variation in collection system design,coupled with differing collection rates and performance,results in collected waste streams that are varied from the outset.VARIATION IN BALE QUALITYMaterial derived from door-to-door and bring collections often result in reduced bale quality.Higher levels of paper fibres and organic material present in household derived PET can increase costs and sorting losses,making it more expensive to sort and clean the material to a high standard.Sources of problems due to bale quality include:Unwanted polymers,such as PVC,which require fur-ther sorting and can impair the quality of the rPET pro-duced;and Paper fibres,textiles,and glass shards that reduce pro-duction efficiency and cause losses of some PET in the wash plant processes.Additionally,the presence of PET trays within PET bottle bales can negatively impact the quality of the PET flake.This is explored in further detail in the following section.Furthermore,there are no EU-wide standard definitions for levels of transparent or coloured PET.As a result,different nations use different standards.This limits the potential for intra-EU trade between sorters and recyclers.MIXED PROCESSING OF PET TRAYS AND BOTTLESThe material used to manufacture PET trays is significantly more brittle and so produces more fines when processed into flake.Therefore,when PET trays are included within bottle recycling,the resulting recyclate is lower quality and the yield is less the trays essentially acting as a contaminant.In order to prevent loss of quality due to contamination,trays need to be sorted from PET bottles for separate recycling.Whilst this is reasonably well recognised within industry,there are several other factors preventing widespread separation of PET trays from other waste streams.First,the quantities of material available are lower.Second,there is considerable variation in tray designs(e.g.,multilayer vs.monolayer)that further dilute the available feedstock.It is estimated that the current market for PET trays consists of 60%multilayer PET trays and 40%monolayer.Whilst monolayer trays are easier to recycle,multilayer solutions are often necessary for their barrier properties.There are various initiatives,which are often led by prominent brands and retailers,to move away from multi-material trays where possible and thereby improve recyclability.QUALITY:SUPPLY OF COLLECTED AND SORTED PETPAGE 23EUNOMIA I PET MARKET IN EUROPE:STATE OF PLAYQUALITY:RECYCLABILITY AND rPET PRODUCTSEnsuring that a product is readily recyclable requires more than simply using a technically recyclable material to manufacture the main body of the product.The presence of other components(such as closures,labels,inks)can prevent effective recycling,increase the costs of processing,and/or reduce the value of the secondary material obtained.According to the definition released by PRE in association with the Associations of Plastics Recyclers(APR)in the USA,plastics must meet four conditions for a product to be considered recyclable:12 1.The product must be made with a plastic that is collected for recycling,has a market value,and/or is supported by a legis-latively mandated programme.2.The product must be sorted and aggregated into defined streams for recycling processes.3.The product can be processed and reclaimed/recycled with commercial recycling processes.4.The recycled plastic becomes a raw material that is used in the production of new products.The definition references the economic viability of collection(in condition 1,with the concept of market value or legislative support)and/or recycling(in condition 3,with reference to commercial recycling processes).Due to the variation in rigid PET packaging products on the market,the recyclability of PET is not a singularly defined metric.Table 4 examines each of the main PET product groups against each condition.The extent to which each product group meets the recyclability criteria is shown using a colour indicator.Green represents a high score,yellow indicates some challenges,and red highlights that a particular product group fails to meet the recyclability criteria.In addition to scoring product groups against individual criteria,we have also included an overall score for recyclability.Where useful,we have also included commentary within the relevant box on the table.ENSURING THAT A PRODUCT IS READ-ILY RECYCLABLE REQUIRES MORE THAN SIMPLY USING A TECHNICALLY RECY-CLABLE MATERIAL TO MANUFACTURE THE MAIN BODY OF THE PRODUCT.THE PRESENCE OF OTHER COMPONENTS(SUCH AS CLOSURES,LABELS,INKS)CAN PREVENT EFFECTIVE RECYCLING,INCREASE THE COSTS OF PROCESSING,AND/OR REDUCE THE VALUE OF THE SECONDARY MATERIAL OBTAINED.EUNOMIA I PET MARKET IN EUROPE:STATE OF PLAYPAGE 24Table 4:Recyclability Assessment of PET Rigid Product GroupsASSESSED PET PRODUCT GROUPS FOR RECYCLABILITYBOTTLESTRAYSRECYCLABILITYCRITERIACLEARLIGHT BLUECOLOUREDOPAQUEMONO-MATERIALMULTI-MATERIAL/POLYMER LAYERSOVERALL COLLECTIONWidely collected.No separation between mono-and multi-mate-rial trays during collection.SORTINGWidely sorted from mixed collections.Increasingly subject to DRS in many Member States therefore less contamination.Quantities of opaque bottles in collected streams remain low.Current mechanical recycling techniques prevent opaque rPET from entering into lighter coloured appli-cations.Not always considered economically viable to sort separately.High proportions of trays currently sorted into bottle grades or into“mixed plastics”.High proportions of trays currently sorted into other grades.Multi-layer formats can be mis-sorted by sensor-based sorters(e.g.,NIR technolo-gies).RECYCLINGChallenges posed by labels,adhesives and caps are generally overcome.Some growth in the development of test plants for recycling opaque bottles.Development not yet significant enough to be considered effec-tive.Low tray recycling figures governed by less mature collection and sorting.Some examples of emerging techniques for separating polymer layers but maturity is low and requires considerable further innovation.No commercial-scale recycling capacity at present.END-MARKETColoured rPET derived from coloured bottles is only suitable for darker coloured appli-cations.Underdeveloped mar-ket for rPET derived from opaque bottles.Current mechanical recycling techniques limit opaque PET to dark coloured applica-tions.Lack of availability of rPET flakes resulting in underdeveloped mar-ket for rPET derived from trays.Unless layers can be separated,any resulting rPET would be mixed polymer with very low market demand.PAGE 25EUNOMIA I PET MARKET IN EUROPE:STATE OF PLAYThe table draws attention to the issues associated with PET tray recycling,which are also explored in Section 2dII.Within the concept of recyclability,it is also possible to distinguish between uses of rPET that are closed loop and those that are open loop.Closed loop recycling sees a product collected,the material reclaimed,and the resulting recyclate reintroduced back into the same application.In contrast,open loop recycling recovers material from one product and cascades it into another application.For example,recycling PET bottles into fibres for carpets.In some applications,there are handling and processing requirements that must be met for closed loop recycling to be permitted.For example,for closed loop recycling of food grade packaging,non-food grade contaminants cannot exceed 5%.To achieve such quality better collection practices with fewer contaminants are required.This is one reason why Member States are moving towards DRS for beverage bottles.Closed loop recycling is often considered the priority solution as it maintains the value of the material and keeps resources within a target market.Some experts highlight that open recycling loops are not necessarily negative,particularly if the life span of the product is long.For example,bottles can be manufactured,used,and recycled within a matter of a few months.At the end of its product life and when its quality has degraded to a point it can no longer be used in that application,a bottle can then be recycled into fibres used to make carpet that may be in place for more than 20 years.However,rPET carpets are currently not being recycled and therefore this would means the cycle is finished.A combination of open and closed loop recycling is possible and can be complimentary.In this case it would require closed loop bottle recycling to be prioritised until the bottle degrades to the point it is no longer usable in that application and only then the material is used as an input into fibre manufacture for carpet applications.The range of potential uses for rPET relate to its mechanical,visual,and odour properties.As clear and light blue bottles can be recycled back into similar coloured PET products,their original application can be maintained.Using current mechanical recycling techniques,mixed colour PET cannot be recycled into lighter colour applications but can find new application in same colour or darker coloured applications.The presence of opaque bottles within a recycling stream affects the clarity and transparency of the rPET.Therefore,the allowable proportion of opaque bottles within mixed colour bales is limited.PET trays can be recycled back into PET trays.However,currently there are several barriers preventing circularity in this product application.Previously,the brittleness of the PET used to manufacture trays was considered a key barrier as it resulted in significant fines production,limiting yield,and inhibiting processability.However,this factor is perhaps less prevalent than other issues associated with collection,sorting,and recycling.Barriers are understood to include:A lack of widespread separate collection for trays;A lack of proper sorting facilities capable of separating PET trays from other packaging formats;The presence of multi-materials,multilayers,adhesives,and films leading to contamination(particularly light material fractions such as lidding films);and A lack of dedicated tray-to-tray recycling plants.Where products are not designed for recyclability,the impact they can have on not just their own recycling but also the entire recycling stream can be significant.To encourage good practice and support more effective recycling,several organisations have published Design for Recyclability(DfR)guidelines for the PET industry.Publicly available DfR guidelines have been published by:EPBP for PET bottles13;PETCORE Europe for PET Trays and Thermoforms14;RecyClass for all other plastic packaging15.These guidelines can be used to assess the recyclability of specific products against a number of relevant factors such as size,colour,additives,etc.Often,DfR guidelines use a traffic light system to outline conditions that must be met for a product to be considered to have full compatibility(and is therefore coloured green),limited compatibility(and is therefore yellow),or low compatibility(shown as red).EUNOMIA I PET MARKET IN EUROPE:STATE OF PLAYPAGE 264.WHAT IS CHANGING?FIGURE 12 SUMMARISES THE CONSUMER AND LEGISLATIVE PRESSURES ON THE rPET SUPPLY CHAIN AND THE AREAS OF RESEARCH AND DEVELOPMENT WITHIN EACH AREA OF THE SUPPLY CHAIN TO MEET THOSE PRESSURES.Consideration of the introduction of a certification process for recycled contentInnovation labelling and marker technologiesGrowth in opportunities for refillable PET packagingPRODUCT DESIGNBrands positionning ahead of Government with regards to pledges on recycled content of plastic productsMARKET PRESSUREFurther revisions to key EU legislation expected over the next few years(e.g.,PPWS,WFD)GOVERNEMENT PRESSUREVIA LEGISLATION)Further and more widespread implementation of DRS accross the EU(greater commitments from Member States)Smart technologies for DRS return systemsCOLLECTIONProliferation of more efficient technologies enabling decontamination of rPET to levels acceptable for reincorporation into food contact applicationsFurther growth in depolymerisation industryRECYCLINGImprovement to sorting technologies(e.g.,sensorbased sorting)Tracking technologies under development to aid effective sortingSORTINGFigure 12:Changes Across the PET MarketSource:EunomiaPAGE 27EUNOMIA I PET MARKET IN EUROPE:STATE OF PLAYIn the following section,the key changes to the PET landscape are explored,focussing on legislative and technical developments within the market.The following legislation has resulted or will result in changes to both the collection and sorting of plastic for recycling within the EU27:The 2018 revision to the Packaging and Packaging Waste Directive(PPWD)established within European law,a 50%target for the recycling of plastic packaging by 2025,rising to 55%by 2030.The PPWD references the amended Waste Framework Directive(WFD),which requires in Article 8a,that the producer responsibility schemes cover the full net costs of the separate collection of packaging(including for the clean-up of litter),and that the fees charged to producers are modulated according to one or more of a range of criteria,including recyclability.In addition,Directive(EU)2019/904(the so-called Sin-gle-Use Plastics(SUP)Directive)introduced in 2019,set a collection target for beverage bottles of 77%by 2025,rising to 90%by 2029.The Directive also introduced mandatory recycled content requirements for PET bev-erage bottles of 25%by 2025 and 30%by 2030.The changes in the Basel Convention and subsequent amendment of the EU Waste Shipment Regulation could have a relatively limited impact on the PET re-cycling activities in the EU.For Intra-EU shipments the new green listed code is EU3011 and a limit of 6%of non-polymeric impurities were agreed by the Mem-ber States in their Correspondents Guideline No 12 16,which PET waste bales would tend to comply with.For shipments to the EU27 of PET waste bales the situation is less clear cut as B3011 would be the green listed entry and have a limit of 2%non-polymeric impurities along with additional requirements on which polymers may be present in the waste shipment.17 A new draft of Regulation 282/2008 on recycled plas-tic materials and articles intended to come into contact with foods,introduces requirements for collection stat-ing that plastics must come from separate collection for recycling which is designed to minimise contamina-tion of the collected waste.Additionally,it establishes requirements on certification of quality assurance of collection and pre-processing.The scope of the new regulation is further enlarged to cover a broad range of recycled plastics and defines an approval path for nov-el technologies.In addition,two technologies(i.e.,PET mechanical recycling and closed loop)were identified as suitable for leading to a fast-track authorisation proce-dure for new applications.In 2018 the European Commission published its Strategy for Plastics in a Circular Economy,announcing within its vision statement a fourfold increase in sorting and recycling capacity for plastics from 2015 to 2030,inviting voluntary commitments and pledges from industry groups across the supply chain.In light of the average recycled content targets within the SUP Directive and the above urge by the Commission,beverage producers and brands have made a range of commitments and goals to incorporate recycled content within their bottles,and a number have introduced products containing up to 100%recycled content.18 This ensures a growing level of demand for food-grade rPET for bottle-to-bottle recycling,which(unless producers import rPET)also requires a corresponding increase in tonnages collected and sorted for recycling.LEGISLATIONEUNOMIA I PET MARKET IN EUROPE:STATE OF PLAYPAGE 28REFILLABLE PET BOTTLESGermany has a long standing refillables system not only in the HORECA segments but also for private consumers.Although the market share for refillable beverage containers in Germany has steadily reduced since the 1990s,it still has a significant share(41.8%of the overall beverage market in 2019).Germany uses both glass and PET bottles in refillable formats across a range of beverage types and refillable PET bottles have a similar market share to glass refillable bottles across water and soft drinks but have no real market presence in the largest market for refillables which is beer.This case study focuses on trends in the mineral water sector in Germany.The market share for reusable PET has reduced since 2015,but it has remained reasonably static at around 15tween 2018 and 2020.However,during the same period the market share for single-use PET bottles reduced while the market share for refillable glass bottles is increasing.Box 1:German Case Study:Refillable PET BottlesFigure 13:Market share developments by material and system in Germany 2018-2020(water segment)The amount of goods placed on the market in Europe that are packaged in reusable packaging is relatively low at present.Refillable glass bottles are already a common practice in the HORECA(hotels,restaurants and cafes)sector and is increasing in retail.The revisions of the Packaging and Packaging Waste Directive could lead to policies intending to result in movements away from single-use packaging to reusable packaging.A well-established refillable system exists in Germany which is described in the case study below.While refillable glass bottle systems exist in other European countries,they are at a much smaller scale than Germany,and there is generally a lack of data available.0,0,0 ,00,0,0P,0,0p,0%Refillable GlassRefillable PETPETCYCLE/ReturnSingle Use PETOthers201820192020PAGE 29EUNOMIA I PET MARKET IN EUROPE:STATE OF PLAYDue to their repeated use,refillable PET bottles need to be more robust than their single-use counterparts.In Germany,a 1 litre reusable bottle is typically around 60 grams whereas their single-use counterpart weighs typically between 20 and 24 grams.Genossenschaft Deutscher Brunnen(GDB,a procurement and sales cooperative of the German mineral waters)states that their bottles use up to 30%recycled content.GDB currently state that refillable PET bottles are reused up to 20 times.Some evidence-based life cycle assessments used figures of between 14 and 16 reuses although those assessments are relatively old(latest was published in 2000).Figure 14 shows the market share for refillable bottles in the non-alcoholic segment in Germany declining over the years.This is thought to be driven by the increased presence and market dominance of discounters,who due to lack of storage space exclusively sell single-use bottles.Figure 14:Market share of refillable and single-use bottles in the non-alcoholic bottle segments,Germany 57,341,729,824,222,423,823,72324,242,758,370,275,877,676,276,37775,80102030405060708090200320052007200920112013201520172019%refillablesinge-useEUNOMIA I PET MARKET IN EUROPE:STATE OF PLAYPAGE 30A number of other European countries have refillable container systems for beverages,however,there has been a similar or even more significant decline to that in Germany over the past decades.23 In some countries,such as UK and Ireland,refillable beverage bottle systems have ceased to exist completely.24 It is not clear what exactly has driven the decline.Likely reasons could include cost,convenience,transport distances,or lack of storage at retail.While the German case study above offers an example of how refillable beverage containers can work within a market,the feasibility of a refillable bottle system in other countries needs to be evaluated on a case-by-case basis.Across Europe,a number of lifecycle assessments(LCAs)have been commissioned over the years to identify the environmental impacts of bottles in different beverage segments,comparing bottle materials and collection systems.There is currently no firm consensus on which bottle format is indeed the most environmentally beneficial one,and the LCA outcomes highly depend on the defined system boundaries within the analysis,such as packaging size,material(including recycled content),transport distances and collection rates.25A move to or expansion of a refillable beverage bottle system requires major changes and therefore large-scale investments to the existing supply chains.It is therefore vital that if policies aimed at increasing reusable packaging are put in place,that sufficient consideration and transition time is given to each Member State.Further work is needed to ensure a thorough environmental assessment on a case-by-case basis.Any future policy and design of a refillable bottle system needs to be well considered to take into the challenges of specific geographical areas,relating to transport,storage and wash and refill facilities.It needs to be ensured that sufficient consideration and time is provided to allow the right enablers to be set up.PAGE 31EUNOMIA I PET MARKET IN EUROPE:STATE OF PLAYCOLLECTION:FURTHER IMPLEMENTATION OF DEPOSITRETURN SCHEMESDRS ESTABLISHED26POLITICAL DECISION TAKEN27DRS IN DISCUSSIONCURRENTLY UNKNOWNICELAND1989IRELAND2022BELGIUMITALYDENMARK2002SCOTLANDFRANCELUXEMBOURGSWEDEN1984LATVIASPAINNORWAY1999ROMANIASLOVENIAFINLAND2008TURKEYBULGARIAESTONIA2005MALTACZECH REPUBLICLITHUANIA2016HUNGARY2023CROATIA2006GREECEGERMANY2003POLAND2024NETHERLANDS282005PORTUGALSLOVAKIA2022ENGLAND,WALES,N.IRELANDAUSTRIA2025CYPRUSTable 5:Status of DRS Discussions in European CountriesSource:EPA Network29,NMWE,TOMRATargets for collection are becoming increasingly ambitious.The Single-Use Plastic Directive(SUPD)requires Member States to separately collect 77%of SUP bottles with caps and lids by 2025 and 90%by 2029.Whilst outliers(e.g.,Belgium)have indicated that it might be possible to achieve satisfactory collection rates without DRS,most nations have recognised the need to implement DRS and it is widely considered the only way to meet separate collection targets for plastic beverage bottles by 2029.Furthermore,DRS has proven to result in a cleaner waste stream,free from the level of contamination experienced in mixed collection.This translates to an increase in the quality of the recycled output created.Currently,eight EU Member States as well as Iceland and Norway have implemented DRS.A further 11 EU Member States,the UK and Turkey have taken the political decision to implement before 2025.Another six EU Member States are in discussion regarding DRS whilst the status of two countries(Italy and Luxembourg)is currently unknown.Table 5 displays the current status of DRS discussions in the EU27 3 at the time of writing,Figure 15 includes further detail.EUNOMIA I PET MARKET IN EUROPE:STATE OF PLAYPAGE 32FIGURE 15:Status of DRS Discussions in the EU27 3Source:EunomiaIt is important to note that whilst target implementation dates have been included for the countries listed to have taken the political decision to implement DRS,these are often subject to change and delays.Additionally,different sources often identify slightly different implementation dates.Countries that have implemented DRS systems tend to achieve relatively high collection rates,typically above 80%as is shown in Figure 16.DRS STATUSEstablishedPolitical decision takenDRS in discussionCurrently unknownNot included within this studyPAGE 33EUNOMIA I PET MARKET IN EUROPE:STATE OF PLAYTo better understand a range of different approaches to DRS,representatives from five Member States were interviewed regarding the status and progress within their nation.In the following sections,Belgium,Estonia,Poland,Portugal,and Slovakia have been explored as case studies.During the interviews and subsequent additional research,the following topics were explored:Rationale behind investigating DRS as an appropriate instrument for increasing collection and recycling rates for beverage PET;General attitude towards DRS;Challenges faced during initial discussions,scheme design,setup,and implementation;and Benefits experienced as a result of implementing DRS(if applicable).The selected countries and their current status of DRS implementation can be seen in Figure 17 alongside current collection rates.65%0 0Pp0%NetherlandsIcelandCroatiaEstoniaSwedenNorwayFinlandLithuaniaGermanyDenmarkPET Collection RateCountryFIGURE 16:PET Collection Rates Across Countries with DRS Systems that Include PETSource:PRE30EUNOMIA I PET MARKET IN EUROPE:STATE OF PLAYPAGE 34 BELGIUM DRS Status:DRS in discussion DRS implementation date:N/A PET collection rate:921 PET bottle deposit value:N/ABelgium is historically one of the best performing countries in terms of collection rates for PET bottles,with current rates at 92%.The suggested key to achieving these high collection rates is a uniform collection system across the whole country.With high collection rates,DRS had previously not been a serious consideration for Belgium.However,according to industry experts there is a strong push from recycling networks promoting it as a solution for addressing littering.Additionally,the Belgian government has committed in the Belgian federal coalition agreement,to launch an investigation into whether incorporating a deposit scheme within the packaging tax is desirable.32 In 2019,a pilot scheme collecting cans and plastics was implemented in Brussels.33Political urgency to implement DRS is currently relatively low.Whilst Belgium has been classified here as“DRS in discussion”,public conversations concerning its execution have been minimal.This,coupled with the countrys already high collection rates,leave progress towards DRS in Belgium limited.Furthermore,PROs believe that the implementation of a new system may cause significant challenge whilst bringing little benefit.General attitudes among representatives is that existing EPR systems are able to meet all relevant packaging waste targets.DRS NOT YET IN COSIDERATIONDRS IN DISCUSSIONPOLITICALDECISION TAKENDRS IMPLEMENTED1234BelgiumPortugalEstoniaPolandSlovakiaCollection rate:92%Collection rate:43%Collection rate:62%Collection rate:45%Collection rate:86%FIGURE 17:The Four Generic Stages of DRS ImplementationSource:Eunomia;*Slovakias collection rate is measured prior to DRS implementationIn the following sections,the findings from the Member State interviews and supporting research have been explored and the key messages summarised.PAGE 35EUNOMIA I PET MARKET IN EUROPE:STATE OF PLAY POLAND DRS Status:Political Decision taken DRS implementation date:2024 PET collection rate:434 PET bottle deposit value:TBCWith PET collection rates at 43%,Poland requires significant progress in order to meet the SUPD collection target of 90%.Whilst PET collection rates are low relative to many other Member States,Poland has successfully implemented effective collection systems for other material streams.For example,the countrys glass bottle DRS consistently achieves return rates of 95%.As a result of the need to improve PET collections,coupled with the success experienced with glass DRS,Poland began discussion regarding PET DRS in 2017.A Deloitte report examined the economic impacts of implementing DRS,concluding that it would come with significant cost.35 As a result,DRS was originally labelled low priority for the Polish government.Following introduction of the EU Single Use Plastic Directive,increased importance has been placed on the collection and recycling of PET.This appears to have caused Poland to re-examine DRS as a potential solution.According to our expert interviews,rPET producers in Poland have become increasingly interested in DRS to boost recycled content in bottles.The Polish government published its plans for a DRS recently,and provisions in law may be established as early as middle of 2022.The government recognises the need for an ample transition period,which means that the actual implementation of DRS may not be until 2024.While all stores will be required to charge a deposit,smaller(5cording to EFSA)would prevent rPET from being reused in food-grade PET applications.Under EPR,PROs in certain Member States are involved in the contracting of sorting plants.Examples include CITEO in France and Duales System Deutschland(DSD)in Germany.In this scenario,there is a greater opportu-nity to mandate a certain quality of output.Where possi-ble,common European quality standards should be agreed upon and implemented across industry.This would give recyclers the ability to refuse bales from collectors and sorters that do not meet the required minimum standard.If,despite these actions,plastics cannot be sorted from other materials(e.g.,paper and glass)to the standard required to obtain high enough quality bales,industry should consider collection plastics for recycling separately from other materials.MARKET SUPPORTA COMMON APPROACH TO ASSESSING RECYCLABILITYSORTED PACKAGING BALE QUALITY STANDARDSPAGE 43EUNOMIA I PET MARKET IN EUROPE:STATE OF PLAYCERTIFICATION PROCESS FOR RECYCLED MATERIALFURTHER R&DResponding to consumer awareness,brands are making commitments to integrating recycled content into their products.There is currently no harmonised certification process in place to verify the claims made by brands and producers to guarantee the quality of recycled material they are incorporating.There is a need for greater certi-fication and traceability in the supply chain,the compo-nents of which should be:An EU-wide quality certification(comparable to an EN643 standard for paper)for recycled polymers;and A Chain of Custody(CoC)certification management system of an unbroken chain of organisations legal-ly owning the material throughout the supply chain,from the certified recycler output into the final product.This would allow brands and producers to meet internal targets or legislative requirements regarding recycled con-tent with confidence in the traceability of the material.It would also ensure that commitments to incorporate re-cycled content will create equivalent demand for certified recycled output from recyclers.EUCertPlast,created by PRE,EPRO,EuPC and Recovi-nyl,is an existing quality certification scheme based on the European Standard EN 15343:2007.It is recognised by German and Italian authorities and could form the basis for an EU-wide certification.54,55RecyClass has developed the Recycled Plastics Traceabil-ity Certification,a possible approach to measuring,trac-ing and verifying recycled content along the entire value chain of the material and which could provide the basis of a certification process if it finds acceptance by industry and policy makers.The certification approach is based on the principles of CoC and the Recycled Plastics standards.One of the advantages of the certification process is that the process can easily be adopted by any company which plays a part in the value chain and holds custody of the re-cycled plastics including but not limited to compounders,converters,blow moulders and brand owners.To continue to see progress in PET recycling,further in-novation and research and development are needed in al-most all stages of the value chain.The key requirements for R&D have been included here.To aid better sorting,producers and brands should con-sider instigating a marker technology during the design of their product packaging.This could take the form of a digital watermark,chemical tracers,or another solu-tion capable of relaying key information pertaining to a packaging formats origin and application.If harmonised across industry,this could allow for targeted sorting of high-quality PET streams to enable circularity.For exam-ple,if a specific chemical tracer is used on all food con-tact packaging,the recycling value chain will be more able to single out such formats,processing them in a way that meets contamination requirements and allows the resulting recyclate to once again be input into food con-tact applications.Alongside data information markers,the accuracy and efficiency of sorting could also be enhanced be the development and widespread uptake of automatic sorting technologies using visual data and machine learn-ing to improve over time.To improve mechanical recycling,additional R&D is needed in all processing steps including hot washing,de-inking,liquid separation,composition measurement,fines filtration,and odour reduction.In addition,there is a need to further develop the use of additives to enhance processing and performance properties.Whilst market drivers,such as the need for circularity in food contact ap-plications,are instigating progress in each of these areas,further R&D remains necessary.Finally,significant developments in depolymerisation technologies are needed if PET products are to move to-wards 100%recyclability.Depolymerisation has the po-tential to overcome current limitations of rPET associated with colour.EUNOMIA I PET MARKET IN EUROPE:STATE OF PLAYPAGE 44Whilst this report goes some way to examining the state of the PET market,it has also identified a number of data gaps with regard to the total PET supply chain and how it is changing over time.This data is needed to ensure that the EU27 3 continues to develop the appropriate capacity and technology to meet the demands of the changing packaging landscape.To understand the rapidly changing market for PET recycling,more transparent data is needed at all points within the value chain.Furthermore,this should be regulated to some degree.It is possible that the revision to the PPWD may result in better data availability and robustness as measures may be introduced to harmonise EPR reporting requirement.In particular,a better resolution of data is needed for:The amounts of PET packaging formats placed on the mar-ket,split into type,colour,and other design attributes affect-ing recyclability;The tonnages of PET packaging that is collected in each Member State,again split by format,application(e.g.,bever-ages)and other relevant distinguishers(e.g.,colour);The contents and quality in PET bales across different Member States;and Imports of material formats(bottles,flakes,pellets)into each stage of the recycling value chain.ROBUST DATA SOURCESPAGE 45EUNOMIA I PET MARKET IN EUROPE:STATE OF PLAYFirstly,we would like to express our appreciation to the recyclers that re-sponded to PREs survey,and to PETCORE Europe,CPME,NMWE and UNESDA Soft Drinks Europe for contributing data and for your expert insights and thorough review of our findings.In order for progress to be made towards a circular economy within the PET industry and consumer demands and policy requirements to be met,robust data and forecasts on all actors in the PET value chain are needed.The ongoing efforts within industry such as industry collaboration may in future close existing data gaps across the value chain of PET.In the meantime,it is important that European EPR schemes to gather and pub-lish the necessary data to aid the understanding of the state of the market.This in return will engage relevant actors within the PET value chain and allow forward planning,aid investment decisions,and ultimately keep as much PET as possible within the European value as long as pos-sible.Finally,a push towards design for recycling might be achieved if PROs agree towards a common recyclability assessment.A FINAL NOTEEUNOMIA I PET MARKET IN EUROPE:STATE OF PLAYPAGE 46ANNEX1.The data included within this section is used in Section 3 to identify the key challenges facing the recycling market based on the PET mass balance across the EU27 32.Viscosity number(VN)is the term used by Eurostat to distinguish between two streams of PET.Intrinsic viscosity(IV)is the term commonly used by the PET industry.VN can be used to calculate IV and vice versa,i.e.,there is a linear relationship between the two.A VN of 78 ml/g is equivalent to an IV of approximately 0.70 dl/g.Therefore,throughout this report,“high viscosity”refers to PET with a VN of 78 ml/g and an IV of 0.70 dl/g.Typically,film,sheet,and bottle grade PET has an IV of 0.70 dl/g.Fibre grade PET typically has an IV of 0.70 dl/g.3.UN Comtrade Labs,UN Comtrade Database last accessed 11/11/2021,available at:https:/comtrade.un.org/data/4.Eurostat,PRODCOM:Statistics on the production of manufactured goods last accessed 11/11/2021,available at:https:/ec.europa.eu/eurostat/data/database5 PCI Wood Mackenzie(August 2017)PET Recycle Survey West Europe 20166 PCI(2013)A review of the PET Collection Stream in West Europe in Relation to PET THEROFORMS7 Figure provided by PETCORE Europe8 Zero Waste Europe(2020)The Netherlands move one step closer to better separate collection of plastic available here:https:/zerowasteeurope.eu/2020/05/drs-the-netherlands/?mc_cid=1c97e1a50f&mc_eid=19d9c8ee9a9 Plastics Recyclers Europe,Petcore Europe,and EFBW(2020)PET Market in Europe-State of Play:Production,Collection and Recycling Data,202010 In Figure 12,as throughout the rest of the report,“lower viscosity PET applications”refers to applications using PET with a viscosity number 78 ml/g and“higher viscosity PET applications”refers to applications with a viscosity number 78 ml/g11 Note that,as has been highlighted in the previous sections,the scope of data differs and is dependent on what was available at the time of writing12 Food Packaging Forum(2018)Global Definitions of Plastics Recyclability,available at:https:/www.foodpackagingforum.org/news/global-definition-of-plastics-recyclability13 European PET Bottle Platform(2019)Design Guidelines,available at:https:/www.epbp.org/design-guidelines14 PETCORE(2020)DfR Guidelines PET Thermoforming Trays,available at:https:/petcore-europe.org/images/pet/Design_for_Recycling_Guidelines_PET_Trays_Clear_Transparent_Jan_2020.pdf15 RecyClass(2021)Design for Recycling Guidelines,available at:https:/recyclass.eu/recyclability/design-for-recycling-guidelines/16 https:/ec.europa.eu/environment/system/files/2021-12/Correspondents guidelines No 12 final Nov 2021 corr1.pdf17 Any intra-EU shipment that does not conform to EU3011 would need to apply the EU48 code and any shipment of PET from outside the EU that does not comply with B3011 would need to apply Y48.Both EU48 and Y48 are so called“other waste”entries for which prior informed consent needs to be obtained from the country of dispatch,transit,and destination.Such prior informed consent is an additional lengthy administrative burden,but not a ban on shipments18 Naturally Sustainable NMWE,accessed 11 January 2022,https:/naturalmineralwaterseurope.org/naturally-sustainable/19 Confidential interview with industry stakeholder,November 202120 Genossenschaft Deutscher Brunnen(2021)GDB Reuse System in Germany,Bonn/Brussels,2 March 202121 Alexander Dallmus(2021)Sind Glasflaschen besser als Plastikflaschen:Einweg oder Mehrweg?Welche Flaschen sind umweltfreundlicher?,accessed 13 December 2021,https:/www.br.de/radio/bayern1/inhalt/experten-tipps/umweltkommissar/flaschen-glas-einweg-mehrweg-pet-umwelt-100.html22 Wirtschaftsvereinigung Alkoholfreie Getrnke e.V.(2020)WAFG Aktuell-Erfrischungsgetraenke-LP 15/202023 Reloop The Vanishing Refillable,accessed 14 December 2021,https:/www.reloopplatform.org/beverage-sales-by-container-type-in-austria-16/24 refillables.grm.org Western Europes Experience with Refillable Beverage Containers Reduce,Reuse,Refill!,accessed 14 December 2021,https:/refillables.grrn.org/western-europes-experience-with-refillable-beverage-containers/25 Industry associations,such as PETCORE Europe,have specialised working groups looking into the benefits and challenges of reusable packaging systems.26 The dates included here are implementation dates.27 The dates included here are planned implementation dates.28 The Netherlands is currently undergoing an expansion of its DRS system.Smaller plastic bottles(i.e.,having a volume of 1 litre or less)were introduced in July 2021.29 EPA Network(2018)Deposit Return Schemes available at:https:/plonesaas.devel4cph.eea.europa.eu/epanet/reports-letters/reports-and-letters/ig-plastics_working-paper_deposit-return-schemes.pdf30 PRE(2020)PET Market in Europe:State of Play31 PRE,Petcore Europe,and NMWE(2020)PET Market in Europe-State of Play:Production,Collection and Recycling Data,202032 Zoete,T.(2020)Belgian coalition agreement Linking a deposit return system to the packaging tax is a smart decision,https:/recyclingnetwerk.org/2020/09/30/belgian-coalition-agreement-linking-a-deposit-return-system-to-the-packaging-tax-is-a-smart-decision/33 Bottlebill(2021)Current and Proposed Laws-Belgium,https:/www.bottlebill.org/index.php/current-and-proposed-laws/worldwide/belgium34 Plastics Recyclers Europe,Petcore Europe,and EFBW(2020)PET Market in Europe-State of Play:Production,Collection and Recycling Data,202035 Deloitte(2019)Deposit-Refund System(DRS)FACTS&MYTHS36 Polish News(2021)Deposit for glass and plastic bottles.The Ministry of Climate and Environment explains-when will the deposit system start in Poland?,accessed 13 December 2021,https:/polishnews.co.uk/deposit-for-glass-and-plastic-bottles-the-ministry-of-climate-and-environment-explains-when-will-the-deposit-system-start-in-poland/37 Plastics Recyclers Europe,Petcore Europe,and EFBW(2020)PET Market in Europe-State of Play:Production,Collection and Recycling Data,202038 TOMRA(2020)Deposit return system kicks off in Portugal with TOMRA for campus recycling,https:/ TOMRA(2020)Deposit return system kicks off in Portugal with TOMRA for campus recycling,https:/ Assembly of the Republic Law No.69/2018(System to Encourage the deposit and return of beverage packaging for plastics,glass,ferrous metals and aluminium)41 Plastics Recyclers Europe,Petcore Europe,and EFBW(2020)PET Market in Europe-State of Play:Production,Collection and Recycling Data,202042 The Slovak Spectator(2019)Slovakia will introduce a deposit scheme for PET bottles and cans in 2022,https:/spectator.sme.sk/c/22210435/slovakia-will-introduce-deposits-on-pet-bottles-and-cans-in-2022.htm43 Plastics Recyclers Europe,Petcore Europe,and EFBW(2020)PET Market in Europe-State of Play:Production,Collection and Recycling Data,202044 Reloop Platform Global Deposit Book 2020-An Overview of Deposit Systems for One-way Beverage Containers,https:/www.reloopplatform.org/wp-content/uploads/2020/12/2020-Global-Deposit-Book-WEB-version-1DEC2020.pdf45 Ellen MacArthur Foundation(2020)HolyGrail:tagging packaging for accurate sorting and high-quality recycling46 Depolymerisation is the term used for chemical recycling of PET;in this case the term is used to describe depolymerisation of PET which is then used again in plastic production as a replacement of virgin PET.47 PETCORE Europe have released a position statement titled“PET recycling by depolymerisation Position Paper by PETCORE Europe Depolymerisation Working Group”which explains the European developments in depolymerisation.PETCORE Europe currently has eleven(11)member companies in Europe(EU27 3)developing PET depolymerisation.Data has been collated under anti-trust rules to protect competitive activities.Individual company and innovator data has been collated by the auspices of the PETCORE-European Management Team under non-disclosure protection,https:/www.petcore-europe.org/pet-monomer-recycling-special-industry-group.html48 PETCORE Europe survey conducted with relevant members in late 2021.49 EFSA website,https:/www.efsa.europa.eu/en/publications/PP50 European Bioplastics(2017)Bioplastics market data 2021,available here:https:/www.european-bioplastics.org/market/51 European Bioplastics(2017)Bioplastics market data 2017,available here:https:/docs.european-bioplastics.org/publications/market_data/2017/Report_Bioplastics_Market_Data_2017.pdf52 As derived from the annual PET Recyclers Survey(PRE,2020)53 80%yield of rPET aligns with the high end of the recycling yield ranges provided by PRE survey respondents.As more material is sourced from DRS collections and recyclability problems decrease,there is likely to be scope to increase yields further.54 Full scheme details available at https:/www.eucertplast.eu/downloads-links55 Bund/Lnder-Arbeitsgemeinschaft Abfall(LAGA,https:/www.laga-online.de/)and Consorzio nazionale per la raccolta,il riciclaggio e il recupero degli imballaggi in plastica(COREPLA,http:/www.corepla.it/).PLASTICS RECYCLERS EUROPEAvenue de Broqueville 121150 Brussels-Belgium 32 2 315 24 60infoplasticsrecyclers.euwww.plasticsrecyclers.eu UNESDA SOFT DRINKS EUROPERue du Trne 14-161000 Brussels-Belgium 32 2 737 0130mailunesda.euwww.unesda.euPET MARKET IN EUROPE:STATE OF PLAY I 2022PETCORE EUROPEAvenue de Broqueville 121150 Brussels-Belgium 32 2 315 24 88infopetcore-europe.orgwww.petcore-europe.orgNATURAL MINERAL WATERS EUROPEPlace des Barricades 11000 Brussels-BelgiumTel 32 2 880 20 30Fax 32 2 880 20 35infonmwe.orgwww.naturalmineralwaterseurope.org

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  • 麦肯锡:2023 年全球私募股权市场回顾(英文版)(74 sider).pdf

    Private markets turn down the volume McKinsey Global Private Markets Review 2023March 2023Copyright 2023 McKinsey&Company.All rights reserved.This publication is not intended to be used as the basis for trading in the shares of any company or for undertaking any other complex or significant financial transaction without consulting appropriate professional advisers.No part of this publication may be copied or redistributed in any form without the prior written consent of McKinsey&Company.ContentsExecutive summary 21 Private markets lose 6 momentumFundraising 7AUM 10Performance 11Non-institutional capital comes 12 in to focus2Private equity endures 14 a tough yearFundraising 15AUM 19Performance 21Deal activity 23Spotlight on secondaries 283Real estate renovates 31Closed-end funds 32Open-end funds 35Deal activity 38Spotlight on US property 42 technologyReal estatean inflation hedge 434Private debt weathers 44 the stormFundraising 45AUM and deal activity 47Performance 48Private debt through the cycle 495Infrastructure and 52 natural resources grow and evolveFundraising 53AUM 56Performance 56Infrastructures evolving 56 composition6Private markets advance 59 their ESG agendasE:Sustainable investing 61 goes mainstreamS:Private markets strive 63 for greater gender and ethnic diversityAuthors 70Further insights 70Acknowledgments 71Welcome to the 2023 edition of McKinseys annual review of private markets investing.Our ongoing research on the industrys dynamics and performance has revealed several insights,including the following trends:The music didnt stop,but someone turned it way down.Private markets have enjoyed strong tailwinds since the depths of the Global Financial Crisis(GFC).Interest rates stayed low,credit availability was high,and valuations rose consistently.Each year since its inception,this annual publication has discussed new records in fundraising and deal flow while celebrating strong performance across asset classes.Even in 2020,when activity stalled briefly during the early months of the COVID-19 pandemic,private markets hummed again in the second half.In almost every regard,2021 was an exceptional year,but it was not a trend breaker.Markets climbed higher still,awash with central-bank-induced liquidity.In the first half of 2022,central banks fought roaring inflation with sharply rising interest rates,and public market valuations cratered.In the private markets,first-half deal activity softened but subtly so,nearly matching the record-setting pace set in 2021.The mood changed in early summer.Banks began to pull back,unwilling or unable to lend.Private markets deal volume plummeted,performance declined,and valuations fellsharply in certain sectors.Still,private markets outperformed public markets on the way down,whether due to truly more resilient portfolios,a lag in timing,or manager discretion over their marks(private markets tend to mark up less quickly during ascending markets and mark down less quickly in falling markets).The discrepancy this year drove private market allocations higher on a percentage basis across institutional portfolioscloser to preexisting targets for most,and above targets for many limited partners(LPs)triggering the so-called denominator effect.Though few LPs thus far have abandoned commitment plans entirely or sold portfolios as they did 15 years ago,many have pulled back,particularly from smaller and newer funds,causing fundraising to decline.Deal making slowed in the second half.After a frenzied 2021,private equity(PE)deal volume decreased 26 percent to$2.4 trillion,while deal count fell 15 percent to just under 60,000.The deal-making momentum of 2021 continued through the first half of 2022,and despite the striking slowdown in second-half deal activity,2022 remained the second most active year on record.The number of buyout and growth deals greater than$500 million decreased by 33 percent.Add-on deals,which tend to be smaller,continued to gain share as a percentage of total deals.New platforms comprised 28 percent of total transactions in 2022,14 percentage points lower than five years ago.Real estate deal volume declined 20 percent to$1.1 trillion,also the second-highest year on record.Like PE deal making,first-half real estate deal making continued close to the record-setting pace of the second half of 2021,but second-half volumes declined precipitously.After more than doubling year over year in 2021,multifamily deal volume fell 29 percent in 2022,accounting for nearly half of the asset classs overall decline in deal activity.The denominator effect took hold.Global private markets fundraising declined by 11 percent to$1.2 trillion.Real estate(23 percent)and private equity(15 percent)declined most precipitously from 2021s record highs,while private credit ( 2 percent)proved more resilient.Macro economic headwinds,including rising inflation and interest rates,coupled with sharply negative public market Executive summary2Private markets turn down the volumeperformance(17.7 percent)triggered the afore-mentioned denominator effect,and LPs scaled down new commitments.Despite these challenges,2022 is likely to be the second-best fundraising year on record(after all data is reported),demonstratingthus fardiscipline and longer-term thinking by LPs.North American fundraising was resilient;Europe and Asia faced challenges.Fundraising results differed notably across geogra phies,more so than in previous years.Private markets fundraising in North America increased by a modest 2 percent year over year but declined in Asia and Europe by 39 percent and 28 percent,respectively.Since 2017,fundraising in Asia has declined 16 percent per year,driven primarily by reduced investment in China.In 2017,for example,China represented 83 percent of fundraising in Asia,a share that dropped to 34 percent in 2022.In Europe,an 11-year run of fundraising growth ended,largely due to geopolitical instability and broader macroeconomic challenges,including volatility in foreign currency exchange rates.A strengthening dollar accounted for a material portion of the dollar-based decline in fundraising in non-US markets.Investors fled to known names and larger funds.Amid a pullback in commitments,an outsized share of capital flowed to the largest funds,as investors re-upped with their existing managers but reduced backing smaller and new funds.Funds over$5 billion collected a record$445 billion in aggregate,a 51 percent increase over funds of a similar size in 2021.Conversely,dollars raised by sub$5 billion funds decreased by 28 percent.Just 2,141 funds were closed during the year,1,600 fewer than in 2021 and the fewest of any year since 2013.First-time fund launches also decreased by 40 percent.Dry powder inventory spiked.Total private markets assets under management(AUM)reached$11.7 trillion as of June 30,2022.AUM has now grown at an annual rate of nearly 20 percent since 2017.As of the second quarter of 2022,dry powder exceeded$3 trillion,reflecting an 8.4 percent year-over-year increase and marking the eighth consecutive year of growth.Dry powder inventorythe amount of capital available to GPs expressed as a multiple of annual deploymentspiked.In PE,inventory jumped from a historically low 0.9 times at the end of 2021,following a year of record deal flow that outpaced fundraising,to 1.4 times.That number is likely to Amid a pullback in commitments,an outsized share of capital flowed to the largest funds,as investors re-upped with their existing managers but reduced backing smaller and new funds.3Private markets turn down the volumehave grown even higher in the second half of 2022,as deal flow dried up more abruptly than fundraising slowed.PE multiples contracted.PE buyout entry multiples declined slightly in 2022,falling to 12.9 times EBITDA from a record 13.2 times a year ago,while public market multiples compressed dramatically,declining to 12.0 from 14.6 times EBITDA.Financial services(2.5 times)and informa tion technology(2.2 times)recorded the largest multiple declines among PE subsectors,while rising commodity prices drove multiple expansion in raw materials and resources( 2.6 times).PE posted negative performance for the first time since 2008.Global PE performance turned negative for the first time since 2008,posting a 9 percent return through September1 and ending a five-year run as the highest-performing private asset class.Tech-focused buyout funds performed worse than other buyout funds for the second consecutive year,and venture capital(VC)underperformed buyout strategies for the first time since 2017.Counter-intuitively,manager selection mattered less in 2022 than in years past:the interquartile spread of returns of PE funds narrowed in 2022 to 21.6 percent from the prior ten-year average of 33.8 percent.As the industry narrative turned from beta to alpha,there was less alpha to be had in 2022.Real estate served as an inflation hedge.One of real estates biggest draws for institutional investors is the long-held belief in the asset classs ability to protect real value during periods of higher inflation.Indeed,real estate performance has exceeded inflation in six of the last seven inflationary periods,in part due to cap rate compression even during a rising interest rate environment.The pattern in 2021 and 2022 was no different:despite rising US Treasury(UST)rates,cap rates decreased,and 1 As measured by year-to-date IRR as of September 30,2022,for global funds vintages between 2000 and 2019.values rose.However,cap rates started expanding toward the end of 2022,signaling heightened uncertainty across real estate markets.Private debt had its moment(again).Private debt fundraising continued to grow last year( 2 percent),once again bucking the trend of other private asset classes.Institutional investors sought out the asset class for various features that are attractive in times of market volatility:current yield,floating rates,and relative insulation(via its senior position in the capital stack)from declining valuations.The prevailing market uncertainty also served as a shot in the arm for private credit deployment opportunities.As bank financing dried up in the second half of the year,private lenders stepped into the void,providing financing for more than 80 percent of PE transactions in the middle market.More mega-funds and a broader mandate for infrastructure.Infrastructure and natural resources fundraising rose to an all-time high of$158 billion,benefiting from the closing of a record five funds of more than$10 billion.The definition of infrastructure and natural resources continues to expand,with todays funds now taking more equity risk than yester years did.Macroeconomic events had mixed impact across sectors:rising oil and gas prices drove a resurgence in demand for traditional energy invest ments,while growth in renewables fundraising continued amid the multiyear push toward decarbonization.Sustainable investing gained scale.2022 will prove to be the best year yet for ESG-focused fundraising,with$24 billion raised through the first half of the year.Sustainability-related deals(the“E”)increased by 7 percent to nearly$200 billion,proving resistant to the deal-making headwinds that affected other asset classes.Venture capital accounted for 40 percent of this total,while on 4Private markets turn down the volumea sectoral basis,power and transportation targets led the pack for the third year running.But ESGs growing impact on private markets goes beyond just dedicated funds and deals:most funds(of any strategy)now consider ESG risk factors in due diligence,and some explicitly include ESG concepts in their value creation plans.Private markets firms still have work to do on diversity.Considerations for diversity,equity,and inclusion(DEI)have become an important part of the fundraising,hiring,and investing landscape in private markets.LP willingness to allocate more capital to diverse deal teams is prompting more GPs(52 percent in 202122)to share DEI data during fundraising.On some diversity metrics,private markets firms compare favorably with corporate America,although ethnic diversity is not yet broad based.Ethnic,racial,and gender represen-tation also remains imbalanced in senior positions and investing roles,suggesting that firms broadly continue to miss talent opportunities.Increasing representation across all levels will require managers to take fresh approaches to hiring,retention,and promotion.About this reportMcKinsey is the leading adviser to private markets firms,including private equity,real estate,private debt,and infrastructure firms,with a global practice substantially larger than any other firm.We are also the leading consultant partner to the institu-tional investors that allocate capital to private markets,such as pensions,insurance companies,sovereign wealth funds,endowments,foundations,and family offices.This is the 2023 edition of our annual review of private markets.1 To produce it,we have developed new analyses drawn from our long-running research on private markets,based on the industrys leading sources of data.We have also gathered insights from our colleagues around the world who work closely with the worlds leading GPs and LPs.This report consists of two main sections:the first more numbers-driven,2 the second more qualitative.The first section(chapters one to five)includes in-depth analysis of industry developments and trends in fundraising,performance,AUM,and deals across several private market asset classes:private equity,private debt,real estate,and infrastructure and natural resources.The second section(chapter six)explores how private markets firms are advancing their ESG agendas.We welcome your questions and sugges-tions at .1 We define private markets as closed-end funds investing in private equity,real estate,private debt,infrastructure,or natural resources,as well as related secondaries and funds of funds.We exclude hedge funds and,except where otherwise noted,publicly traded or open-end funds.2 For 2022,all data is based on reported numbers and will likely adjust as more figures continue to be reported.Performance data is as of September 30 for vintages 20002019,unless otherwise noted;AUM data is as of Q2;and fundraising data cover the full year 2021.All data for Asia excludes Australia and New Zealand unless otherwise noted.5Private markets turn down the volumeCompared with a heady prior decade of robust growth,2022 was a subdued year in the private markets.Following the record highs achieved in 2021,which were buoyed by pent-up demand from the earlier stages of the pandemic,several exogenous macroeconomic events stymied growth.High inflation persisted throughout most of 2022,prompting central banks around the world to increase interest rates at a historic pace.Quantitative tightening and dislocation in asset prices raised fears of an economic slowdown.And the ongoing war and humanitarian crisis in Ukraine further exacerbated risks to the global economy,including higher commodity prices and disrupted supply chains.Amid the challenges,public markets sold off substantially,and though private markets remained relatively buoyant in the first half of 2022,they followed in the latter half.These disruptions had substantial and varied impacts on private markets fundraising,performance,and AUM growth,with steep declines in certain regions and strategies,and pockets of resilience in others.Private markets fundraising fell 11 percent to$1.2 trillion,as the denominator effect affected some LPs ability to allocate capital.The decline was most evident in Europe and Asia,while,fundraising in North America increased slightly.Capital deployments into larger vehicles increased as investors re-upped with existing managers while forgoing commitments to smaller and newer managers.Performance of every private markets asset class declined relative to 2021 but continued to outperform public market equivalents at current marks,though private market valuation changes often lag those in public markets.In a break from years past,PE performed worse than other private asset classes,producing negative returns(through September 30,2022)for the first time since 2008.Natural resources strategies,meanwhile,generated relatively strong performance for a second consecutive year,buoyed by elevated commodity prices.While fundraising and investment performance declined,the industrys growth held reasonably steady,with assets under management increasing to$11.7 trillion as of June 30,2022.1Private markets lose momentum 6Private markets turn down the volumeFundraisingGlobal private markets fundraising totaled$1.2 trillion in 2022,matching the prepandemic high achieved in 2019.However,fundraising fell 11.4 percent from its$1.4 trillion record haul in 2021(Exhibit 1).Still,2022s total is the third highest on record(and will likely climb to second when full-year data is finalized).The so-called denominator effect may have played a role in the fundraising slowdown.As the value of institutional investors public investments depreciated faster than their private holdings,private allocations increased as a percentage of overall portfolios.For some LPs,this dynamic merely reduced the allocation“gap”that had existed between their actual and target private market allocations,but for others,it resulted in over-allocations to one or more private asset classes.Because some LPs are obligated to maintain private markets allocations below said targets,these valuation-driven allocation changes contributed to lower new commitmentsand,in select cases,the sale of private market holdings in the secondary marketlast year.Still,most LPs appear to be staying the course,intent on avoiding the sins of the GFC,during which many LPs sold positions at a discount and reduced Exhibit 1Privatemarkets799192.41187539.02309028.25769.31,20315211.4North AmericaTotal,$billion202122,$billionYoY change,%EuropeTotal,$billion202122,$billionYoY change,%AsiaTotal,$billion202122,$billionYoY change,%Rest of worldTotal,$billion202122,$billionYoY change,%GlobalTotal,$billion202122,$billionYoY change,%Private equityAsset class44471.5934431.9747249.243512.565511715.2Real estate1133121.7251638.72500.73239.91665023.0Private debt1471410.65869.911424.6718.122452.1Infrastructureand naturalresources944382.4801.3532431.23972.2158106.5Web Exhibit of Note:Figures may not sum precisely,because of rounding.1Excludes secondaries,funds of funds,and co-investment vehicles to avoid double counting of capital fundraised.Reported figures only include funds that held final closes in FY 2022.Source:PreqinMcKinsey&CompanyPrivate markets fundraising fell 11.4 percent in 2022.Private markets fundraising,1 2022 7Private markets turn down the volumecommitments for multiple years,permanently impairing their portfolios.North America,which accounted for two-thirds of private markets fundraising,was the only region in which fundraising climbed higher in 2022,increasing 2.4 percent to$799 billion(Exhibit 2).Across asset classes in North America,fundraising for natural resources and infrastructure grew 82 percent,and private credit grew 11 percent.Closed-end real estate fundraising declined 22 percent.Fundraising in Europe fell 28 percent to$230 billion(measured in US dollars),the lowest total since 2018,ending the continents 11-year growth streak.The decline was driven partially by foreign-exchange effects,as the dollar strengthened relative to most European currencies in 2022.Lower commitments may have been driven by record highs in dry powder at the end of 2021 and a more sober economic outlook relative to North America.The fundraising decline was broad based,with totals in closed-end real estate,PE,and infrastructure and natural resources all falling more than 30 percent year over year.In Asia,fundraising declined for the fourth time in five years,falling 39 percent to$118 billion,59 percent below 2017s$288 billion peak.The multiyear decline for Asia-focused fundsand a particularly notable drop in China-focused fundraisingresulted from a confluence of factors,including excess dry powder and changing governmental regulations.Across Asia,fundraising fell substantially in PE(49.2 percent)and private debt(24.6 percent),while infrastructure and natural resources fundraising grew by a modest 1 percent.Exhibit 21Private markets refers to private equity,real estate private equity(ie,closed-end funds),private debt closed-end funds,natural resources closed-end funds,and infrastructure closed-end funds.Secondaries and funds of funds are excluded to avoid double counting of capital fundraised.Source:PreqinMcKinsey&CompanyNorth America was the only region to record positive fundraising growth in 2022.Global private markets fundraising by region,1$billion201722 CAGR, 2122 growth,%Total11.42.99.32.9Rest of world39.016.4Asia28.21.6Europe2.410.1North America2014201220102008200620162018202020221,2031,3551,0681,2141,1261,0449017976816004373803112884806146578Private markets turn down the volume2022s fundraising headwinds did not affect all managers equally.In a turbulent market,investors shifted new commitments to larger funds.Funds greater than$5 billion raised a record$445 billion,51 percent more than in 2021.Conversely,funds smaller than$1 billion raised just$349 billion,a decrease of 31 percent.Last years move toward larger funds accelerated a long-running trend.Funds smaller than$1 billion decreased as a percentage of total fundraising from 47 percent in 2017 to 29 percent in 2022,while the share of funds greater than$5 billion grew from 21 percent to 37 percent over the same period(Exhibit 3).A similar trend played out in fund count.The total number of funds of less than$1 billion fell by 45 percent to around 1,900.By contrast,the number of funds of greater than$5 billion increased by nearly 40 percent to 39 funds.Despite a more challenging fundraising year,established GPs managing larger funds succeeded in attracting significant investor commitments.Indeed,the top 20 fundraisers raised 32 percent of the total fundraising volume in 2022,which is the highest share since 2009 and a 9 percent year-over-year increase.Exhibit 31009080705040602006200820102012202220202018201620143020100$10 billionWeb Exhibit of 1Secondaries and funds of funds are excluded to avoid double counting of capital fundraised.Source:PreqinMcKinsey&CompanyFunds greater than$5 billion raised 37 percent of total fundraising.Global private markets fundraising by fund size and close year,1%of total in-year fundraising amount9Private markets turn down the volumeAUMPrivate markets AUM totaled$11.7 trillion as of June 30,2022(Exhibit 4).AUM has grown at an annual rate of nearly 18 percent since 2017.In 2022,a deteriorating macro environment coupled with lower availability and higher cost of debt slowed exit activity,driving growth in net asset value(NAV).Dry powder totaled more than$3 trillion,increasing 8.3 percent from the first half of 2021 through the first half of 2022 and marking the eighth consecutive year of growth.Due to a lag in reported data,market dynamics in the second half of last year are not reflected in reported AUM figures.Exhibit 4Note:Figures may not sum precisely,because of rounding.1Includes turnaround PE funds and PE funds with unspecified strategy.Source:PreqinMcKinsey&CompanyPrivate markets AUM totaled$11.7 trillion.Private markets assets under management,H1 2022,$billion533(5%)2,527(22%)6,288(54%)2,340(20%)100%=$11.7 trillion3,288(28%)2,578(22%)1,218(10%)535(5%)1,333(11%)1,461(12%)1,273(10%)AsiaEuropeNorth AmericaRest of world803442,0168491091,2011,06820191195257149438810951918293626217785436812211864039457BuyoutGrowthVenture capitalReal assetsPrivate debtRealestateOther1 Infrastructure and naturalresourcesPrivate equity10Private markets turn down the volumePerformanceAll private markets asset classes posted lower returns in 2022 than in 2021.After five consecutive years as the highest-returning private markets asset class,PE was the only asset class to generate negative performance,turning in a net IRR of 9.2 percent year to date as of September 30.Meanwhile,natural resources had its second straight year of strong performance,returning 15.6 percent and leading all private markets asset classes(Exhibit 5).Private markets asset classes outperformed their corresponding public markets indexes,a consistent trend over the past two decades.In a turbulent year for public markets,that result is unsurprising;private marks often lag public valuations and benefit from a degree of valuation discretion.PE outperformed public markets indexes,with the MSCI World Index posting 25.1 percent returns through the first three quarters of 2022.Within PE,buyouts returned 6.0 percent through September 30,while venture capital returned 14.9 percent.Closed-end real estate,which generated a 2.5 percent net IRR through September,also outperformed public indexes,such as the FTSE Nareit Equity REITs Index,which lost 27.9 percent over the same period.PE has been not only the best-performing private markets asset class over the long run but also the asset class for which manager selection matters most.The median net IRR to date for PE funds Exhibit 55040302001010200620042002200020082010201220222020201820162014203040Private equityNatural resourcesReal estatePrivate debtInfrastructureS&P 600Web Exhibit of McKinsey&CompanyAll private market asset classes posted lower returns yet outperformed public equities.Performance by asset class,1-year pooled IRR for 200019 vintage funds,1und performance assessed using IRR calculated by grouping performance of 200019 funds during 200022.Some data not available for certain periods.IRR for 2022 is YTD as of Sept 30,2022.Source:Bloomberg;Burgis11Private markets turn down the volumeraised between 2009 and 2019 was 20.1 percent as of September 30,which exceeds the top-quartile return of all other private asset classes.However,the spread between top-and bottom-quartile PE funds was 18 percentage points,which is 400 basis points greater than for any other asset class(Exhibit 6).So,while dollars put to work in PE broadly have been more productive than in other asset classes,the dispersion of fund performance in PE also presents the greatest opportunity for LPs to outperform (or underperform)through optimal fund selection.Performance relative to the median is often the key measuring stick for teams managing private asset portfolios.Non-institutional capital comes in to focusInstitutional investors remain the dominant providers of capital into private markets,but non-institutional capital has grown in importance.Private markets are slowly becoming more accessible as regulatory 2 McKinseys Global Growth Cube.changes and novel investment vehicle structures open private investment opportunities to high-net-worth and retail-capital pools.GPs have eagerly responded to the opportunity.Investing in the private markets appeals to non-institutional investors for the same reasons that it does to institutional ones:the potential for higher returns,lower correlation with public equity markets,and access to otherwise inaccessible markets and strategies.Fund managers,meanwhile,see non-institutional investors as a$45 trillion global capital pool and a relatively untapped source of funds.At present,retail investor allocations to private markets range from 56 percent.2 As more institutional investors achieve asset-allocation maturity and slow the growth of their new commitments to private markets,non-institutional capital will be the next growth frontier for GPs.Recent regulatory changes in the United States and Europe have facilitated this so-called democratization Exhibit 6Web Exhibit of 1IRR spreads calculated for funds for separate vintage years for 200919,and then averaged out.Median IRR was calculated by taking the average of the median IRR for funds within each vintage year;net IRR to date through Sept 30,2022.Source:BurgissMcKinsey&CompanyThe performance gap between top-and bottom-quartile PE funds is wider than for the other asset classes.Performance by asset class,median IRR and percentile spreads for 200919 vintage funds,1%Private equityPrivate debt29.820.111.412.69.37.017.811.56.513.46.50.414.59.34.3Real estateNatural resourcesInfrastructure18.411.410.313.95.6Bottom 25%MedianTop 25Private markets turn down the volumeof private markets.Two salient examples:In 2020,the US Department of Labor issued a statement allowing select 401(k)plans to incorporate PE as a component of their investment plans.And in February 2023,the European Parliament voted to approve revisions to the European Long-Term Investment Funds that will relax rules restricting individual investment in private asset classes,including minimum investment and diversification requirements.With relaxing regulatory barriers and growing demand for alternatives among non-institutional investors,GPs have utilized enhanced distribution teams and structured vehicles.One common structure is the feeder fund,a vehicle that aggregates commitments from several individual investors into a common pool that is then invested in a private partnership(such as a PE fund).While this is hardly a new structure(private banks have been assembling feeders for their wealthiest clients for years),these vehicles have grown more common and their utilization more widespread,driven by a handful of start-ups that have entered the space and grown quickly,easing the operational burden for GPs.Beyond feeder funds,several other vehicles enable private markets investing for non-institutional clients,including interval funds,tender funds,private real estate investment companies(REITs),and business development companies(BDC).None are new,but most have grown in relevance.In real estate,private REIT contributions has grown dramatically over 3 Refinitiv.the last several years,driven by the market entry of a few well-known players that built large sales teams to facilitate distribution.Two such vehicles faced liquidity challenges in recent months,when non-institutional investors sought exits.And in private debt,though non-institutional investors have long had access to BDCs,a new breed of BDC,known as the nontraded perpetual life BDC,has grown in popularity.These nontraded BDCs generated more than 80 percent of BDC asset growth last year through September.3 New technology plays a role in promoting access for and distribution to non-institutional investors.Tokenized funds have grown in number,utilizing blockchain technology to fractionalize fund stakes into smaller tokens,lowering the minimum investment required for qualified US-based investors.In 2022,two large asset management companies announced plans to tokenize funds that span private equity,private credit,secondaries,and other asset classes.While addressing the non-institutional market is an enormous opportunity for private markets players,there are numerous operating challenges.A move in this direction will require substantial investments in distribution and reporting infrastructure,coming from either GPs themselves or the range of technology-oriented start-ups jumping into the space.Regulators are likely to watch closely as the market develops.Regardless,with mountains of potential capital up for grabs,GP interest in the non-institutional opportunity is only going to grow.13Private markets turn down the volumeOn the heels of a banner 2021,which set records for fundraising and deal making and produced exceptionally strong returns,PE fell back to earth in 2022.Aforementioned challengesthe higher cost and lower availability of debt,rapidly declining public market valuations,and macroeconomic uncertaintystifled growth,activity,and performance in what had been the best-performing private markets asset class for many years running.Globally,fundraising fell 15 percent from the all-time high achieved in 2021.LPs concentrated commitments among large funds as many investors chose to re-up with known,tested names while forgoing commitments to smaller,newer managers.In particular,megafunds gained prominence:11 funds of more than$10 billion each were raised,totaling$170 billion collectively.VC and growth equity both had their second-largest fundraising year on record,cumulatively accounting for more than 50 percent of PE fundraising for the first time.AUM ascended higher,as it has in every year since the global financial crisis,to$7.6 trillion.Additionally,the deal-making momentum of 2021 continued through the first half of the year before falling dramatically in the second,weighed down by reduced credit availability and valuation uncertainty.Exit volume fell sharply,as sponsors chose to hold assets rather than sell into a declining-valuation environment.PE returns disappointed,recording the worst year(through September 30)since 2008,and PE ended a five-year run as the top-performing asset class.Because of the deterioration in technology valuations,VC and growth equity returns led the fall,in stark contrast to the last several years.The median VC and growth funds lost 6.3 and 7.3 percent,respectively,through the first three quarters of 2022,while the median buyout fund earned 0.9 percent.Private equity endures a tough year214Private markets turn down the volumeFundraisingGlobally,PE fundraising fell 15 percent to$655 billion(Exhibit 7),the lowest sum collected by the asset class since 2017(except during the pandemic-driven slowdown in 2020).Each major PE strategy4 experienced fundraising declines greater than 10 percent.Buyout,the largest PE strategy,recorded an 18 percent decline.Growth equity and VC,which each hit record fundraising levels in 2021,dropped by 17 percent and 11 percent,respectively.The fundraising drop was broad-based across regions.For North Americafocused funds,a relative bright spot,fundraising declined just 2 percent from the record set in 2021.Despite the year-over-year decline,2022 was the second-highest year on record for North American PE fundraising.4 Excludes other PE.Fundraising by VC and growth equity funds grew 6 percent in the region,while buyout fell 15 percent.A key driver of the regions relative fundraising resilience:dollars shifted in favor of larger funds in 2022,and North America is home to more large funds than any other region.Indeed,seven PE funds in the region raised a record$10 billion or more,while only four such funds were raised in all other regions combined.Fundraising for Europe-and Asia-focused funds fell precipitously.European PE funds raised$93 billion,a 32 percent year-over-year decline and the lowest total since 2017,reversing the consistent,modest growth seen over the last four years.The fundraising decrease was most evident in midsize vehicles ($1 billion to$5 billion),which declined 61 percent.Exhibit 78007006005003002004002006200820102012202220202018201620141000201722 CAGR, 2122 growth,%All regions15.20.949.221.2Asia1.510.3North America16.412.5Rest of world31.91.0EuropeMcKinsey&CompanyGlobal PE fundraising fell to$655 billion.Global private equity fundraising by region,1$billion1Secondaries and funds of funds are excluded to avoid double counting of capital fundraised.Source:Preqin15Private markets turn down the volumeDifficult macroeconomic conditionswhich were perhaps most acute in Europeand the strength-ening US dollar are likely to have had an impact on fundraising momentum.In Asia,fundraising fell 49 percent to$74 billion,the lowest total since 2013 and the fourth annual decline in five years.China-focused fundraising is responsible for much of the regions steep decline.For example,in 2017,a peak year for capital raising in the country,China-focused funds raised$208 billion.In 2022,that total dropped to$34 billion.China represented more than 85 percent of PE fundraising in Asia in 2017 and only 46 percent in 2022.Several reasons explain the drop in China-focused fundraising.First,fundraising increased at a rapid pace through 2017 in Asia,particularly China,leading to a large amount of dry powder.From 2014 through 2019,Asias dry powder,much of which is located in China-focused vehicles,grew to$312 billion,a nearly 200 percent increase.As a result,GPs eased further fundraising to focus on deploying stockpiles of committed capital.Second,new regulatory policy in China,installed in 2018,has limited nonfinancial entities ability to borrow capital to invest in PE funds.Third,the ramifications of COVID-19 and extended lockdowns have made it harder for GPs to organize fundraising roadshows and raise new capital for funds in the country.5 Bloomberg;Burgiss.Across the rest of the world,which encompassed just 7 percent of the global total,fundraising grew 12 percent year over year.The increase was substantially driven by several large Australia and Australia-Pacific funds.Drivers of fundraisingVarious factors contributed to the drop in fundraising momentum.First,heightened macroeconomic uncertainty had an impact on global financial markets in general and slowed fundraising across most private markets,including PE.In this uncertain environment,private markets investors showed a preference for lower-risk strategies.Consequently,the largest funds,which have exhibited lower return dispersion over time(Exhibit 8),managed to raise relatively greater capital.Second,fundraising regressed from the record-high volume of 2021,which was partially inflated by the backlog of funds unable to reach a final close in 2020 due to the pandemic.Third,the denominator effect closed the gap between current and target allocations for most LPs,driving some institutions into an over-weight position.As of September 2022,PE (as marked)outperformed public markets by a considerable margin:PEs year-to-date returns totaled 9.2 percent,compared with 25.1 percent for the MSCI World Index.5 As a result,the current portfolio value for 33 percent of PE LPs outstretched their respective targets in 2022,versus 27 percent in the prior year and just 17 percent in 2019.Within Each major PE strategy experienced fundraising declines greater than 10 percent.16Private markets turn down the volumethe LP universe,nearly 50 percent of endowments,government agencies,and public pension funds were overallocated to PE as of the beginning of 2023.LPs have reacted to their overweight positions in myriad ways.Some LPs obligated to stay below their target allocation limit slowed or stopped allocating new capital.Others sold portfolios,although less so than last year,and a few continued to hold course,sticking to their long-term commitment plans.There were also some investors who simply raised their targets to accommodate the overweight allocations,indicative of their belief in the strategys long-term performance potential.Yet,across the board,a majority of LPs seemed intent to avoid what happened during the last downturn,when commitments ramped up rapidly prior to the GFC,peaking allocations into what turned out to be poorly performing vintages.It took some time before investors reduced new commit-ments substantially or stopped altogether,so they sat on the sidelines in vintages that ultimately performed fairly well.Investors who faced liquidity concerns and pressure from board members also sold positions in the secondary market at substantial discounts,permanently impairing value.While secondary pricing has once again fallen sharply in the current environment,relatively few LPs have sold into that market thus far.(See later in this chapter for further discussion of secondaries.)Concentration into larger fundsFundraising challenges in 2022 were not borne equally by all managers.In last years report,we discussed the remarkably consistent industry structure in PE.The idiosyncratic timing of funds coming to market does drive annual volatility in fundraising,but a longer-term view reveals consistency.For example,the top 25 managers have accounted for 36 percent of the total fundraising on average over the last decade,with little variation Exhibit 86050403010020Venture capitalSmall cap($10 billion)102063HBB(%Top 5%Top quartileMedianBottom quartileBottom 5%Web Exhibit of McKinsey&CompanyMedian returns were similar across fund sizes;spreads were larger for small-cap buyout funds.Global buyout fund performance by percentile,1 IRR for 200019 vintage funds,und performance assessed using IRR calculated by grouping performance of 200019 vintage buyout funds during 200022.Some data not available for certain periods.Source:Burgiss17Private markets turn down the volumein that number when considering a multiyear view(Exhibit 9).But 2022 was different:the largest 25 managers raised 42 percent of the global total,the highest annual share since 2013.Meanwhile,everyone outside the top 250 managers raised just 19 percent,the lowest share since 2014.In a year when investors concentrated their allocations amid a broader pullback in commitments,re-ups to existing managers sustained,and larger funds and their sponsors persevered.Dollars allocated to funds exceeding$5 billion grew 25 percent year over year,while fundraising for vehicles of less than$1 billion fell by more than 34 percent.Consistent with this shift to larger funds,the average fund size across PE strategies increased to approximately$410 million,up from$210 million in 2016,while the number of funds fell 46 percent from a year prior,reigniting a multiyear trend after a temporary stay in 2021(Exhibit 3).Megafunds played a key role in driving up fund size:a record 11 funds of at least$10 billion closed in 2022,Exhibit 920132014201520162017201820192020202120223841471647351844312542302837342934422539382441342510-year average4036243128423919McKinsey&CompanyTop managers captured a greater share of PE fundraising in 2022.Share of PE fundraising by year,1%Note:Figures may not sum precisely,because of rounding.1Secondaries,funds of funds,and co-investment vehicles are excluded to avoid double counting of capital fundraised.Source:PreqinTop 25 managersTop 26250 managersLong-tail managers18Private markets turn down the volumecompared with nine such funds in 2021 and just four in 2020.Within buyouts,the average fund raised$1.25 billion,the second-largest size in the strategys history.Meanwhile,the count of funds smaller than$250 million fell by more than 51 percent(Exhibit 10).Increased concentration among larger funds may reflect investors move to limit risk in a volatile equity market.Typically,the median performance of larger funds is similar to that of smaller funds,but the dispersion of returns is narrower for larger funds.The environment was particularly challenging for first-time funds,whose fundraising fell to$32 billion,the lowest total since 2013 and the lowest share of total fundraising in at least 20 years(Exhibit 11).A single-year shift in fundraising can appear to be driven as much by supply as by demand,based on the timing of large fund families returning to market every three to five years.However,of the 22 funds that raised more than$10 billion from 2017 to 2019,just three such fund families raised a successor vehicle with a final close in 2022,indicating that first-time funds comprised the vast majority of the 11 megafunds closed in 2022.AUMGlobal PE AUM increased to$7.6 trillion in the first half of 2022.This continues a growth trend in which AUM has risen at an annual rate of more than 22 percent since 2017.Within PE,the AUM mix has shifted considerably over time.Buyout accounted for 43 percent of the global total as of the first half,down from 55 percent in 2017.VCs share was 34 percent,up from 21 percent five years prior.In Asia,VC accounts for 56 percent of PE AUM,while growths share was 25 percent.In contrast,buyout was the largest strategy in Europe and North America,accounting for 70 percent and 51 percent of each regions overall AUM,respectively.The rest of the worlds AUM was more evenly split,with 36 percent in VC,30 percent in growth,and 27 percent in buyout as of June 30.PE dry powder reached an all-time high of nearly$1.9 trillion(Exhibit 12).Dry powder inventory on hand was 1.4,up from 0.9 years in 2021(which was a historical low driven by heightened deal activity that year).When year-end figures become available,Exhibit 102.920212.320202.11.720192.31.820182.62.120172.92.420162.52.120152.21.920141.41.120131.10.920121.00.820111.00.820100.80.720060.70.520090.60.520080.80.620070.80.61.520221.1$10 billion51%Web Exhibit of McKinsey&CompanyThe number of small PE funds closed in 2022 fell 51 percent.Private equity fundraising by fund size and close year,1 thousands of funds1Secondaries,funds of funds,and co-investment vehicles are excluded to avoid double counting of capital fundraised.Source:Preqin19Private markets turn down the volumeExhibit 112021567612181313131113151617779202020192018201720162015201420132012201120102006200920082007202232.142.839.942.870.693.259.852.950.820.924.631.517.424.419.633.924.5Web Exhibit of McKinsey&CompanyPE fundraising by first-time managers decreased.Fundraising by first-time managers,1$billionShare of total fundraising,%1Secondaries,funds of funds,and co-investment vehicles are excluded to avoid double counting of capital fundraised.Source:PreqinExhibit 12201020082012201420162018202020224.03.02.001.0Web Exhibit of McKinsey&CompanyGlobal inventories of PE dry powder rebounded.Years of private equity inventory on hand,1 turns 1Capital committed but not deployed,divided by equity deal volume.Equity deal volume estimated using transaction volume and leverage figures.Source:PitchBook;Preqin3-year trailingIn year20Private markets turn down the volumeinventory totals are likely to have increased even more,given that deal volume declined more rapidly than the slowdown in fundraising.PerformancePE was not immune to broader valuation declines,and performance suffered in 2022,albeit less than that of public markets.As stated previously,this result is unsurprising,given a lag in reporting and manager discretion in valuation.For the first time in six years,PE was not the highest-performing private markets asset class.Instead,it was the only asset class to lose money as of September,recording a nine-month trailing pooled net IRR of 9.2 percent.Equity performance is relatively volatile,and the years performance followed a full-year return of 39.5 percent in 2021(Exhibit 13).In 2022,negative returns were widespread across strategies,though sector focus played a consider-able role in relative performance.By strategy,buyout had the strongest performance,returning 6.0 percent on a pooled basis for the three Exhibit 135060403020010102006200420022000200820102012202220202018201620142030All private equityBuyoutGrowthVenture capital14.79.26.014.9Web Exhibit of McKinsey&CompanyVC underperformed buyout for the first time since 2017.Performance by strategy,1-year pooled IRR for 200019 vintage funds,1und performance assessed using IRR calculated by grouping performance of 200019 funds during 200022.Some data not available for certain periods.IRR for 2022 is YTD as of Sept 30,2022.Source:Burgiss 21Private markets turn down the volumequarters ending September 30.Growth and VC,both heavily exposed to tech,underperformed buyout by recording pooled net IRRs of 14.9 and 14.7 percent,respectively.This trend differs from VCs strong outperformance over the last decade.Tech-oriented strategies dragged down buyout returns as well,posting returns of 11 percent after exceeding 35 percent in the previous two years.Tech performance in public markets mirrored the trend:the NASDAQ lost 32 percent in 2022,trailing the more balanced S&P 500 by eight percentage points.Meanwhile,the best-performing buyout sector year to date was energy,which gained more than 17 percent,driven by rising commodity prices.Consumer staples(6.5 percent)and industrials (6.0 percent)also performed relatively well.Counterintuitively,manager selection mattered less in 2022 than in years past.The interquartile spread of returns of PE fundsthe gap between the bottom and top quartilenarrowed to 21.6 percent from the prior ten years annual average of 33.8 percent,largely driven by the drop in top-quartile returns.As the industry narrative turned from beta to alpha,there was less alpha to be had in 2022.Despite last years performance challenges,long-term PE returns remained robust and resilient.PE has outperformed other private markets asset classes over all long-term increments across the last 15 years.The median net IRR of 200919 PE fund vintages was 20.1 percent as of September 30,exceeding the top-quartile return of all other private asset classes by more than 200 basis points(Exhibit 14).At the top end,PEs performance has been exceptional,with top-quartile funds producing net IRRs of 29.8 percent or better.PE also continued to outperform its public markets equivalents,though valuation discretion in the current environment may play a role in that conclusion.A Kaplan Schoar PME analysis,Exhibit 14Web Exhibit of 1IRR spreads were calculated for funds for separate vintage years from 200919 and then averaged out.Median IRR was calculated by taking the average of the median IRR for funds within each vintage year;net IRR to date through Sept 30,2022.Source:BurgissMcKinsey&CompanyVC returns outpaced all other PE substrategies across every quartile.Performance by PE strategy,median IRR and percentile spreads for 200919 vintage funds,%1Private equityVenture capitalBuyoutGrowth29.820.111.418.426.919.411.919.912.87.333.823.112.221.6Bottom 25%MedianTop 25.614.922Private markets turn down the volumewhich benchmarks PE performance against a public markets index by accounting for the timing of cash flows,indicates that the median PE fund from the 200919 vintages outperformed the public markets equivalent by an average of 1.3 times.In fact,the median PE fund in every vintage in the measured decade outperformed public markets equivalents.6 6 Burgiss.Deal activityGlobally,PE firms executed notably fewer deals than they did during 2021s enormously busy transaction market.Deal volume fell 26 percent to$2.4 trillion,and deal count fell 16 percent to just under 60,000.Even so,2022 was the second most active year for deal activity on record,with a particularly robust first half(Exhibit 15).Exhibit 1570.22000202220042008201220002022201620042008201220163,5003,0005002,5002,0001,5001,0000807060502010403003,2812,42059.9Web Exhibit of McKinsey&CompanyPrivate equity deal volume declined 26 percent.Global private equity deal volume,1$billionGlobal private equity deal count,1 Number of deals,thousands1Includes PE buyout/LBO(add-on,asset acquisition,carve-out,corporate divestiture,debt conversion,distressed acquisition,management buyout,management buy-in,privatization,recapitalization,public-to-private,secondary buyout);PE growth/expansion(recapitalization,dividend recapitalization,and leveraged recapitalization);platform creation,angel,seed round early-stage VC,later-stage VC,restartangel,restartearly-stage VC,restartlater-stage VC.Source:PitchBookEuropeAsiaRest of worldNorth AmericaTotal861(26%)10.3(15%)23Private markets turn down the volumeGlobal deal activity slowed rapidly in the second half of the year as debt availability declined and economic uncertainty intensified.Indeed,volume in the first six months of 2022 fell just 5 percent from the same period in 2021,while second-half deal volume fell 45 percent.By historical standards,the fourth quarter was particularly slowin fact,the least active quarter since 2017(excluding the depths of the pandemic in early 2020).Market activity through early 2023 suggests sustained sluggishness in the first quarter.Across regions,deal volume in North America declined 27 percent to just under$1.2 trillion,while volume in Europe fell 18 percent to$826 billion.The biggest impact was in Asia,where deal volume decreased by 43 percent to$228 billion(Exhibit 16).In terms of strategies,global buyout activity fell 25 percent to less than$1.7 trillion,and growth activity fell 18 percent to$254 billion.VC deal volume declined even further,falling 33 percent to$498 billion.The decline in VC deal volume was more dramatic in the second half of 2022,falling 55 percent from the second half of 2021.Among sectors,energy was the only one in which deal volume grew,buoyed by rising commodity prices.Energy deal volume grew by 6 percent year over year,following a 102 percent increase in 2021.Volumes in the two most negatively affected sectors,consumer and materials and resources,fell 47 percent and 52 percent,respectively(Exhibit 17).Exhibit 16Web Exhibit of Source:PitchBookMcKinsey&CompanyDeal volume decreased across all regions in the second half of 2022.Global private equity deal volume,$billion202120202019201820172022Q1399Q2429Q3390Q4442Q1485Q2484Q3430Q4453Q1443Q2479Q3472Q4477Q1440Q2259Q3429Q4621Q1730Q2822Q3780Q4950Q1738Q2735Q3530Q4418202122 growth, 1722 CAGR,%9.726.7North America7.826.2Total9.317.8Europe4.143.2Asia12.730.9Rest of world24Private markets turn down the volumeExhibit 17Web Exhibit of McKinsey&CompanyDeal activity declined across almost every sector.Global PE deal volume by sector,$billion202120202019201820172016201520223,2811,7491,8711,8521,6591,2691,4832,42027%5%7%0%7%8%5%9&%4%2%3%4%3%4%3%4&!%7%7!)!%?%7(#%9%?#%9 )!%6 1722 CAGR, 2122 growth,%Total(all sectors)26.27.815.59.7Business products and services(B2B)46.63.7Consumer products and services(B2C)5.64.2Energy21.59.1Financial services36.67.7Healthcare21.117.4Information technology52.02.3Materials and resourcesNote:Figures may not sum precisely,because of rounding.Source:PitchBook25Private markets turn down the volumeAdd-on dealsAdd-on deals have consistently grown in popularity.Add-ons represented 49 percent of the total buyout deal count in 2009,increasing to 68 percent in 2021.In 2022,they accounted for 72 percent of all buyouts globally,with the largest concentration in North America(Exhibit 18).Mergers and acquisitions(M&A)has long been a core PE strategy,even more so today than in years past.Industry roll-ups,among other M&A-backed strategies,allow GPs to invest in smaller targets that often trade at lower multiples,benefiting from the resulting multiples arbitrage(for example,the combined business trading at the larger acquiring companys multiple upon exit if the merger is successful).Today,PE firms also use M&A to enable cost-oriented synergies,accelerated product development,faster expansion into new markets,and new talent acquisition.ExitsAmong PE deal categories,exits declined by the greatest degree in 2022,as GPs either struggled to find buyers in a liquidity-constrained environment or chose to hold assets rather than sell into an uncertain market.The decline in exits outpaced the decline in total deals such that the ratio of exits to investments as of the third quarter fell to 0.38,the lowest level since 2008.The decline in exits was most pronounced in North America,where PE exits(excluding VC)fell 65 percent year over year.In Europe and Asia,exits declined 37 percent and 32 percent,respectively.Exhibit 1820102011201220132014201520162017201820192020202120222010201120122013201420152016201720182019202020212022505352545556586063656872582971316933673466376336643862425842584555425844563565Non-platformPlatformWeb Exhibit of Source:PitchBookMcKinsey&CompanyNon-platform deals accounted for an increased share of PE buyout activity.PE buyout deal volume,%Non-platform deals,%of deal count26Private markets turn down the volumeGPs that did exit holdings often ended up selling to other sponsors.These so-called sponsor-to-sponsor transactions represented 62 percent of all PE-backed exits through September,nine percentage points above the average of the prior decade.Meanwhile,IPO volumes dropped 70 percent in 2022 year over year,and corporate M&A activity fell 37 percent.As a share of total deal volume,neither carve-outs(1 percent)nor take-privates(4 percent)saw significant fluctuations.Deal multiples and leverage From 2010 to 2020,PE and public markets multiples expanded steadily,with valuation growth in the private markets slightly outpacing that in public markets.The average median entry multiple in buyout,for example,increased from 8.8 times to 12.7 times earnings before interest,taxes,depreciation,and amortization(EBITDA)during the period(Exhibit 19).In other words,an investor in 2020 paid 44 percent more to acquire the same EBITDA than it would have paid a decade prior.In 2022,median global buyout multiples declined to 12.9 times EBITDA from a record 13.2 a year earlier.In contrast,global public equity multiples declined more dramatically,falling from 14.6 to 12.0 times EBITDA.Among sectors,the largest year-over-year declines in purchase price multiples were seen in information technology(which fell from 17.3 to 15.0)and financial services(14.0 to 11.5),while raw materials and natural resources saw an expansion(9.3 to 11.8).Changes in observed multiples across most Exhibit 19MSCI World,EV/EBITDAGlobal buyout,purchase price/EBITDA20102011201220132014201520162017201820192020202120228.88.17.57.911.311.111.811.814.611.611.511.311.212.612.712.912.013.210.010.710.310.912.310.19.79.816x12x8x4x0 xWeb Exhibit of Source:Bloomberg;PreqinMcKinsey&CompanyGlobal buyout entry multiples declined slightly.Median buyout entry multiples and public equity multiples,turns of EBITDA27Private markets turn down the volumeprivate markets sectors were generally consistent with changes in the corresponding public markets sectors.Despite the rising cost of debt,ingoing leverage remained roughly the same as in the prior year,at just under 7 times EBITDA.Debt-to-capitalization ratiosand conversely,equity-check percentagesalso held roughly in line with 2021s levels (Exhibit 20).Spotlight on secondariesIn the last few years,the PE secondaries market has gained prominence as a liquidity tool,transitioning from an option of last resort to a more standard exiting-or reallocating-capital approach for LPs and a means by which GPs can continue managing high-quality assets.Theoretically,growth in the depth of the secondaries market should help when a wave of LPs are looking to change their holdings,such as in an environment influenced by the denominator effect,which means that there ought to have been an uptick in secondaries activity.Yet secondaries deal volume fell 18 percent in 2022 from the record high of$132 billion in the prior year,perhaps reflecting the decreases in secondaries pricing and the tendency of LPs to stay the course.While LP-led secondaries deal volume declined 13 percent to$56 billion,it still accounted for more than 50 percent of the total secondaries deal volume.Notably,first-time sellers made nearly half of these LP-led secondaries deals,doubling their Exhibit 20202020222018201620142012201020202022201820162014201220107060504030201006.96.96.96.66.56.25.95.96.15.95.55.04.98x6x4x2x0 xWeb Exhibit of McKinsey&CompanyUS buyout leverage remained at nearly seven times EBIDTA.US buyout leverage metrics,201022Debt/EBITDADebt/capitalization,%Source:Refnitiv28Private markets turn down the volumeshare from 2021.Should the denominator effect persist,deal volume in this space may accelerate.Deal volume for GP-led secondariesoften a means for GPs to continue owning their well-performing assets on a new basis,lock in unrealized gains on assets,and return money to LPsfell 24 percent,reversing a multiyear trend.Consistent with the broader trend in PE,GPs,which sell assets to themselves through continuation funds,elected to hold assets within existing vehicles rather than sell into a declining price environment.Meanwhile,single-asset continuation vehicles continued 7 Most prolific is defined as highest aggregate fundraising in PE secondaries since 2010.to grow in relative prominence,accounting for 50 percent of all GP-led secondaries in 2022.FundraisingPE secondaries fundraising also declined for the second consecutive year,falling to$31 billion(Exhibit 21).After a record haul in 2020,the decline in the last two years can be mostly explained by the concentration in secondaries fundraising.Over the past decade,the ten most prolific fundraisers7 have raised 45 percent of the total secondaries fundraising over the last five years.Of these managers,five achieved a final close of their Exhibit 21Web Exhibit of McKinsey&CompanyA decline in the number of large fund closings reduced PE secondaries fundraising.Global private equity secondaries fundraising,$billion202120202019201820172016201520142013201220112010202285.225.724.846.730.922.431.025.722.111.813.746.931.03-year averagePrior 10-year averageTotal fundraising,$billion14.025.8Top 10 secondaries managers11.428.6Remaining secondaries managersSource:Preqin31uDWwW(Cr)i%VC#CrW(q%8)Private markets turn down the volumesecondaries fund in 2020,two in 2021,and just one in 2022.With fewer of the largest players in the market in the last two years,fundraising totals have not approached the 2020 peak.Even then,signs of a deepening secondaries market continue,given the growth in fundraising by managers outside the top ten.Though total PE secondaries fundraising halved year over year in 2021 and fell another 20 percent in 2022,funds raised by GPs outside of the top ten reached a new high of$33 billion in 2021a total that was nearly matched again in 2022.Similar to traditional PE fundraising,North American secondaries funds outpaced the broader market,posting a 37 percent year-over-year increase.PricingSecondaries pricing on LP portfolios declined 11 percentage points across PE strategies.Buyout secondaries pricing decreased by 10 percent 8 Global Secondary Market Review,Jefferies,January 2023.to an average of 87 percent of NAV,while VC pricing fell by 20 percentage points to trade at 68 percent of NAV.8 In any given year,secondaries pricing is influenced by the composition of vintage year,uncalled capital,asset class,quality of assets,and seller rationale.In 2022,other factors exacerbated the downward pressure on prices,including the performance lag between private and public markets performance(for example,the“discount”to NAV reflects perceived valuation rather than stated asset prices)and supply dynamics(such as more potential sellers in the market given the denominator effect).The fact that first-time sellers were 50 percent of LP secondaries sellers,up from 25 percent in 2021,suggests that a new set of investors utilized the market to offload positions to rebalance their portfolios in the current market context.30Private markets turn down the volumeFor real estate,2022 was a year of relative highlights and challenges,with previously-struggling sectors finding stability,and top-performing sectors slowed by tailwinds.In closed-end funds,AUM reached a new peak,as it has every year since 2016,and managers raised the second-highest total on record,led by commitments to opportunistic vehicles.Open-end funds in the US grew NAV by 24 percent,with contributions exceeding distributions for the first time in two years.Office,retail,and hospitalitythe sectors most affected by pandemic-driven changes in working,shopping,and travelingshowed signs of emerging stability.In office,for example,net absorption turned positive as attendance rates seemingly reached a new equilibrium.Yet,like most private market segments,real estate experienced a downturn in 2022 compared with the record year it followed.Closed-end fundraising declined 23 percent year over year.Deal volume fell 20 percent,declining in each consecutive quarter throughout the year.Expanding capitalization(cap)rates across sectors,which represent the multiple investors are willing to pay for net operating income(NOI),drove performance lower.And multifamily and industrialsectors benefiting from changes in living and shopping behaviorsoftened after rapidly rising rents and occupancy of the past two years boosted performance.Signs of a flight to quality,or at least to better-known managers,emerged.The largest five managers accounted for 29 percent of all fundraising,the highest share of the last decade,and tenants favored class A real estate as they fought to attract and retain employees.Finally,amid the broader slowdown in technology-oriented PE deal making,investments in property technology companies fell to the lowest total in five years.While the industry continues to digitize rapidly,companies leading that effort found fundraising more difficult than in years past.Real estate renovates331Private markets turn down the volumeClosed-end fundsClosed-end fundraising totaled$166 billion,a 23 percent decline from the record sum achieved in 2021.Year-over-year fundraising declines were most pronounced in debt strategies,and in Europe.Fundraising results differed across regions more than in most years.Asia-focused funds raised$25 billion,nearly matching the prior year,while fundraising in North America fell 22 percent to$113 billion.European fundraising fared even worse,falling 39 percent to$25 billion in dollar terms,the lowest total since 2012 and the fifth consecutive annual decline.Among risk strategies,fundraising declines were widespread with some variation(Exhibit 22).Opportunistic and value-add fundraising were relatively resilient,declining by roughly 15 percent-age points each to$59 billion and$55 billion,respectively.The size of the average opportunistic fund grew 28 percent year over year to$768 million,a new record;that total was bolstered by two funds that collectively raised$30 billion.Lower-risk strategies encountered fundraising challenges.After three consecutive years of growth,debt fundraising declined by 47 percent year over year to$22 billion,perhaps due to rising yields in traditional fixed income.Closed-end core and core-plus fundraising declined by nearly a quarter.ReturnsReturns in global closed-end real estate funds decreased following a historically strong 2021.Pooled-net IRR for real estate funds in the first three quarters stood at 2.5 percent,a full 23.3 percentage points below the 25.8 percent return achieved in 2021(but still an improvement over 2020).Though closed-end performance for the fourth quarter is not yet available,open-end marks suggest that Exhibit 22Note:Figures may not sum precisely,because of rounding.1Secondaries,funds of funds,and co-investment vehicles are excluded to avoid double counting of capital fundraised.2Includes distressed real estate.Source:PreqinMcKinsey&CompanyClosed-end real estate fundraising fell across strategies to$166 billion.Global closed-end real estate fundraising by strategy,1$billion201722 CAGR, 2122 growth,%Total23.00.815.54.3Value added 14.84.4Opportunistic247.214.2Debt24.42.3Core and core-plus20142012 20132011201020162015201820172019 2020 2021 2022681221297831620341396221647101283020552314136284433168403076221394122522417345334847172552454391994539288615950384130166552959222156539694232Private markets turn down the volumeperformance for the full year will end below the 2.5 percent achieved through September 30.Despite recent volatility,long-term returns for closed-end real estate funds have been relatively consistent.Every vintage from 2009 to 2019 has produced a pooled-net IRR of between 8.8 percent and 18.5 percent as of September 30.The median net IRR to date for funds in that vintage set stands at 11.5 percent,higher than all other private asset classes except PE.AUMTotal global real estate AUM in closed-end funds grew to a record high of$1.5 trillion in 2022.The 17 percent year-over-year increase was primarily driven by higher-risk strategies,though with some regional variation.AUM grew fastest in Asia,at 34 percent,outpacing the annualized average since 2017 by 18 percentage points.In North America,AUM rose 18 percent,while AUM in Europe increased just 10 percent,driven by a 16 percent annualized decline in fundraising since 2017.Real estate dry powder reached an all-time high of$469 billion.Dry powder as a percentage of AUM increased two percentage points from last years five-year low to 32 percent;over the long term,dry powder has averaged 14 percent growth annually.Despite larger annual increases,dry powder inventory has remained consistent over the past five years,ranging from 30 to 35 percent of AUM.Flight to quality Two shifts in real estate provide evidence of a so-called flight to quality.One shift was in fundraising:amid a more challenging environment,LPs concentrated investments among larger managers.The other shift occurred in the demand for office space.As companies space needs became clearer,tenants favored higher-quality spaces,even at higher prices.Last years annual review of private markets commented on the surprising lack of consolidation in fundraising over the previous several years.As of a year ago,the industry looked as fragmented as ever,with the top five managers capturing just 18 percent of commitments.Fundraising in 2022,The largest five managers accounted for 29 percent of all fundraising,the highest share of the last decade.33Private markets turn down the volumeby contrast,was the most concentrated it has been since 2012,with the top five managers collecting 29 percent of all dollars raised(Exhibit 23).However,in the long term,fundraising consolidation has been less prevalent.Over the last ten years,the top five managers consistently raised between 15 and 18 percent of capital on a trailing five-year basis.Collectively,managers raised fewer but larger closed-end funds in 2022 relative to years past.The average closed-end fund raised a record$510 million,up 17 percent from the prior year.Meanwhile,the number of funds totaled just 325,down from 492 in 2021 and the decades peak of 548 in 2018.In total,the share of fundraising achieved by funds greater than$500 million increased from 64 percent in 2017 to 77 percent in 2022.The shift to larger funds is perhaps unsurprising.In real estate,larger funds have traditionally outperformed.Furthermore,the gap between first-and fourth-quartile performance among large funds is relatively narrow,suggesting lower risk in manager selection(Exhibit 24).As stated in last years annual review,the advantages of scale are evident and may grow.Large real estate players use their scale to attract talent,acquire complex portfolios,engage operators in systematic joint ventures(or buy operating companies wholesale),and invest in digital infrastructure for efficiency and insight.Scale may be among the most sustain-able advantages in the asset class.While capital accrued to scaled players in 2022,a second type of flight to quality was evident in shifting tenant preferencesa trend most Exhibit 23Web Exhibit of Note:Figures may not sum precisely,because of rounding.Source:PreqinMcKinsey&CompanyFundraising concentration in the top five closed-end funds reached a ten-year high.Closed-end real-estate fundraising by year, 142012201320162015201820172019202020212022Top 5Top 251 Top 610Top 1125Top 26100Top 10125025181223231204434148201732181224173415925173016919193516918193417820203315926173016923173217918173420929143316934Private markets turn down the volumeExhibit 241IRR spreads were calculated for funds within vintage years separately and then averaged out.Median IRR was calculated by taking the average of the median IRR for funds within each vintage year.Source:BurgissBottom 25%MedianTop 25%Web Exhibit of McKinsey&CompanyLarger real estate funds have outperformed,with less dispersion.Median IRR and percentile spread by fund size,net IRR to date through Sept 30,2022,1%$5 billion$15 billion$5 billion$15 billion$1 billion200919 vintage year201519 vintage year 8.023.312.112.010.012.620.815.812.830.311.57.017.711.45.623.217.013.219.811.37.218.011.56.0pronounced in office.Demand for office space has fallen as hybrid-work models have become the norm,with office attendance hovering at around 40 to 65 percent of prepandemic levels.In that context,class A office properties have outperformed class B and C properties,whether through higher rent,higher occupancy,or both(Exhibit 25).Class A office outperformed on one or both metrics in all of the 20 largest US cities except Phoenix and Chicago.As companies navigate what is important to employees in a postpandemic world,firms are willing to pay a premium to attract employees and entice them back into the office.The McKinsey Global Institute is analyzing the COVID-19 pandemics lasting impact on real estate and plans to release a report in the spring of 2023,in which more insights about the future of work,cities,and offices will be featured.Open-end fundsWithin open-end funds in the US,as represented by the National Council of Real Estate Investment Fiduciaries Open-End Equity(NFI-OE)Index,contributions exceeded distributions and redemp-tions,reversing the 2020 and 2021 pattern and seemingly resuming a long-term trend:US core and core-plus vehicles received net inflows every year from 2010 through 2019.Gross contributions to open-end funds increased 11 percent in 2022 to$31 billion.Distributions and redemptions declined by less than 1 percent,resulting in a net inflow of$2.7 billion(or 1 percent of starting NAV).Growth in gross and net contributions may signal a rotation in risk preferences from riskier opportunistic vehicles,where fundraising grew rapidly in 2021,to less risky strategies.35Private markets turn down the volumeExhibit 25Class A has greater price increase relative to class B and less demand relative to class BClass A underperforms class B:lower price and demand changeClass A has greater demand change relative to class B with less price growthClass A outperforms class B:higher price growth with greater or no demand changeBostonMiamiSan DiegoDetroitFort LauderdaleSan FranciscoNew YorkDenverPhiladelphiaTampaPhoenixChicagoBaltimoreWashingtonHoustonAtlantaDallasFort WorthLos AngelesSaint LouisSeattle20151050105202515Web Exhibit of 1Defined as%price change in class A minus%price change in class B(based on Q4 2020 and Q3 2022).Price defined as net efective rents for past 12 months by state-MSA.2Defined asmand change in class A minusmand change in class B.mand change is calculated as 202122 net absorption divided by 2020 average occupied inventory by market.Source:Compstak(price);Co Star(demand);McKinsey Global InstituteMcKinsey&CompanyClass A outperformed class B in price and demand across a majority of large US cities.Relative change in demand and price for class A vs class B,percentage points(pp),202022Relative change in price,1%Relative change in demand,2654321123436Private markets turn down the volumeWhile cash flow to institutional open-end vehicles turned positive following net outflows in 2021,private real estate investment trusts(REITs),which target high-net-worth investors,experienced substantial net outflows.Some of the industrys largest private REITs,which had previously grown rapidly and performed well,gated redeeming investors in December when redemption requests exceeded the ability of funds to responsibly fulfill those requests.One of the key benefits for open-end products,whether retail or institutional,is enhanced liquidity relative to closed-end funds.A turbulent market in 2022 reminded the industry of the downside of offering investors liquidity from a pool of illiquid investments.ReturnsOpen-end fund performance declined considerably but fared better than that of closed-end funds.NFI-OE funds returned 8.2 percent on a net basis,compared with 22 percent in 2021.It bears noting that there is limited manager discretion in open-end valuation,because third-party valuation firms perform assessments on a quarterly basis.Perfor-mance varied across sectors,with office producing the lowest annual returns(3.4 percent)and industrial producing the highest(14.6 percent).Reversing a long-term trend,the expansion of cap rates was a headwind for performance in 2022.Across sectors,cap rates increased 70 basis points to 5.2 percent from 2021s ten-year low of 4.5 percent,representing the largest one-year expansion over the last decade.Still,cap rate expansion was more than offset by rent growth.Rents grew across all sectors,including in office,despite demand concerns driven by lower rates of office attendance.Across all private real estate,including closed-end and open-end funds,returns stand in stark contrast to the performance of public markets.Public REITs in the United States returned 25 percent through September 30,2022,as measured by the FTSE Nareit,after gaining 41.3 percent in 2021.The dis-connect between private and public real estate Reversing a long-term trend,the expansion of cap rates was a headwind for performance in 2022.37Private markets turn down the volumereturns is not uncommon.Analysis by CEM Benchmarking,a leading institutional investor bench-marking firm,suggests that private real estate returns lag public markets by as much as 12 months.Net asset valueTotal NAV of the funds included in the NFI-OE Index reached$376 billion at year-end,up 24 percent from$303 billion the year priorthe highest year-over-year growth in the past decade.Over the long term,NAV has grown more modestly,increasing 12 percent per year since 2017.Deal activityGlobal real estate deal volume totaled$1.1 trillion,a 20 percent decline from a frenzied 2021 but still the second most active year on record.(Exhibit 26).Deal making in the first half remained robust,up 25 percent over the first half of 2021,before faltering in the second half as interest rates increased,debt availability declined,and economic uncertainty grew.Second-half deal volume fell 45 percent from the record second half of 2021.Deal volume was highest in the Americas at$698 billion,a 17 percent decline from the year before.Deal activity declined 19 percent to$118 billion in AsiaPacific and 27 percent to$324 billion in Europe.Globally,deal activity declined across asset classes except hospitality,which remained flat(Exhibit 27).Along with hospitality,retail deal volume was relatively resilient,declining just 3 percent.Despite the year-over-year decline,retail deal volume in 2022,at$145 billion,was 4 percent higher than in 2019.After record deal volume in multifamily and industrial in 2021,volumes fell 29 and Exhibit 261Excludes residential.Source:CBRE;Real Capital AnalyticsWeb Exhibit of McKinsey&CompanyGlobal deal volume fell 20 percent.Global real estate deal volume,1$billion1,00080060040020020132014201520162022202120202019201820170202122 growth, 1722 CAGR,%Total20.22.419.23.9APAC16.97.0Americas26.62.5EMEA38Private markets turn down the volumeExhibit 2720208655027024018010020221,1355528570345235145OtherHotelMultifamilyIndustrialRetailOffice20211,42575355704852901502520191,115653802651401858020181,110603752501751658520171,01065360220160140652016950503452101701106520151,03565345215205115902014900603401501801007020137702804513516590552011555195458513060402012620225451151307035Source:CBRE;Real Capital AnalyticsMcKinsey&CompanyGlobal deal volume was the second highest on record.Global deal volume by sector,$billion19 percent year over year,respectively.The decline in multifamily deal activity was the sharpest among sectors.US markets by sectorIn the United States,multifamily deal volume declined by nearly a quarter in 2022,on the heels of record volume in 2021.Multifamily assets collectively produced a 7.1 percent return,driven by rent growth.9 New development as a proportion of existing inventory increased slightly,exceeding the 5 percent mark for the first time in the past decade and indicating that developers are responding to strong demand for multifamily.Net absorption slowed considerably,dropping 81 percent the largest one-year decline in absorption of the 9 Returns tracked by the NCRIEF Property Index(NPI).past decade across all sectors.However,despite lower absorption,the United States remains structurally short of three million to four million housing units(conservatively measured by Freddie Mac).More housing,particularly more affordable housing,is clearly needed.In industrial,pandemic-driven shifts in shopping behavior(such as accelerated e-commerce)and supply chain arrangements(including onshoring)drove unprecedented demand for distribution and warehousing spaces in 2021,and investment dollars followed.However,deal volume totaled$144 billion,a 17 percent decline that followed a 65 percent increase in 2021.Development continued to be a focus in 2022:square footage under construction 39Private markets turn down the volumeincreased 24 percent.Despite all that building,vacancy rates dropped to 3.3 percent,and rents grew 10 percent.Though deal activity dropped,industrial was the highest-performing major real estate sector,returning 14.6 percent.Office showed some improvement but has not recovered to prepandemic levels.Office attendance across US cities remains depressed,ranging from 41 percent in Philadelphia to 65 percent in Austin.Deal volume fell from record 2021 totals to the second-lowest total since 2014(the lowest being in 2020).There were bright spots,however:net absorption turned positive after two negative years,and rent per square foot increased 1.6 percent.The only US sector with negative returns was office,which lost 3.4 percent for the year.Retail real estate struggled mightily in the early days of the pandemic,but the picture has brightened.Deal volume in 2022 improved upon 2021 totals,rents reached a ten-year high,and occupancy levels improved.Retail vacancy at year-end 2022 was 50 basis points lower than in 2019.Still,because of expanding cap rates,retail returns were relatively modest at 2.7 percent.Already a multidecade headwind for retail real estate,the shift in retail spending to e-commerce accelerated massively in the early days of the pandemic.However,what was then believed to be several years worth of acceleration appears now to have been fleeting,as e-commerce penetration stagnated in 2022(Exhibit 28).Further,US consumer spending grew 11 percent per year between 2020 and 2022,providing the retail sector with a much-needed tailwind.City-level recovery has varied in line with population movement and relative office attendance.Compared with 2019 levels,Houston foot traffic is now 15 percent higher,New York is roughly on par,and San Francisco,which was hit especially hard by pandemic-driven outmigration,has recovered to just 90 percent of the previous level.Even within cities,neighborhood-level foot traffic recovery varies substantially.Urban-core neighborhoods most reliant upon office(such as central business districts)have not recovered as robustly as those in less office-rich environments.When people go into the office less frequently,they spend less money near the office.Exhibit 2825%per year1Excluding sales tax.Source:Euromonitor Passport20222021202020192018201726.325.524.719.718.116.88%per year3%per yearWeb Exhibit of McKinsey&CompanyUS e-commerce growth slowed significantly after a boost in 2020.E-commerce sales as a%of retail sales140Private markets turn down the volumeExhibit 29Multifamily1IndustrialRetailOfficeHospitality27834219Deal volumeTotal,$billionTotal 2021,$billionYoY change,41731785814.91091452544440.25.24.613Development as a%of supplyTotal 2022,%Total 2021,%YoY change,%3.42.8240.50.4171.41.45.8761993.695.11.6OccupancyTotal 2022,%Total 2021,%YoY change,.395.60.895.395.80.689.489.60.359501768813381AbsorptionTotal,million square feetTotal,million square feetYoY change,Y973418981056.87.329124NANANA7.5157.7RevPAR2 growthTotal 2022,%Total 2021,%YoY change,pp25187.34.72.12.63.85.11.3NANANA5.04.10.9Cap rateTotal 2022,%Total 2021,%YoY change,pp3.93.50.46.45.80.86.75.71.08.83.94.97.119.964Total returnsTotal 2022,%Total 2021,%YoY change,.643.3662.74.2363.46.14410.05.582Web Exhibit of 1Net residential units absorbed,thousands of units.2Revenue per available room.Source:CoStar;Green Street;National Council of Real Estate Investment Fiduciaries Property Index;Real Capital AnalyticsMcKinsey&CompanyDeal volume in US retail and hospitality increased;multifamily and industrial tumbled from all-time highs.Hospitality has made gains since global travel came to an abrupt halt in 2020.Deal volume,which was strong last year,held steady at$44 billion(Exhibit 29).Revenue per available room(RevPAR)increased 34 percent to$75,up from a ten-year low of$56 in 2021 and approaching the prepandemic high of$80 set in 2019,as both business and personal travel rebounded.Returns were relatively strong at 10 percent,making hospitality the second-highest-performing sector for 2022,trailing only industrial.41Private markets turn down the volumeSpotlight on US property technologyProperty technology(proptech)interest ebbed in 2022 in line with broader sentiment away from technology investments.Commercial proptech deal volume decreased to$12 billion from the 2021 all-time high of$31 billion,which was bolstered by two large acquisitions.The combined residential and commercial proptech markets deal volume decreased to a five-year low.That decline was driven predominantly by a lack of large transactions in 2022;deal count fell just 19 percent,compared with the 62 percent decline in total deal volume(Exhibit 30).Despite the slowdown in funding,demand fundamentals for the underlying technologies remain robust,as real estate is still an industry transitioning from traditional to digital.Those investing in the space include real estate dedicated venture capital and growth funds,traditional VCs,and buyout managers.Hundreds of privately held proptech companies at various life cycle stages will continue to need capital,and the number of firms interested in providing capital seems to be expanding.New entrants include real estate owners who have launched dedicated investment vehicles.Exhibit 30202020222018201620142012201020202022201820162014201220101,6001,4001,2001,0008006004002000247173128235762210129721257532443344181274720274Web Exhibit of McKinsey&CompanyUS property technology saw a slowdown in deal volume and activity.US property technology deal volume,201022$billionNumber of dealsVenture capital1Private equity2Note:Figures may not sum precisely,because of rounding.1Includes management buyout,management buy-in,add-on,secondary buyout,public to private,growth/expansion,PIPE.2Includes pre-accelerator/incubator,angel and seed,early-stage venture capital(VC),later-stage VC.3Includes PE growth/expansion capital to MRI Software for$3.5 billion and to Airbnb pre-IPO for$2 billion.4Includes buyouts of RealPage for$10.2 billion and CoreLogic for$6 billion.Source:PitchBook,as of Jan 202342Private markets turn down the volumeReal estatean inflation hedgeInstitutional investors have allocated to real estate over time in part because of a long-held belief in the asset classs ability to protect real value during periods of higher inflation.Real estates performance in the United States during all seven such periods of the last 40 years,including 2021 through 2022,confirms this belief.10 In five of the seven inflationary periods,real estate not only protected value,it outperformed gold,an asset believed to be a strong inflation hedge.In four of the seven periods,real estate outperformed equities and fixed income,which together make up the vast majority of most institutional portfolios.In fact,in five of seven periods,real estate outperformed its own 40-year average annualized performance.The asset class is indeed a strong hedge against inflation,but perhaps not for the reasons most investors think.It is widely understood that 10 Returns tracked by the NPI.11 Bureau of Labor Statistics;NPI.commercial and multifamily rents tend to increase during inflationary periods,but annual increases seldom keep pace with inflation.However,a substan-tial portion of inflation-sensitive operating costs(such as energy)are borne by tenants and thus do not impact NOI,particularly in commercial buildings.Higher materials and labor costs for new construc-tion increase replacement costs,driving up the value of existing real estate.But the main reason real estate is a strong inflation hedge is counter-intuitive:contracting cap rates.11 This result is surprising,as most periods of heighted inflation in the United States are coupled with rising interest rates,a reflection of the Federal Reserves main tool in combating inflation.Indeed,the spread between cap rates and treasuries compressed in three of the five past inflationary periods,suggesting that investor demand outpaced supply,perhaps due to the very belief in the asset classs inflation-hedging powers.43Private markets turn down the volumeAfter more than a decade of rapid fundraising growth,strong macroeconomic headwinds slowedbut did not stopprivate debts growth.In a year when other private classes fell back to earth somewhat,private debt set a new fundraising record,led by several megafund closes.The continued momentum in 2022 was understandable,as debts current yield and senior position in the capital stack have long made it a haven in volatile periods.The diversity of strategies within private debt also helps explain its consistent growth.As in 2020,when private debt was the only private asset class that recorded fundraising growth,investors ability to allocate to one or another strategy based on the prevailing market environment has contributed to consistent top-line growth through business cycles.In 2022,mezzanine strategies were most in favor,posting record fundraising totals and more than tripling 2021s haul.Direct lending fundraising declined from 2021,but only marginally,raising over$100 billion for the second consecutive year.Private debt was not immune to the macroeconomic conditions last year,however.There was a notable drop in private debt deal volumes,driven by the slowdown in PE and only partially offset by market share gains taken from bank and syndicated financing channels.Performance also declined from 2021s high as lower marks offset current yield gains.Private debt weathers the storm 444Private markets turn down the volumeFundraising Global private debt fundraising rose to a new high of$224 billion,growing 2.1 percent year over year and marking a fifth consecutive annual increase(Exhibit 31).Annual fundraising in private debt has more than tripled since 2013,growing at an annual rate of 12 percent,the fastest growth among all private asset classes.As was the case with other private asset classes,North Americafocused fundraising grew 11 percent,while fundraising in Europe and Asia declined 10 and 25 percent,respectively,in US dollar terms.The drivers of this geographic discrepancy are consistent with those covered elsewhere in this report:timing of funds coming to market(Europes largest-ever private debt fund was raised in 2021,for example),the strong US dollar,and macroeconomic and geopolitical concerns in Europe and Asia.Fundraising for mezzanine lending increased 2.4 times to$46 billion last year,reaching its highest total ever.A confluence of factors contributed to this rapid increase.First was simply the timing of fund closings:the mezzanine market includes four very large funds,three of which came to market last year.Those three funds raised more than$8 billion apiece.Collectively,their$32 billion haul accounted for more than 69 percent of the strategys total.Second,investors may perceive the strategy to be well positioned for this point in the credit cycle.As banks and direct lenders adopt more conservative risk postures,borrower demand for mezzanine financing(which until recently was dampened by cheap and abundant senior credit)may increase.Indeed,in percentage growth terms,mezzanine strategies have notched some of their best fundraising years2008,2016,and 2022during periods of rising risk premiums.Exhibit 31202222421920201801482018137201477784320104420127113220161341121Excludes secondaries,funds of funds,and co-investment vehicles to avoid double counting of capital fundraised.Source:PreqinMcKinsey&CompanyPrivate debt fundraising hit an all-time high.Global private debt fundraising by strategy,1$billion201722 CAGR, 2122 growth,%Total2.111.113.811.3Direct lending79.910.4Special situations238.528.4Mezzanine68.86.0Distressed debt63.330.2Venture debt45Private markets turn down the volumeFundraising for special situations strategies grew by 80%in 2022,while distressed fundraising declined precipitously on the heels of its two highest years ever.Distressed and special situations strategies have raised more than$200 billion in aggregate since the onset of the pandemic in 2020.Opportunities to deploy these funds also have increased:after a benign 2021,the share of US loans pricing at distressed levels was 11 percent at the end of 2022,up from 2 percent at the beginning of the year.In Europe,the share of loans priced at distressed levels increased to 7 percent from less than 1 percent a year prior.12 Fundraising for closed-end direct lending strategies totaled$114 billion in 2022,down 14 percent from the prior year.The slowdown in PE buyout activity(which is responsible for much of the demand for private loans)and wariness over rising default rates may have reduced investor appetite for the strategy.That said,2022 was still the second-highest 12 Refinitiv.fundraising year for direct lending,which exceeded$100 billion in capital raising for the second consecutive year.Investors are increasingly rotating allocations from fixed-income securities into private loans due to their attractive current yield and privileged position in the capital structure.Furthermore,the floating-rate coupon of most direct loans has proved to be a major draw for investors seeking refuge from rising inflation and interest rate hikes.Across all private debt strategies,investors increased their commitments to larger and more-pedigreed debt funds.Eleven funds of$5 billion or more closed in 2022,accounting for 43 percent of private debts fundraising total.While this trend is consistent with fundraising for other private asset classes over the last year,private debts baseline was already one of relative concentration.Between 2017 and 2021,for example,45 percent of the average annual private debt funding flowed to the 25 largest funds in 2022 was the second-highest fundraising year for direct lending,which exceeded$100 billion in capital raising for the second consecutive year.46Private markets turn down the volumethe industry,compared with just 26 percent in PE(Exhibit 32).Over the same period,the average private debt funds size across the United States and Europe nearly tripled to$1.6 billion.13 The asset class is characterized by lower returns and thinner margins than equity strategies,increasing the imperative for scale to drive profitability.Scale also breeds competitive advantage:lenders with deeper pockets are more capable of offering borrowers a variety of different financing solutions,providing liquidity on short notice,and holding larger positions without taking on undue concentration risk.This last advantage came into focus over the course of 2022,when direct lenders shied away from large single-credit holds,which had been growing in popularity,and multi-lender deals returned to prominence.13 Preqin.AUM and deal activityPrivate debt AUM totaled$1.3 trillion as of June 30,2022,up 12 percent from a year prior.North America remained the largest region,accounting for 62 percent of the total,roughly 2.3 times larger than Europe.Direct lending funds represented 44 percent of the private debt market,up from 32 percent in 2017,driving 55 percent of all AUM growth over the last five years.Comprehensive data on private debt deal volumes across strategies and geographies is limited because of the opaque nature of activity in the space.For market segments where data is available,deal volumes declined from the prior year,Exhibit 32201716617321612103814211262022721172817102022171931161020187191830169202191717311792020918183216920198Web Exhibit of Note:Figures may not sum precisely,because of rounding.Source:PreqinMcKinsey&CompanyThe private debt market has become more concentrated.Trailing 5-year cumulative fundraising,%by fund manager rank Private debtPrivate equityTop 5Long-tail managersTop 610Top 1125Top 26100Top 10125047Private markets turn down the volumeconsistent with other private markets asset classes.In United States middle-market sponsored direct lending,for example,deal volumes totaled$109 billion,16 percent below 2021s record total(Exhibit 33).The decline was largely caused by lower PE activity that reduced the need for debt financing in the sponsored market.Despite lower volumes overall,however,private lenders gained market share in 2022.As bank and syndicated financing channels dried up,particularly in the latter half of the year,private capital stepped into the void to finance PE transactions that were still being completed.Refinitiv estimates that direct lenders captured approximately 80 percent of the sponsored middle-market volumes in H2 2022.PerformanceThe pooled net IRR as of September 30 for private debt funds raised between 2000 and 2019 was 0.2 percent,down more than 15 percentage points 14 Federal Reserve Bank of New York.from 2021 and the lowest return posted by the asset class in more than a decade.The decline was largely the result of valuation markdowns driven by rising interest rates and increasing rates of stress and distress in liquid credit comparables.As public credit markets traded off over the course of the year,private managers marked down their holdings accordingly,including on loans expected to be held to maturity and paid off at par.The volatile market conditions were a boon to private credit performance in other ways,however.As discussed previously,most direct loans have floating-rate pricing,which means that quarterly coupon payments increase as interest rates rise.The Secured Overnight Financing Rate(SOFR),the most-used base rate,increased by more than 400 basis points over the course of 2022.14 Also,spreads widened through the year,further increasing the expected yield of new loan issuances.The combination of these two factors drove yields Exhibit 3320172016201520142022201820212020201910913171871037359463416%Source:RefinitivMcKinsey&CompanySponsored middle-market direct lending volumes declined 16 percent.Direct lending middle-market sponsored loan volume,$billion48Private markets turn down the volumeExhibit 34141210842606.46.15.85.96.06.16.05.75.96.56.66.36.26.15.85.96.06.06.26.520212020201920182022Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Middle-market unitranche spreadsMiddle-market unitranche yieldsWeb Exhibit of Source:RefinitivMcKinsey&CompanyDirect lending yields rose rapidly in 2022.Sponsored middle-market unitranche spreads and yields,%on new middle-market unitranche loans to more than 12 percent in the fourth quarter of 2022(Exhibit 34).Over the long term,private debt has offered modest,low-volatility returns relative to other private asset classes.The 200919 vintages,for example,have generated a median net IRR of 9.3 percent,on par with infrastructure but lagging PE and real estate.However,variance in returns among funds,as measured by the interquartile spread,is less than half of real estates and a third of PEs.Return profiles vary significantly across private debt strategies(Exhibit 35).Senior credit,predictably,has delivered both the lowest median returns(8 percent)and lowest dispersion,with a tight 3.9-percentage-point spread between the top and bottom quartiles.Distressed and mezzanine strategies have posted higher median returns with higher volatility,though mezzanine has outperformed distressed across all quartiles and with lower dispersion to boot.Private debt through the cycle Private debt has come of age in a historically benign macroeconomic environment.The 2010s were characterized by low interest rates,low unemploy-ment,and steady economic growth.Coupled with post-GFC regulatory changes that forced banks to dramati

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  • Dotcom Distribution:揭开拆箱快递兴奋背后的科学神秘面纱 (11 sider).pdf

    Fulfillment and Unboxing Excitement:Neuroscience Explains Your Competitors Customer Engagement StrategyBy Dotcom Distributionwith Vincent P.de Luise M.D.,F.A.C.S.Assistant Clinical Professor,Yale University School of Medicine,Adjunct Clinical Assistant Professor,Weill Cornell Medical College Humanities and Medicine Committee,Weill Cornell Medical CollegeTable of Contents Introduction 1 Unboxing:Inside the Customers Brain 2 The Engaged Customer:Chemically Motivated To Share 5 The Viewer:Your Next Customer 6 Implications for Marketers:The Key To Creating Brand Advocates 7 Methodology 8About Dotcom DIstribution 81IntroductionFor many smartphone-wielding consumers,receiving an e-retail package is not a simple event.They want an experience,one worthy of documentation and the opportunity to strengthen connections to their online communities on platforms like YouTube or Facebook.In fact,according to a Google survey,1 40 percent of online shoppers would be willing to engage in this“unboxing”experience after receiving a package.Simply stated,nearly half of consumers are willing to put your product on display,documenting and sharing the experience as they open a well-presented package you provide.These public testimonials are invaluable to emerging and established brands as they generate excitement,establish trust and provide the opportunity to reach even more customers.Though many e-retailers and their customers are familiar with the unboxing phenomenon,the management team at Dotcom Distribution wondered why so many consumers would want to share the seemingly commonplace experience of opening a package.Perhaps more so,we wondered why other people would want to view these videos and images.Most importantly,we hoped to identify ways that our clients and other retailers could leverage this motivation to best engage their own customer base and to supply further justification emerging and established brands might need to invest in their customers in-home brand experience.Going forward,weve selected the phrase“unboxing excitement”to describe the energy that induces a consumer to record and share a video or photo of themselves unwrapping a purchase delivered to their home.We will explore:How fMRI scans identify the brains reaction to other similar stimuli.Connections to how these reactions can be used to build a nearly addictive brand loyalty.How the brains desire to solve puzzles should be leveraged to extend the consumers interest.How the happiness trifecta of dopamine,serotonin and oxytocin may be exploited to encourage social media sharing.How an investment in an unboxing experience can pay off by increasing the lifetime value of a customer.2Unboxing:Inside the Customers BrainAny study of unboxing excitement should begin with an examination of the different pleasure systems in the brain and how they work together to make opening a well-presented package pleasurable,fun and even addictive for some.Pleasure experiences can be studied neurologically,using a type of non-invasive brain scan called functional magnetic resonance imaging,or fMRI.This tracks changes in blood flow(hemoglobin)to various brain regions as a result of a stimulus.The more hemoglobin(and therefore,the more oxygen)to a specific brain site,the more activity there is.Four specific pleasurable stimuli have been studied extensively using this technology.These are:eating chocolate,listening to music that causes frissons(goosebumps),sexual climax,and taking addictive drugs like cocaine and heroin that stimulate the brains mu-opioid or cannabinoid systems.Amazingly,all four of these disparate,pleasure-inducing stimuli activate exactly the same areas of the brain in a region called the medial forebrain(MFB).(Figure 1)These four brain areas are part of what cognitive Figure 1Consider that:There are more than 20 million search results on YouTube for the terms“unboxing” “video.”Those videos had 1 billion views in 2014.6 There are entire online communities dedicated exclusively to unboxing.The website Unboxing Therapy archives dozens of videos of iPhone 6 and iPhone 6 Plus unboxings,each of which has millions of views.5 The highest-earning member on YouTube is an unnamed woman,known as DC Toys Collector,who displays only her fingers as she unboxes and unwraps Disney toys.She is not affiliated with the Disney Corporation in any way.The DC Toys Collector account earned$4.9 million in 2014.6 The unboxing trend is growing.According to Googles YouTube Insights blog in November 2014:“Unboxing video views have grown 57%over the past year,and uploads have grown more than 50%.”73neuroscientists describe as the Pleasure-Reward System.This system tells the memory centers in the brain to pay attention to everything associated with a pleasurable experience so it can be repeated in the future.The Pleasure-Reward System is activated and controlled by molecular neurochemicals called neurotransmitters(specifically dopamine,serotonin and oxytocin,but largely by dopamine).These three neurotransmitters mediate every pleasurable moment,including the giving experience.2Most pleasure experiences like eating chocolate,listening to music,gift-exchange(giving and receiving),and the pleasure experienced by those who take addicting drugs,are expressed in our brain by enkephalin and anandamide.The wanting or desire component is largely mediated by the same dopamine involved in drug addiction to cocaine and heroin.If we think of the online shopping experience as“liking”ideally leading to additional“wanting,”then the wanting part of the system is mediated by dopamine while the liking side of the transaction works through two other neurotransmitters,enkephalin and anandamide.3 Dopamine contributes more to motivation(wanting)than to the actual sensation of pleasure itself,3 meaning that the release of dopamine during the experience of pleasure likely has more to do with the desire to repeat the experience than the actual act of enjoying it.The reward system is an ancient pathway.The use of dopamine to interconnect behavioral responses to natural rewards has also been observed in various types of worms and flies,whose ancestors lived two billion years ago.The idea that dopamine would serve to connect a reward(in the form of unboxing excitement)to the behavior of placing an online order is well-supported by research and indicates that there is a neurological connection between a positive unboxing experience and the desire to repeat it.From the online retailers perspective,customers may be inclined to engage so deeply with a well-designed unboxing experience because of the increased amount of pleasure experienced as compared to normal shopping.The evidence shows we are chemically programmed to repeat a pleasurable experience.Therefore,retailers can anticipate some amount of future benefit from the“addictive”qualities of dopamine released during the experience as customers brains are essentially trained to seek out the experience again.DOTCOM TIPS Online retailers should focus on extending a positive brand experience into the consumers home,leveraging the brains chemical inclination to repeat pleasurable experiences.Consider the experience,encouraging consumers to interact with packaging.While packaging should obviously be attractive and suggest the form of the purchase within,it should also be pleasant to hold.The designer should consider the sound of the tabs separating,the sound of tissue being unwrapped or the depth of the box to create for the receiver the experience of“exploring”the content.4The Engaged Customer:Chemically Motivated to Share The act of gift-exchange causes the same chemical reactions as eating chocolate,making clear the reasons consumers enjoy receiving and opening their e-commerce orders.Still to be examined are the possible motivations behind the desire to share this experience with strangers over social media.After all,unpacking is a solitary activity,but unboxing is by definition a social one.As examined earlier,dopamine,serotonin and oxytocin(or the Happiness Trifecta)are responsible for causing the boost in mood and for generating happiness during pleasurable activities.The first transmitter,dopamine,is connected to motivation,reward,and arousal,while serotonin is associated with memory,learning,sleep,and appetite.An answer to questions about the motivation to share lies in an examination of the effects of the third transmitter,oxytocin.Oxytocin,nicknamed“the holiday hormone,”has a powerful effect on the brain and the body.When oxytocin begins to flow,“blood pressure decreases,bonding increases,social fears are reduced,and trust and empathy are enhanced.”2Because the release of oxytocin has been documented to increase the desire to form bonds,to reduce social fears,and to enhance trust and empathy,it certainly covers the list of environmental factors needed to create the perfect environment for sharing a personal experience with strangers.It is important to note that these effects only last only about as long as the oxytocin is present,and so it is key for retailers to time any calls to action(post recommendations,hashtag suggestions,etc.)as close as possible to the actual act of opening the box in order to capitalize on the sharing conditions created in the e-retail cycle.Figure 2Figure 35The Viewer:Your Next CustomerThe discussion above,exploring the workings of various neurotransmitters and hormones,explains why e-retailers should focus on the in-home brand experience.It improves the chances that consumers will want to repeat and share their excitement.However,this leaves a few other unboxing related questions unanswered:Why would someone want to watch another person open a package?Why do so many people search for and consume these videos?How can retailers improve the chance that this excitement will be shared beyond their current customer universe?The answer can be drawn from exciting research involving the way anticipation and desire are expressed in our brains.Unboxing an item,or watching someone else unbox something,appears to tickle“anticipation circuits.”These circuits,sometimes called“mirror neurons”are complex neural networks and a key part of the Wanting/Liking System.To understand the transmission of unboxing excitment,we must explore mirror neurons.In 1992,neurophysiologists Giacomo Rizzolatti,Giuseppe Di Pellegrino and colleagues at the University of Parma in Italy made an unexpected and astonishing discovery.12 They were studying an area in the macaque monkey brain called F5 to monitor brain activity during motor actions,specifically grasping at food.Before one of the experiments,a researcher got hungry and took out an ice cream cone from the refrigerator near the lab.As he did so,he noticed that one of the monkeys attached to the DOTCOM TIP Be direct when encouraging shares.Calls to action that encourage sharing through unboxing videos,social media posts,product reviews,etc.should be presented as close to the initial experience of pleasure as possible to leverage the temporary feelings created by the environment of gift exchange.Figure 46electrophysiology machine was looking at him.Its neurons were firing wildly in the same area of the monkeys pre-motor cortex that had shown activity when the monkey itself had made a similar grasping movement.12The monkey was sitting quietly and watching the researcher grasp the ice cream cone.Yet,the monkeys brain was discharging neuronal activity as if the monkey itself was grasping the ice cream.The same brain area that fires during an action was firing as the monkey observed the action.12Since then,neuroscientists at several different laboratories have corroborated the existence of a mirror neuron system in humans as well.Mirror neurons are a special class of brain nerve cell that are activated when an individual performs an action and also when that same individual simply observes someone else make the same movement.13 It is mirror neurons that may help explain our fascination with unboxing videos.We are not only watching the unveiling of someone elses gift or order.In our own minds,we are doing the unwrapping and unboxing ourselves.Martin Lindstrom,author of the New York Times bestseller“Buyology:How Everything We Believe about Why We Buy Is Wrong,”has observed,catalogued and analyzed the many subconscious effects on buying.He also believes that the unboxing phenomenon is a result of mirror neurons.14 Lindstrom has also demonstrated that what we like and what we end up buying are almost totally the result of subconscious and reflexive neurological activities,and far less of our conscious and subjective decision-making.14 He advises his marketing clients to make their packaging design as exciting as the product itself.Dopamine and anandamide,the pleasurable brain chemicals produced when we reward ourselves,are released into our systems only fleetingly unless the product we buy involves sustained excitement,such as the prolonged psychological journey of an unboxing experience.Neuromarketers know to include this element of adventure in their packaging to extend anticipation and to engage multiple senses,making the experience more memorable and hopefully Figure 5Thats the appeal of unboxing:when you watch other people doing things on the Internet,you feel like youre doing it yourself.Lindstrom“7increasing the likelihood that a consumer will want to repeat,and share,his or her experience.Packaging,presentation and additional engaging elements should not be an afterthought,as they can often be as important to a successful marketing program as the product itself.Just like the monkey,whose brain reacted to the sight of an ice cream cone being grasped as though he were grasping it,we react to the excitement of opening a new package as though we are opening it.We share the experience of digging into the box,listening to the sound of seals and tape,and we feel the texture of the items as we dig through layers of product and well-designed accompaniments like branded samples and giveaways.DOTCOM TIPS Help your customer make their unboxing images and videos more engaging for their followers.Include colors,sounds and inserts with which they can interact.This will allow viewers to better experience the excitement for themselves,establishing empathy between unboxer and follower.Appeal to the subconscious by challenging your customers brain with puzzles and a layered experience.Consumers may never negatively comment about your plain poly bags or brown boxes online.Surveys may indicate that packaging isnt a priority,but psychology and neuroscience indicate that it should be.Implications for Marketers:The Key to Creating Brand AdvocatesSmart marketers recognize the value of the empathy and trust created between an influential unboxer and their followers.They capitalize on this relationship by focusing on extending the customer experience into the home,by utilizing the effects of the excitement created,and by gently nudging their customers to share as advocates for their brand.According to studies,brand advocates have been found to be worth up to five times the usual lifetime value of a customer to the retailer.18 If you are a marketer,you can follow the tips offered to engage your customers and convert them into champions for your brand.Realistically,not every customer is an advocate waiting to be converted.But,as mentioned earlier,40 percent of online shoppers said they would be willing to post an unboxing video or image.That alone has value,particularly to e-commerce brands that hope to establish trust with new shoppers.According to a survey of U.S.Internet users,61 percent of customers read online reviews before making a purchase decision.In addition,consumer reviews are nearly 12 times more trusted than descriptions from manufacturers.19 Customer content is far more trusted than formal marketing.8ConclusionMany links along the e-retail chain contribute to the feeling of fulfillment.The excitement created by an engaging online experience;the anticipation of waiting for the package;the rush of transmitters and hormones that allow us to experience the pleasure of gift exchange;and the hormones that increase our desire to bond and share all play a part in generating the experience of pleasure for our consumers.Smart marketers know how and when to leverage that excitement to establish trust and capitalize on an opportunity to reach more customers and create new advocates.Methodology:Dr.Vincent P.de Luise,an assistant clinical professor at the Yale University School of Medicine,and an adjunct clinical assistant professor at Weill Cornell Medical College where he also serves on the Humanities and Medicine Committee,contributed substantially to this paper.The results of Dr.de Luises research serve as the foundation of this document and for a series of videos hosted on the Dotcom YouTube channel at more information on Dotcom Distribution,visit .About Dotcom DistributionDotcom Distribution is a premier provider of logistics,fulfillment and photography services to growing retailers and manufacturers.With a boutique feel and enterprise scale,Dotcom works with brands such as Adore Me,Bliss and Carols Daughter to deliver on brand experience from order fulfillment to package delivery.Dotcom leverages its strategically located Edison,NJ warehouse to provide most clients with same-day order shipping and an average 1-to 3-day delivery times via standard ground service to 70 percent of the U.S.population.On par with New York City studios,Dotcoms on-site Photo Studio offers creative services that drive e-commerce conversions at significant cost savings.Including model staffing and stylists,360Plus camera views,video capabilities and retouching,Dotcoms Photo Studio customizes photo shoots per individual retailer requests.Dotcoms combination of fulfillment services and e-commerce photography enables retailers to more efficiently engage with and deliver packages to consumers.9References1 YouTube Insights.https:/ 2014.2 Dunn,E.,Aknin L,and Norton,M.,Spending Money on others Promotes Happiness,Science 319:1687-1688,2008.3 Ritvo,E.,Psychology Today,April 20,2014.https:/ Kringelbach,M.and Berridge,K.,The Joyful Mind,Scientific American,August 2012.5 The Idea Channel http:/ https:/ https:/ http:/ https:/ Maria Haggerty http:/ Dec 19,2014.10 Willis,S.A Primer for Daily Life,New York,Routledge Book,1991.11 Ellison,C.,Unboxing Desire:The Psychology Behind packaging https:/ gy-behind-packaging/12 http:/ Di Pellegrino G.,Rizzolatti G.,et al,Understanding Motor Events.A Neurophysiological Study.Experimental Brain Research.1992:91:176-18014 Mirror Neurons.The Society of Neuroscience.http:/www.brainfacts.org/brain-basics/neuroanatomy/articles/2008/mirror-neurons/15 Lindstrom,M.Buyology:How Everything We Believe About What We Buy Is Wrong,New York Random House,resissued 2012 (also published under the title,Buyology:Truth And Lies About What We Buy).16 Svoboda,E.What Makes a Hero?The Surprising Science of Selflessness,New York,Current Books,2013.17 Svoboda,E.,http:/ 04123197168385418 Zahn,R.,and Graffman,J.et al,The Neural Basis of Human Social Values:Evidence from Functional MRI(fMRI),Cerebral Cortex,19:276-283,2009.19 http:/ https:/ CreditsFigure 1:http:/ 2:http:/ 3:Eva Ritvo,Psychology Today,April 24,2014Figure 5:http:/

    阅读研究报告 - 下载最新的 PDF 版本 - 三份鞋匠报告 (66)6人看过 阅读研究报告 - 下载最新的 PDF 版本 - 三份鞋匠报告 (67)2023-03-24 11边 阅读研究报告 - 下载最新的 PDF 版本 - 三份鞋匠报告 (68)阅读研究报告 - 下载最新的 PDF 版本 - 三份鞋匠报告 (69)阅读研究报告 - 下载最新的 PDF 版本 - 三份鞋匠报告 (70)阅读研究报告 - 下载最新的 PDF 版本 - 三份鞋匠报告 (71)阅读研究报告 - 下载最新的 PDF 版本 - 三份鞋匠报告 (72)5星

  • 大学咨询:2023年印尼-中国贸易关系研究报告(engelsk版)(23 sider).pdf

    TO ACCESS MORE INFORMATION ON THE BEAUTY MARKET IN CHINA,PLEASE CONTACT DXDAXUECONSULTING.COMIndonesia x China business relationsMarch 2023 2022 DAXUE CONSULTINGALL RIGHTS RESERVED2Netizens searches:Baidu vs.Google1.03Where in Indonesia are Chinese investing2.05Case study:Palm oil and Wilmar3.07Case study:Bubble tea,ice cream,and Mixue4.09135.Best selling products from Indonesia on Tmall CONTENT OUTLINE157.About Daxue Consulting146.General perception of China3 2023 DAXUE CONSULTINGALL RIGHTS RESERVEDBaidu search data exposes Chinese perceptions of IndonesiaIndonesian politics and tourism-related phrases are the most searched keywords by Chinese citizens.Source:Baidu&Baidu Index,2022.Associated words on Baidu Index*Suggested topics on Baidu Search The suggested topics after typing the name of the country in the search bar*The associated words related to the name of the country4 2023 DAXUE CONSULTINGALL RIGHTS RESERVEDChinese netizens were interested in Indonesias politics and international eventsThe 18th Asian Games was held in Jakarta,Indonesia.Pelosis itinerary for her Asiatripwasreleased,whichincluded a visit to Indonesia.77thanniversary of Indonesiasindependence.The G20 Summitwas held in Bali.A 6.8 magnitudeearthquake struckWesternIndonesia.Source:Baidu IndexTime frame:Jun 2017 Dec 2022Indonesia wanted to secure up to US$60 billionfrom Chinese investors to build power plants,factories,ports and infrastructure.Chinese companies seek to shiftoperations to Southeast Asia dueto the trade war with the US.Source:Google TrendsNote:Googles improvement in data collection systemChinese netizens search frequency of“Indonesia/印度尼西亚印度尼西亚”on BaiduIndonesian netizens search frequency of“China”on Google5 2023 DAXUE CONSULTINGALL RIGHTS RESERVEDWhere in Indonesia are Chinese investing?(1/2)Popular areas are concentrated in the southern parts of Indonesia around Jakarta.BANDUNGIndonesias third most densely populated city and a populartourist destination:Bandung is expected to develop primarily in the hospitalitysector.Priority is expected to be given to residential development,as the citydoes not yet have a high-end residential project despite vibrant real estatedevelopment.Bandung will have new real estate investment opportunities inthe medium term in the context of recent infrastructure development plans(including a high-speed rail link between the city and Jakarta).TANGERANGIndustrial and manufacturing hub:Tangerang is a majorsettlement for Chinese Indonesians.The regions economy focused on trading,financial services,and industrial sectors.Keppel Land announced that it willcooperate with Metropolitan Land(Metland)subsidiary to build 450 single-family houses in Metland Puri City.Thus,there will be an influx of middle-class people in Tangerang,making Tangerang a good investment choice forreal estate investors.SurabayaBandungTangerangLombokImage source:Unsplash,Mrf,2019A street in BandungSource:JuwaiBalikpapan6 2023 DAXUE CONSULTINGALL RIGHTS RESERVEDImage source:Unsplash,Dony Wardhana,2020A view of Balikpapan CitySome areas became popular due to the growing number of middle-class groups,development of infrastructure,tourism,and the change of the capital city.BALIKPAPANThe future capital city of Indonesia:The capital city ofIndonesia will be moved from Jakarta to Balikpapan in the hope of tacklingoverpopulation of Java Island,especially in Jakarta.It will also reduce thesocial and economic gap between the cities and regions.Variousinfrastructures would be built,making Balikpapan a noteworthy investment.SURABAYAA great choice for commercial real estate and residentialdevelopers seeking opportunities outside of Jakarta:Surabaya has agrowing number of middle-class residents.In addition,the land bankavailability and progressive infrastructure building make Surabaya aworthwhile investment area.LOMBOKA well-established resort destination:The area has several largehotels and high-end boutique hotels.At the same time,there is plenty ofentertainment for tourists,such as bars and restaurants,as well asspeedboats from Bali.Image source:Unsplash,Tandya Rachmat,2020Senggigi Beach,West Lombok RegencySource:JuwaiWhere in Indonesia are Chinese investing?(2/2)7 2023 DAXUE CONSULTINGALL RIGHTS RESERVED11.62.920.841.501020304050NigeriaColumbiaThailandMalaysiaIndonesiaTop 5 palm oil producing countries by share of global production in 2019Output(Million ton)56(%4%2%1%China has strong demand for Indonesias palm oil production Indonesia is the largest producer of palm oil in the world,whilst China is one of the largest importers of palm oil globally.In 2019,Indonesia was the largest producer with 41.5 million tons of production,accounting for 56.2%of total world production,most of which was exported.Malaysia is in second place with 20.8 million tons of production(28.2%),followed by Thailand with 2.9 million tons(3.9%).The rest of the producing countries produced 6 million tons,or 8.2%of the total global palm oil production.Source:CME Group India and China mainly use palm oil for cooking.In the case of the EU,a significant portion of imported palm oil is used for biofuel production.About 75%of total palm oil imported by China is consumed in the food sector.The growth potential of edible-grade palm oil imports in China is huge.Top importers of palm oil in 2021Source:International Trade CentreSource:MPOC123IndiaChinaPakistanShare of total imported palm oil18.9.7%6.7%Output(Million ton)Global share(%)8 2023 DAXUE CONSULTINGALL RIGHTS RESERVEDCase Study:Wilmar International Limited in ChinaWilmar owns a 45%market share of edible oil in China in 2021;65%of the raw materials for palm oil originated from Indonesia.Wilmar International Limted,formerly known as Wilmar Holdings,is one of the worlds largest edible oil refiners and was ranked 211thon the Fortune Global 500 in 2021.It has an annual turnover of over US$10 billion.Wilmar was founded in 1991 by Martua Sitorus,an Indonesian,and Kuok Khoon Hong,a Malaysian.Yihai Kerry Investment Co.LTD is one of the top 10companiesinthevegetableoilindustryinChina.Headquartered in Shanghai,Yihai Kerry is a foreign-investedenterprise jointly established by Wilmar International and TheArcher-Daniels-Midland Company in the USA.The Yihai Kerry Group focuses on brand building to create animage of high-quality edible oil.The company has well-knownedible oil brands such as“Golden Dragonfish”,“Hujihua(胡姬花)”,“Fulinmen(福临门)”and“Luhua(鲁花)”.The companysflagship product,“Golden Dragonfish(金龙鱼),has becomea well-known trademark in China.The extensive industrial presence of the Yihai Kerry Group inthe Chinese market has contributed to a strong reduction inprocessing costs.It has 30 edible oil refineries in China.Theproduction bases cover a wide range of first and second-tiercitiesinChinawitheasyaccesstoshippingandhighconsumption levels and have a comprehensive and strongindustrial presence along the coast,Yangtze River,and inland tocontrol raw material and transportation costs.Yihai Kerry Groups edible oil products have established a largenetworkof distributors in Chinaand achieved extensivecoverage of offline sales channels.Yihai Kerry Groupshasmore than 2,000 distributors in China,covering more than 400large and medium-sized cities across the country.Source:Wilmar International Annual Report,CN Info9 2023 DAXUE CONSULTINGALL RIGHTS RESERVEDBubble tea and ice cream are gaining traction in IndonesiaMillennials and Gen-Z treat F&B as a part of their lifestyle as they are often prompted by influencers who are making culinary review content who gained massive following.The tradition of consuming sweet food and hot weather reinforced their increasedconsumption of ice cream and bubble tea.This creates an opportunity for Chinese F&B companies.Ice creamBubble tea$527MILLIONin 201910.4tween 2015-2019CAGR ofSource:MarketLine(2020)The ice cream industry in Indonesia is growing.The Indonesian ice cream market can be divided intothree different categories:artisanal,impulse,and take-home ice cream.Impulse ice cream,which is ice cream in the single-serve category,is the major type sold in the Indonesianmarket.Source:MarketLine,GlobalDataSource:GrabFoodBubble tea is gaining enthusiasts in Indonesia.GrabFoodsbubble tea sales8,500%in Indonesia(2018)HIGHESTGROWTH IN ASEANGREW MORE THANTHESource:GrabFood(2019)Brown sugar boba milk tea is especially popular during the“relaxing afternoon”period between 14:00-17:00.On average,Indonesians drink 3 cups of bubble tea permonth via GrabFood in 2018.Therefore,there is a possibility of higher cups purchase permonth when combined with the offline channel.10 2023 DAXUE CONSULTINGALL RIGHTS RESERVEDCase Study:Mixue Bingcheng(蜜雪冰城蜜雪冰城)in Indonesia(1/2)Factors that help Mixue succeed in Indonesia include affordable prices and social media promotion.The brand name 蜜雪冰城 was first officially launched.20002021Mixue first entered Indonesia by operating in Bandung in March.It opened its first store in Jakarta in November.Sources:Baidu&LandX(2022)A predecessor of Mixue Bingcheng(Mixue),寒流刨冰,was launched in Zhengzhou.It specializes in shaved ice and cold drinks.19972022Mixue has more than 300 shops spread across three Indonesian islands.One of the key drivers that help Mixue succeed in Indonesia is thecheap price point.In Indonesia,their product price ranges fromIDR 8,000-22,000(US$0.53-1.45).Mixue Indonesias Instagram has a follower of 57.8 thousand and the Jakarta stores has a total of more than 3,700 reviews on Google.TikTok also plays a significant role in making Mixue famous in Indonesia.Source:Instagram,Compiled through Google by Daxue Consulting,LandXThe cold and refreshing product of Mixue also suits the tropical weather of Indonesia.Some of Mixues best-selling products in Indonesia are:Mixue Ice Cream Boba Sundae Fresh Squeezed Lemonade Strawberry Mi ShakeSource:Tribunnews11 2023 DAXUE CONSULTINGALL RIGHTS RESERVEDBrandMixueChatimeKOI ThKokumiXing Fu TangNumber of Stores in Jakarta5392251611Case Study:Mixue Bingcheng(蜜雪冰城蜜雪冰城)in Indonesia(2/2)The franchise model helped the brand expand quickly in Indonesia.LocationFranchise FeeProvincial capitalsCNY11,000/year(US$1,621/year)CitiesCNY9,000/year(US$1,326/year)County-level citiesCNY7,000/year(US$1,031/year)Mixue utilizes a franchise model to expand,both locally in China and globally.The franchise fee varies based on location.In Indonesia,there are already around 300 Mixue stores on three different islands:Java,Sumatra and Bali by June 2022.Source:LandX,Mixue BingchengComparing the number of Mixue stores to popular brand chains with similar products,Mixue has the second highest store count.Despite placing second,Mixue reached that number within two years while Chatime achieved opening 92 stores in Indonesia since its market entry in 2011.Sources:Kumparan(2022),Chatime,KOI Th,Kokumi&Xing Fu TangMixue Bingcheng at Sutoyo,YogyakartaMixue Bingcheng at Depok,West Java12 2023 DAXUE CONSULTINGALL RIGHTS RESERVEDSearch trends of Mixue on Google in IndonesiaTime frame:Dec 2021 Dec 2022Source:Google Trends,Indonesia InvestmentsNote:Googles improvement in data collection system Opened the first Mixue outlet in the shopping mall at the Mall Olympic Garden(MOG).Halal status of MixueRelated queriesIs Mixue halal?Mixue ice creamMixueicecreamispricedaffordablyatIDR8,000(US$0.53),whichcreatedabuzz on social media when itwas launched in Indonesia.About88%ofIndonesiaspopulation identified themselves asMuslims.Halal food is food(anddrinks)that abides by Islamic lawand can be consumed by Muslims.13 2023 DAXUE CONSULTINGALL RIGHTS RESERVEDBest selling products from Indonesia on Tmall(Excluding tourism)PAPATONKSHRIMP CRACKERSWASUKA CHOCOLATE PREMIUM ROLLED WAFERMILKITAASSORTED MILK LOLLIPOPPrice:CNY25.90(US$3.81)Monthly sales:3,000 Reviews:10,000 Popularity due to:Long validity period,good taste,cheapPrice:CNY19.90(US$2.93)Monthly sales:400 Reviews:8,000 Popularity due to:Very crispy,notgreasy,rich chocolate flavorPrice:CNY29.90(US$4.40)Monthly sales:200 Reviews:300 Popularity due to:Exquisite packaging,great taste,value-for-moneySource:Tmall,202214 2023 DAXUE CONSULTINGALL RIGHTS RESERVED307ABGSSW%ChinaNetherlandsAustraliaUSMalaysiaJapanSingaporeSaudi ArabiaPercentage of Indonesians in favor of investment from the following foreign country(2021)What do Indonesians think about China?Indonesians are in favor of electronics,household appliances and fashion items from China.INDONESIASource:Lowy Institute40%of Indonesians believe that Indonesias interests would not be harmed if China gained more power.However,the citizens believe that the US economy(18%)is more important for Indonesias economy compared to Chinas(12%).Number of respondents(approx.)3,000 aged 18-65 across 33 provinces in IndonesiaIn the past,products from China were viewed as cheap low-quality products that might also pose health and safety risks.However,Chinese products now have higher quality whilemaintaining its affordable prices.Its design,features,and packaging also entice Indonesianconsumers.Electronics,fashion,medicalequipment,householdappliances,and personal care products are some of theproduct types from China that are popular in Indonesia.Sources:Blueray Cargo,Nusakini,Asia CommerceThere has been a gradual shift in perspective regarding Chinese products in Indonesia.TO ACCESS MORE INFORMATION ON THE BEAUTY MARKET IN CHINA,PLEASE CONTACT DXDAXUECONSULTING.COMAboutDaxueConsultingOur mission is to guide businesses to holistic growth in AsiaThrough our market research and strategy consulting,we equip businesses with the knowledge and guidance to achieve growth in China and 86(21)5386 0380 2022 DAXUE CONSULTINGALL RIGHTS INCLUDED 17Who We AreWe are Daxue Consulting:A market research firm specializing on the Chinese market since 2010 With 3 offices in China:in Shanghai,Beijing and Hong Kong Employing 30 full-time consultants Full,complete,national coverage Efficient and reliable fieldwork execution across China Using our expertise to draw precise,reliable recommendations With key accounts from around the worldYour Market Research Company in China 北京BEIJING,CHINA Room 726,Building 1,40 Dongzhong Road,Dongcheng District上海SHANGHAI,CHINA(Head Office)Office 501,Building 2,272 Ruijin Er Road,Huangpu District香港HONG KONG,CHINA33-35 Hillier St,Sheung WanCovered Tier-1 citiesCovered Tier-2 citiesCovered Tier-3(and below)citiesThe values we embraceEmbrace change enthusiasticallySimilar to how markets are constantly changing,our mindset is also always evolving.We value routine only when it helps us improve and we value change because it helps to keep pace with our time.Freedom enriches creativity&responsibility Freedom to manage and envision her or his mission increases the sense of responsibility to that mission.Our clients goals are our goalsWe see ourselves as an extension of the clients business in China or their target country,hence,we advise them as if we were in their shoes and investing along with them.Knowledge is meant to be sharedWhile our projects team dives deep to provide catered research to clients,the media team shares insights publicly.At the same time,we foster a culture of sharing knowledge in our team,each individual works to increase their own knowledge and freely shares ideas each other.Intellectual humility gives clarity Only through the lenses of humility can knowledge be seen clearly.At daxue consulting,we are humble toward science and the truth.We interpret data in a way that lets it speak for itself,even if contradicts our hypothesis.What we doOur China market research services leverage both qualitative andquantitative methods across a broad range of industries sectors to fuelyour strategic plan and support your expansion in China.Market researchStrategy consultingOur team can provide you with a wide selection of consulting servicesaimed at supporting your strategic decisions in China.Management consultingOur consulting service aims to give you both a clearer understanding ofany aspect of your business,as well as a comprehensive overview ofyour target market.BrandingThrough using a set of different methodologies,our international teamof market managers can answer your branding issues and support yourgrowth in China.A/B testingDesk researchExpert interviewsTech-assisted researchTribe marketingMarket sizingStore checks&mystery shoppingFocus groupsSocial listeningOnline data scrapingOnline&offline surveysEmployee engagement surveyPersona definitionActivation toolkitBrand namingLean managementCo-branding strategyBrand positioningSensory researchMarket entryOur services and methodologies21Our past and current clients400 clients with 600 projects for the past 10 yearsAn experienced organization with the Asian marketRegularly featured and quoted in publications all over the worldDAXUE ON THOUGHTFUL CHINALECTURING AT PEKING UNIVERSITY MBA.WORKSHOP ON CHINAS FOOD IMPORTSTV INTERVIEWS ON PRIME-TIME TELEVISION IN SINGAPOREFREQUENT SPEAKERS ON BUSINESS TOPICSTO ACCESS MORE INFORMATION ON THE BEAUTY MARKET IN CHINA,PLEASE CONTACT DXDAXUECONSULTING.COMSTAY UPDATED ON ASEAN MARKET INSIGHTShttps:/ https:/ release

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  • Hampleton:2023 年上半年商业软件并购市场报告(英文版)(15 页).pdf

    London|Frankfurt|Stockholm|San Francisco1|13 Enterprise Software M&A Overview 1H 2023Enterprise Software M&A boasts strength and resilienceRising investment in Cloud Services is anticipated topropel growth in the sector,with a forecasted 16.8%growth in 2023 and is anticipated to reach$60.3billion by the end of the year.It is expected that thisgrowth is driven by business customers demandinghyper-specialised products as a means of tackling theever-changing demands of the contemporary workenvironment.Companies are opting to invest in cloudservices to improve their operational efficiency whilstbolster growth and productivity.By 2025,it is thoughtthat 85%of all corporate applications will be SaaSmodel based.Akeyhorizontaltechnologyactivelyattractinginvestment is AI and automation.Recent advances indevelopmenthasenabledtheusecasetobeimplemented across all aspects of business.This isespecially apparent with growing business needs toautomate operations,bolster efficiency and ensurecontinued improvements in productivity.Entering 2023,the macro economic environment isanticipatedtocontinueitsdeceleratinggrowthtrajectory following the heightening of geopoliticaltensions,coupled with post-pandemic inflationary andcentral bank interest rate hikes.Despite this slow ingrowth,thequestionremainsastohowthisphenomena will impact the M&A market.The globalM&A market across all industries in 2022 experienceda slowdown in total deal volume from the record-breaking year of 2021.This slowdown can beexplained as merely a market normalisation and areturn to an era of increased leverage costs.Enterprise Software M&A,defying macro trend,continues upwardContrary to the general trend,the enterprise softwaremarket had a record-breaking year in terms of dealvolume.Although there as a slowdown in activity inthe second half,2022 saw an 8%increase in totaltransactions compared to 2021.Key players-Enterprise Software2|13 Enterprise Software M&A Overview 1H 2023The above graph covers the period between January 2015 and June 2022.Throughout this Enterprise Software M&A report,median“trailing 30-month”multiples plotted in the graphs refer to the30-month period prior to and including the half year.M&A summaryShare of private equity deals shrinksPrivate equity acquisitions as a percentage of totalacquisitions have dropped to a six-year low,asinvestors have pulled back in 2022 prompted byhigher interest rates.This is a reversal of the previousthree-year trend whereby financial sponsors increased.their share of M&A activity compared to strategicacquirers.The figure averaged 41tween 2019 and2021 and dropped to 36%in 2022.The medianprivate equity deal size,however,remains significantlyhigher at$200m compared to$45m from strategics.Total number of deals&valuation multiples in Enterprise Software per half-year,2015-2022Share of private equity deals per year,2015-2022previous half-year.Whilst buyers focus on smallertransactions,total disclosed deal value fell from$153billion to$62 billion,with the median transaction valuecoming in at$45m.The half-year saw a rise in the trailing 30-monthrevenue-based valuation multiples,growing to 5.2x,whilst corresponding EBITDA multiple fell from 16.7xin 1H 2022 to 15.7x in 2H 2022.Transaction volume normalisesThe second half of 2022 saw a normalisation in M&Aactivity in the Enterprise Software sector,with a total822 deals recorded in the half-year.The sectorexperienced a fall in deal volume from the record-breaking frenzy experienced in 1H 2022.Comparativeto 2021,the number of deals grew by 8%,with 1837in 2022 compared to 1702 in 2021.The volume ofdeals exceeding$1 billion has also fallen compared to1H 2022,with 10 transactions versus 19 in the.597 561 617 499 565 528 647 642 708 657 598 857 749 953 1,015 822 3.6x3.8x3.6x3.6x3.5x3.5x3.5x3.6x3.9x4.0 x4.0 x4.1x4.7x5.0 x5.1x5.2x14.6x14.5x17.4x15.7x15.2x16.0 x16.7x16.6x17.6x17.5x17.0 x15.9x14.8x14.8x16.7x15.7x0.0 x2.0 x4.0 x6.0 x8.0 x10.0 x12.0 x14.0 x16.0 x18.0 x20.0 x-200 400 600 800 1,000 1,200 1,4001H 2015 2H 2015 1H 2016 2H 2016 1H 2017 2H 2017 1H 2018 2H 2018 1H 2019 2H 2019 1H 2020 2H 2020 1H 2021 2H 2021 1H 2022 2H 20222619AC6%0.0.0 .00.0.0P.00010001500200020152016201720182019202020212022Strategic acquisitionsPE acquisitionsPercent PE3|13 Enterprise Software M&A Overview 1H 2023AcquirersAcquisitionsin 30 monthsThree most recent Enterprise Software acquisitions25P8 Software P8 Software land and property management SaaS and outsourced servicesFlex Applications Flex Applications HR management SaaS and servicesDatapasDatapas Education ERP SaaS 21Evans Evans CaseLoadCaseLoad government case management SaaSArtBinderArtBinder Inc.Inc.art-sector inventory and sales management SaaSEquiplanoEquiplano SistemasSistemas public administration and management SaaS20MONACO B.V MONACO B.V workforce management SaaST T-Innova Innova IngenieraIngeniera AplicadaAplicada S.A S.A sports center management SaaSAperoApero Solutions Inc.Solutions Inc.ERP and warehouse management SaaS20Coupa SoftwareCoupa Software AI-based business spend management and ERP SaaSSMA Technologies Inc.SMA Technologies Inc.Workload automation SaaSAnaplan Inc.Anaplan Inc.business modelling and planning SaaS12Springboard Research Limited Springboard Research Limited AI-powered retail intelligence and shopper analytics SaaSApartment Data Services,LLC Apartment Data Services,LLC real estate competitive analysis and marketing SaaSProperty Suite New Zealand Property Suite New Zealand real estate CRM SaaS11TimePlanTimePlan Software A/S Software A/S workforce management SaaSuhbuhb consulting AG consulting AG healthcare ERP,controlling and financial SaaS WankoWanko logistics SaaS11Clockwork IT Limited Clockwork IT Limited field service management SaaSFYB Pty Ltd FYB Pty Ltd information governance and record managementInnovatum Inc.Innovatum Inc.Enterprise RFID labelling and compliance SaaS 11Nextup.ai Inc Nextup.ai Inc messaging system application development tools for Microsoft Teams and Slack7pace7pace professional time and project management SaaSArsenaleArsenale Systems,Inc.Systems,Inc.data analysing and reporting software Top acquirers past 30 months The second half of 2022 saw Norway-based Vismamove up to top acquirer with 25 deals closed overthe past 30 months,7 of which were inked in2H2022.Visma has been expanding its geographicreach in Western and Northern Europe,with its mostrecent targets operating in the Benelux,Nordics,andFrance.Canadian-based Volaris came a close second,with 21 deals inked,acquiring Enterprise softwarecompaniesacrossarangeofsubsectorsandgeographies,withacquisitionsinEurope,NorthAmerica and South America.Volaris,backed by their.parent company Constellation Software is the secondmost acquisitive buyer overall,with 8 acquisitions in2H 2022.Constellation,through various subsidiarieshas made a total of 24 acquisitions in 2H 2022.Valsoft and Thoma Bravo both closed 20 deals,targeting firms across various software segments.Theformer made 10 acquisitions in 2H 2022,focusing onenterprise applications.The latter made 2 platformacquisitions in the second half-year.4|13 Enterprise Software M&A Overview 1H 2023$20.0 billion$20.0 billion15 SepAdobeAdobe acquires Figma Inc.Figma Inc.$8.2 billion$8.2 billion08 AugVista Equity Partners Vista Equity Partners acquires AvalaraAvalara at 10.6x revenue$7.4 billion$7.4 billion05 SepCVS Health Corporation CVS Health Corporation acquires Signify Health Signify Health at 9.3x revenue and 54.2x EBITDA$6.2 billion$6.2 billion12 DecThoma Bravo Thoma Bravo acquires CoupaCoupaSoftwareSoftware at 9.8x revenue$3.7 billion$3.7 billion30 AugRoper Technologies Roper Technologies acquires Frontline EducationFrontline Education$2.4 billion$2.4 billion16 SepStonepeakStonepeak Infrastructure Partners Infrastructure Partners acquires the Safety business of Safety business of IntradoIntrado CorporationCorporation$2.2 billion$2.2 billion25 AugOpen Text Corporation Open Text Corporation acquires Micro Focus International Micro Focus International at 2.1x revenue and 8.6x EBITDA$2.0 billion$2.0 billion12 DecTrimble IncTrimble Inc.acquires TransporeonTransporeon$1.5 billion$1.5 billion17 NovPTC Inc.PTC Inc.acquires ServiceMaxServiceMax Inc.Inc.at 11.2x revenueGlobal M&A Enterprise Software market cools in 2H 2022 following a deal spike in 1H 2022Enterprise Software sector turning increasingly appealingfor acquisitive investors despite fears of an extended market slowdown SaaS-based recurring revenue streamsoffer acquirers ever-safer bets during a market downturnPrivate equity buyers reduce pace of acquisitions in Enterprise Software,reversing a three-year upward trend:financial buyers decrease their share to 36%of deal volume in 2022Western Europe continues growth in 2H 2022 in terms of deal volume with targets in the region accounting for 28%of all deal activity Rapid shift to M&A“friend-shoring”transactions between rival countries has dropped,meanwhile deals between allied countries has more than offset that impactLARGEST DISCLOSED DEALS OF 2H2022Top trends in Enterprise SoftwareVast majority of deals transacted at below$100mOnly 3.5%of Enterprise Software transactions announced value above$100mWhile large transactions make the headlines,smaller deals constitute a majority of M&A activity5|13 Enterprise Software M&A Overview 1H 2023Data breakdown geography and subsector Headquarters of Enterprise Software targetsHeadquarters of acquirers of European targetsLAST 30 MONTHSIn the second half of 2022,36%of all EnterpriseSoftware deals targeted a firm in the EnterpriseApplications segment.Meanwhile,around 17%of alldeals targeted Information Management companies.Regional divide amongst targets and their acquirers hasremained consistent with 63%of all targets over past30 months being North America-based.Europeantargets are mostly acquired by European acquirers.Enterprise ApplicationsEnterprise resource planning,desktop productivity,SCM,CRM andSalesforce automationBusiness Intelligence&Customer AnalyticsAutomation analysis,retail analytics,marketing business intelligence,social media listening&analyticsInformation ManagementDocumentmanagement,datamigration&warehousing,collaboration,capture&imaging,e-discovery,enterprise networkingVertical Applications*Software specific to the legal,automotive,financial,oil&gas,agriculture,insurance,education,transportation,or healthcaresectorsInfrastructure ManagementApp lifecycle management,development tools,business processmanagement,integration,systems management,network and servervirtualisationDesign,Testing&SimulationBIM,CAD,manufacturer modelling,EDA,testing and simulation,visual effects&animation,3D printingBreakdown of number of deals by subsector in 1H2022Europe55%North America41%RoW4%Europe28%North America63%RoW9%*Targets in the Vertical Applications category represent providers of vertical-specific software.If a target meets this definition as well as the definition ofanother category(i.e.,Enterprise Applications,Infrastructure Management,etc.),we have selected to categorise it as Vertical Application.36%8%7%6|13 Enterprise Software M&A Overview 1H 2023Subsector overviewTotal deal volume in Enterprise Applications subsectorcame in 11%higher for the year 2022 versus 2021.2H2022 was down from the peak of hyperactivityexperienced in the subsector between mid-2021 andmid-2022,settling at a very health volume of 300transactions in 2H 2021.The share of financial buyers in 2H 2022 remainsconstant with the first half-year,remaining at 40%ofacquisitions.With rising financing costs,private equityfirms are increasingly selective despite vast amounts ofdry powder.The disclosed median transaction value inthis subsector has increased to$47m,with privateequity inflating average deal prices,with 78%ofdisclosed deal values exceeding$100m.This evidencesan overall trend of private equity opting to acquiremore established companies to mitigate risk withinportfolios.The trailing 30-month median revenuemultiple came in at 5.1x,with 50%of deals showing arevenue multiple between 2.2x and 9.55x.The lowestrevenue multiple disclosed was 0.3x,while the highestwas 23.3x.The trailing 30-month median EBITDAmultiple came in at 22.0 x.0.0 x10.0 x20.0 x30.0 x40.0 x50.0 x-50 100 150 200 250 300 350 400 4501H20152H20151H20162H20161H20172H20171H20182H20181H20192H20191H20202H20201H20212H20211H20222H20220 x10 x20 x30 xEnterprise Applications23.3x0.3x74.3x2.0 x5.1x22.0 xTrailing 30-month median revenue multipleTrailing 30-month median EBITDA multiple11%uplift11%uplift29&%5%ERP-Non HRCRMERP-HR ManagementSCMOtherSubsector classificationThe Enterprise Applications subsector can be dividedinto the five segments below.Amongst these,non-HRERPremainslargestat29%ofallEnterpriseApplication deals.7|13 Enterprise Software M&A Overview 1H 2023AIandautomationprovidersremainattractive acquisition propositionsThe vast operational efficiency benefits of streamliningprocesses through the implementation of AI andautomation has translated into M&A activity,withc.40%of target companies in this subsector deployingAI technology.Acquirers are aiming to bolster AIofferings and aggrandise market share in the rapidlygrowing AI tech market,which according to GrandView Research is projected to reach a market value of$734 bn by 2027.InNovember,Canadian-basedThomsonReutersCorporation,aproviderofonlinebusinessinformation,acquired SurePrep.Headquartered inCalifornia,US,the target company provides AI-basedtax workflow automation SaaS,APIs,related mobileapplications and outsourced tax filing services foraccounting and tax business in the US.The total dealamount equaled$500m.Thomson Reuters acquisitionof SurePrep was enacted as a component of acorporate strategy to empower tax and accountingprofessionals to simplify workflows and drive insights.Enterprise Applications(cont.)ACQUIREDDec 2022Not disclosedACQUIRED2H 2022Not disclosedACQUIREDNov 2022$500mACQUIREDAug 2022$45mCanadian-based Kinaxis,a provider of supply chainmanagement SaaS,acquired MPO in a$45m deal.TheDutch target provides AI-based cloud-native supplychain SaaS internationally,with features to enhancevisibility,digital order management,as well as variousother management tasks.MPO enables Kinaxis todeliver end-to-end supply chain concurrency.Privateequity-backedfirmsstrengthenenterprise software footholdUSfirm,Aptean,recipientofstrategicgrowthinvestment from TA and Insight Partners in October,has kicked off a buy-and-build scheme to accelerateinnovation and global expansion.Aptean operates atthe intersection of ERP,CRM and supply managementSaaS.Aptean initiated this expansion strategy inDecember,withtheacquisitionofMistralInformatique.The French headquartered companyoffers ERP and CRM SaaS and solutions designed fordealers and distributors and dealers of agricultural andconstructionequipment.With500clients,theacquisition enables Aptean to bolster their customerbase in Western Europe.BCS BV,Dutch firm backed by Main Capital Partners,have made three Dutch,HR software acquisitions in2H 2022,consolidating their market-leading position intheNetherlands.ThefirmacquiredApployedNederland,a provider of human capital managementSaaS for SMEs in July 2022.Additionally,TasperReward,aHRbenefitsmanagementSaaS,andMediSoft Dossier Manager,a provider of employeeabsenteeism management SaaS,were acquired inOctober 2022.8|13 Enterprise Software M&A Overview 1H 2023Subsector overviewTotal deal volume in Business Intelligence&CustomerAnalytics subsector has seen a 15%increase in 2022compared to 2021.2H 2022 was down from thepeak of hyperactivity experienced in the year prior,with transaction volume standing at a healthy 127deals.Valuation multiples in the space have also increased:thetrailing30-monthmedianrevenuemultiplereached a new high of 6.1x with 50%of transactionsshowing a sales multiple between 3.1x and 10.7x.Meanwhile,the trailing 30-month median EBITDAmultiple came in at 22.0 x,remaining constant from 1H2022,with 50%of the transactions showing a multiplerange between 8.3x and 26.6x.Constellation subsidiary increases deal sizeCanadian headquartered Volaris Group acquired thesituational intelligence solutions assets of Israeli firm,Cognyte Software,in October 2022.The carve-outenables Volaris to acquire an AI-enabled open source-based situational intelligence analytics SaaS,servingboth businesses and governments internationally.Thedeal totaled$47.5 million in cash,with an additional$35 millioninpotential earnout,dependenton.0.0 x10.0 x20.0 x30.0 x40.0 x50.0 x0.0 x5.0 x10.0 x15.0 x20.0 x25.0 xBusiness Intelligence&Customer Analytics 6.1x20.0 x0.1xTrailing 30-month median revenue multipleTrailing 30-month median EBITDA multiple42.2x3.8x22.0 xachievingunspecifiedperformance milestones.Thisincreaseindealamount signals a changeinstrategyofVolarisparentcompany,ConstellationSoftware,with an increased ticketsizecomparativetohistoric deal amounts.-20 40 60 80 100 120 140 160 180 2001H20152H20151H20162H20161H20172H20171H20182H20181H20192H20191H20202H20201H20212H20211H20222H2022ACQUIREDOct 2022$47.5 million(Situational Analytics Solutions assets)SAP acquired AI-based data analysis SaaSIn July,SAP acquired Askdata,a provider AI andnatural language processingACQUIREDJul 2022UndiscloseddataintelligenceandanalysisSaaSandon-premisesoftwaretobusinessesglobally.Theacquisition enhances SAPsproduct offerings,enablingcustomers to make moreinformed decisions.9|13 Enterprise Software M&A Overview 1H 20230.0 x10.0 x20.0 x30.0 x40.0 x50.0 x60.0 x0 x10 x20 x30 x40 xInformation Management 36.4x0.7x4.3x51.3x7.4x12.0 xDropbox bolsters product offering throughacquisitionIn December 2022,Dropbox acquired FormSwift,adocument creation provider,with business forms andagreement management SaaS,SDKs and related APIsfor individuals and businesses in the US.FormSwiftenables users to build,edit,approve and share.andprovidespremiumdatainsights.Theacquisition proves to besynergistic for GoCardless,facilitatingopen-bankingconnectivity,allowing theenhancementofopenBaaS(Banking-as-a-Service)Trailing 30-month median revenue multipleTrailing 30-month median EBITDA multipleACQUIREDDec 2022$95 millionSubsectoroverviewThe information management segment continues toattract attention,with a stable 135 deals recorded inthe space in 2H2022.The trailing 30-month median revenue multiple stoodat 4.3x in 2H2022 and the highest multiple rose to36.4x.Half of all transactions were valued between2.2x and 10.1x.The trailing 30-month median EBITDA multiple camein at 12.0 x,with 50%of all deals announced being inthe 8.3x to 22.4x range.The lowest EBITDA multipledisclosed was 7.4x,while the highest was 51.3x.-50 100 150 200 250 300 350 4001H20152H20151H20162H20161H20172H20171H20182H20181H20192H20191H20202H20201H20212H20211H20222H2022documents and PDFs.Thecompany was acquired in a$95 million cash deal,withtheintentionofbeingintegrated into Dropboxsproduct offerings,providingan end-to-end agreementworkflow experience.GoCardless acquires data insights firmUK FinTech GoCardless acquired Latvian firm SiaNordigenSolutionsinJuly2022.SiaNordigenprovides online banking data insights and integrationSaaS and related open APIs for European businessesoperating in the financial sector.The companybolsters access to open-banking,account informationto an array of B2B customers,including otherFinTechs and partners.ACQUIREDJuly 2022Undisclosed10|13 Enterprise Software M&A Overview 1H 20230 x10 x20 x30 x40 x50 x0 x10 x20 x30 x40 xVertical ApplicationsTrailing 30-month median revenue multipleTrailing 30-month median EBITDA multiple34.6x0.4x5.2x40.4x4.6x14.5xHealthcare vertical software persists as the categorywithhighestM&Aactivityconsistentwithpriorquarters.An increasing number of deals target hospitalitysoftware amid a gradual return to pre-pandemicconsumer behaviour.Investment,Finance and Insurance verticals have ralliedto become the category with the second highest M&Aactivity,includingVeriskAnalyticsacquisitionofSwedish InsureTech,Mavera in December 2022.Increasingnumberofdealsintheeducationsubvertical,after the pandemic exposed massive roomfor improvement in the vertical.Healthcare remains most active verticalSubsectoroverviewVertical application software deal volume has slowedslightly since the 1H 2022,bounce back,with 143transactions inked in 2H 2022.Overall,however,2022proved to an active year for dealmakers in thesubsector,with 295 deals completed;a jump of 29%compared to 2021.The trailing 30-month medianrevenue multiple stood at 5.2x,with 50%of all deals.announced being in the 2.5x to 9.4x range.The lowestwas 0.4x,while the highest was 34.6x.The trailing 30-month median EBITDA multiple was14.5x,with majority of all disclosed multiples being inthe 8.6x to 22.3x range.The lowest was 4.6x,whilethe highest was 40.4x.142 155 191 181 144 157 181 163 163 144 156 210 120 109 152 143 -50 100 150 200 2501H20152H20151H20162H20161H20172H20171H20182H20181H20192H20191H20202H20201H20212H20211H20222H2022Auto4.2ucation13.3%Govt/Public Sector Healthcare21.0%Investment,Finance and Insurance17.5%Real Estate 4.2%Hospitality4.9%Other 30.1|13 Enterprise Software M&A Overview 1H 20230.0 x10.0 x20.0 x30.0 x0.0 x5.0 x10.0 x15.0 x20.0 x25.0 x30.0 xIn September 2022,Hg Capital-backed Access Group,acquiredUK-headquarteredPay360.Thetargetcompany provides an AI-based online paymentsprocessingSaaS,portal,APIsandsoftwaredevelopment kits to an international customer base.Thecompanyoffersextensivepayment-relatedproduct offerings,including payments management,reporting and analytics,integrations,fraud and riskmanagement,payment security,payment collection,e-invoicing and debt management.Access Groups rationale was orientedtowardsexpanding their expertise and capabilities to new.markets,as well as seeing the synergistic opportunityInfrastructure Management 25.6x1.3x5.2x28.0 x6.1x12.0 xTrailing 30-month median revenue multipleTrailing 30-month median EBITDA multiplePrivate Equity-backed Access Group bolster payment infrastructure through acquisitionSubsectoroverviewTheInfrastructureManagementsegmenthasexperienced a normalisation in the number of deals in2022 compared to 2021,with 144 versus 193transactions recorded(a 25%reduction YoY),with 59deals recorded in 2H 2022.The trailing 30-month median revenue multiple camein at 5.2x,with 50%of all deals announced being in.the 4.6x to 9.6x range.The lowest revenue multipledisclosed was 1.3x,while the highest was 25.6x.The trailing 30-month median EBITDA multiple roseto 12.0 x,with the majority of all deals being in the8.1x to 16.4x range.The lowest EBITDA multiple was6.1x,while the highest was 28.0 x.73 66 87 64 66 54 72 75 69 67 53 83 74 108 85 59 -20 40 60 80 100 1201H20152H20151H20162H20161H20172H20171H20182H20181H20192H20191H20202H20201H20212H20211H20222H2022tointegratePay360sproductofferingsintotheir portfolio.The totaldeal amount equated toa$179 million cash deal,withtheEV/EBITDAvaluationmultiplestanding at 12.2xACQUIREDSep 2022$179 million12|13 Enterprise Software M&A Overview 1H 20230.0 x5.0 x10.0 x15.0 x20.0 x0 x5x10 x15x20 x25xFOG Software acquired Ricardo PLCs softwarebusiness unit in August for$21 million.The UK-basedtargetcompanyprovidesAI-basedautomotivesimulationdesignSaaSforpropulsionandtransmission design to an international customer base.The division offers features for 3D engine analysis,finite element,pre and post-processing complexphysical systems modelling,3D and 2D simulationdesign process and an array of additional productuses.The EV/revenue multiple equated to 1.8x.Design,Testing&Simulation16.1x1.4x5.4xTrailing 30-month median revenue multipleConstellation subsidiary acquires automotive simulation design SaaS carve-outInsufficientEBITDA-multipledatapoints for thissubsectorTrailing 30-month median EBITDA multipleSubsector overviewM&A in the Design,Testing&Simulation segmentsurged in the past 18 months,with total volume seeinga 46%climb between 1H 2021 and 2H 2021,and dealflow remaining constant during 2022.Total deals in2H 2022 have remained stable,with 59 completedtransactions.The trailing 30-month EV/S multiple has dropped fromthe 6.3x high experienced in 1H 2022 to 5.4x in thesecondhalf-year.50%ofalldisclosedrevenuemultiples ranging between 2.0 x and 7.3x.The record-high M&A activity in recent half-years isexplained by companies transitioning towards totalsimulation and digital twins in the face of rising costs oftestingwithphysicalprototypes.Recentmacroeconomic issues such as high inflation anddysfunctionalsupplychainsworldwidehaveaccelerated this transition.22 27 22 17 23 22 38 30 27 29 33 42 41 60 59 59 -5 10 15 20 25 30 35 40 45 50 55 60 651H20152H20151H20162H20161H20172H20171H20182H20181H20192H20191H20202H20201H20212H20211H20222H2022ACQUIREDAug 2022$21 million(Software business unit)13|13 Enterprise Software M&A Overview 1H 2023SelectionofHampletonEnterpriseSoftwaretransactionsAboutHampletonPartnersHampleton Partners is at the forefront of international mergers and acquisitions advisory for companies with technology at their core.Hampletons experienced deal makers have built,bought and sold scores of fast-growing tech businesses and provide hands-on expertise and unrivalledinternational advice to tech entrepreneurs and the companies who are looking to accelerate growth and maximise value.With offices in London,Frankfurt,Stockholm and San Francisco,Hampleton offers a global perspective with sector expertise in:Autotech&Mobility,IoT,AI,Fintech,Insurtech,Cybersecurity,VR/AR,Healthtech,Digital Marketing,Enterprise Software,IT Services,SaaS&Cloud and E-Commerce.Miro ParizekPrincipal PStandardised and individual solutions against financial and white-collar crime and for risk management and monitoring,analysis,and reportingacquired byConclusion&contactsDigital banking software for retail,corporate and investment management banks in Central and Eastern Europemerged intobacked byacquired byComponent content management system and services for technical documentation,collaboration and delivery softwareacquired byData visualisationSaaS allowing personalisation of a visual value proposition for life science companiesacquired byZero-loss archiving and backup solutions for mission-critical data in the healthcare,public sector and industrial verticals in Germany acquired byGlobal software company offering an AI,NLP-based knowledge management and self-service cloud-native platformacquired bybacked byLeading provider of SAP cybersecurity and access governance software targeting national SMEs and international blue-chip customersLeading holistic omnichannel digital commerce software solutions provider in the DACH regionraised growth capital fromInterestingly,Enterprise Software M&A has maintained its high pace despite theturbulent macro environment,with a record-breaking 1837 deals in 2022.Dealvolume in 2H 2022 normalised from its peak level recorded in the 12-monthsprior,with the return of increased leverage costs acting as a brake to overheatingvolume.Inflation,supply chain strain and continued geopolitical conflict have placedpressures on both tech giants and small vendors.Meanwhile cash-rich acquirersare deploying capital reserves to acquire smaller firms to bolster product offeringsand consolidate market share.Private equity firms are enacting roll-up strategies tochallenge incumbent firms and build market leading companies on a global scale.With vast reserves of dry powder,private equity have reduced the quantity ofplatform acquisitions,but have increased cheque sizes to mitigate portfolio risk.Looking forward,2023 has begun with a range of exciting tech M&A deals inkedby strategic and financial buyers alike.We anticipate this deal flow to remainrobust both in volume and value this year as technology vendors continue totarget tech differentiators to help them serve an increasingly selective customerbase;and financial buyers focus their efforts on promising targets with solidforecasts and proven business models.acquired byIoT data collection and unification platform for industrial devices,providing significant quantities of data,enabling analytics,monitoring and maintenanceJoe ThomasonAHampleton provides independent M&A and corporate finance advice to owners of Autotech&Mobility,Internet,IT Services,Digital Commerce,and Softwarecompanies.Our research reports aim to provide our clients with current analysis of the transactions,trends and valuations within our focus areas.Data Sources:We have based our findings on data provided by industry recognised sources.Data and information for this publication was collated from the 451 Research database,a division of The 451 Group.For more information on this or anything else related to our research,please email the address provided below.Disclaimer:This publication contains general information only and Hampleton Ltd.,is not,by means of this publication,rendering professional advice or services.Beforemaking any decision or taking any action that may affect your finances or your business,you should consult a qualified professional adviser.Hampleton Ltd.shall not beresponsible for any loss whatsoever sustained by any person who relies on this publication.2023.For more information please contact Hampleton Ltd.Hampleton produces regular reports on M&A activity in the following sectorsHampleton produces regular reports on M&A activity in the following sectorsHR TechInsurtechIT&Business ServicesAR/VRArtificial Intelligence Autotech&MobilityCybersecurityDigital CommerceEnterprise SoftwareFintechHealthtechYou can subscribe to these reports at http:/ FranciscoFollow Follow HampletonHampleton

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  • G20 气候与可持续发展工作组报告——为低碳和气候适应性未来创新融资(英文版)(66 页).pdf

    INNOVATIVE FINANCE TOWARDS LOW GREEN HOUSE GAS(GHG)EMISSION AND CLIMATE RESILIENCE FUTURECLIMATE SUSTAINABILITY WORKING GROUP(CSWG)G20 2022Final ReportSeptember 2022iiiClimate Sustainability Working Group(CSWG)G20 2022Contributors:Authors:INNOVATIVE FINANCE TOWARDS LOW GREEN HOUSE GAS(GHG)EMISSION AND CLIMATE RESILIENCE FUTURE STUDY 3.1Indonesia,September 2022Recover Together,Recover StrongervClimate Sustainability Working Group(CSWG)G20 2022AcknowledgmentsAuthorsThis report is a joint publication led through the United Nations Development Programme(UNDP),and supported by the United Nations Childrens Fund(UNICEF).The researchers and experts1 from those institutions are working together through research,policy assistance,and support.ContributorsWe thank the Ministry of Environment and Forestry of the Republic of Indonesia for its pivotal framing perspectives and all delegates of G20 CSWG for their detailed comments on the content of the report as well as all G20 members who provided valuable insights in virtual workshops and through a written survey in coordination with Global Green Growth Institute(GGGI)and NDC Partnership.This project is funded by UNDP Governance of Climate Change Finance(GCCF)and Climate Finance Network(CFN),in coordination with Global Green Growth Institute(GGGI)and NDC Partnership(NDCP)._Copyright 2022This publication may be reproduced in whole or in part for educational or non-profit purposes without special permission from the copyright holder,provided that the source is acknowledged.DisclaimerThe authors do not make any warranty,either express or implied,or assume any legal liability or responsibility for the accuracy,completeness,or any third partys use or the results of such use of any information,apparatus,product,or process disclosed of the information contained herein or represents that its use would not infringe privately owned rights.The views and opinions of the authors expressed herein do not necessarily state or reflect those of the Government of Indonesia or project funders.1 The paper was written by Dr.Christoph Nedopil viClimate Sustainability Working Group(CSWG)G20 2022Executive SummaryTo put the world on track with the objectives of the Paris Agreement and the 2030 Agenda and truly achieve this transition,the world needs a systemic transformation of finance involving all public and private stakeholders in government,business,and society with no easy silver bullet of a single finance instrument.G20 members representing over 85%of the worlds GDP,around two thirds of its population and responsible for about 75%of greenhouse gas emissions,have a key role to play in addressing these challenges holistically and provide direction for leaders,regulators,business executives,investors,non-governmental organizations,and all societies.Finance from both public and private sources needs to be mobilized and shifted from unsustainable to green activities.The G20 members need to scale up climate-friendly finance and investments,reduce counterproductive subsidies,create barriers for non-aligned investments through broader key policy actions,and benefit by accelerating technology solutions and industrial development programs of green energy,food systems,social infrastructure,sustainable trade and resilient infrastructure,etc.Scaling up investments in sustainable activities will yield and boost productivity and generate powerful co-benefits such as protecting ecosystems and biodiversity in both the short and long runs.Therefore,advancing enablers and solutions of climate finance that leverage all kinds of existing and innovative finance instruments and mechanisms is critical to financing green and sustainable transition.Finance will have to be invested smartly,with focused rigor in terms of the climate benefits whilst also maximizing socio-economic co-benefits to achieve a just transition addressing particularly vulnerable groups.The study is developed for the G20 Climate Sustainability Working Group(CSWG)and addresses actions within the areas of innovative climate finance that drive smart policy-finance interaction for mitigation and adaptation finance,as well as sustainable development more broadly to include social aspects.The study recognizes previous G20 and ongoing work on climate and green finance and is informed by discussions within related working groups e.g.,Sustainable Finance Working Group(SFWG),Development Working Group(DWG),and other studies within CSWG e.g.,Study 3.2 on carbon economic value and adds distinct content.This study further benefited from consultation meetings and responses to a questionnaire sent from G20 members2.2 The study received survey response from Indonesia,Japan,Mexico,Russia,Saudi Arab,UK,and USA.viiClimate Sustainability Working Group(CSWG)G20 2022SFWGDWGCSWG Study on Car-bon Economic ValueCSWG Study on Climate financeTarget audience Financial regulators Development Environmental ministries,market regulators Environmental/climate ministriesKey content Transition finance Improving credibility of financial institutions Scaling of sustainable finance instruments Development finance instruments Emission Trading Scheme,carbon tax pricing,voluntary carbon markets Public-private finance nexus Policy-finance nexus,e.g.,for harmonized standardsClimate-nature nexusDevelopment and social aspectsThe findings of this study to drive smart climate policy-finance interaction with a focus on ministries responsible for climate and environment under the premise to race to the top and leave no one behind while recognizing local differences are as follows:Improving interoperability of various standards for private and public finance can help reduce transaction cost,ensure positive impact,reduce greenwashing,and build trust for green finance by:o Developing a“traffic light classification system”that includes a red finance taxonomy to complete existing green finance taxonomies.This would be applied for public and private finance and includes definitions of counterproductive and hard-to-abate economic activities across sectors that need to be phased out as quickly as possible;o Developing legal standards on environmental thresholds and performance indicators(i.e.,technical screening criteria)that are enforced to minimize environmental risks;o Developing standards for measuring,verifying and reporting(MRV)data on environmental performance of investment and spending for better comparison to provide better comparability and reduce green-washing;o Utilizing green technologies and making environmental data publicly and easily available to improve transparency and trust in green finance and to facilitate informed climate finance decision making;o Improving the foundation for global markets and relevant asset classes to accelerate carbon-negative and nature/climate-positive investments,for example through the accelerated establishment of global carbon offset markets,ecosystem solutions,and common understanding of the fair application of carbon border adjustment mechanisms.This can include the use of proceeds from such mechanisms to support the transition in least developed countries.viiiClimate Sustainability Working Group(CSWG)G20 2022Private sector can be mobilized through new and existing climate finance mechanisms by:o Allocation of public finance to support sustainable and green development goals while avoiding significant harm to any SDG,e.g.,fiscal spending,subsidies,state-owned enterprises(SOEs),public funds,and state-owned financial institutions.This will also provide investment incentives for private sector;o Supporting SOEs and sovereign issuers to scale up green financial instruments(e.g.,green bonds,green sukuk),that in turn supports local green capital markets,particularly in developing countries;o Implementing ambitious,holistic and tailored green policy targets and supporting regulation(e.g.,climate laws,phase-out of coal,deployment of renewables,sector transition plans,and climate adaptation)to provide clear and reliable policy directions and reduce risks of unclear targets for financial sector engagement;o Crowding in private capital for higher risk green projects through accelerated utilization of global infrastructure development facilities(e.g.,GIF,MCDF)and other applicable climate finance instruments(e.g.,green public funds,blended finance,guarantee facilities,public-private partnerships/PPP)that support de-risking of finance;o Supporting scientific based analysis and advocacy to enable facilities and regulatory and financial measures for accelerated phase-out of unsustainable assets and rapid scaling of pilots;Development and social transition aspects can be better integrated in climate finance by:o Ensuring a globally just transition through responsibilities of different economies that particularly supports children and vulnerable groups through mitigation and adaptation financing and capacity building;o Enhancing analysis of environment assets and evidence-based approaches to reduce COVID-19 related debt impacts particularly in developing countries including through smart and green sovereign debt collaboration(e.g.,debt-for-SDG,debt-for-nature,debt-for-climate,sustainability-linked debt swaps).o Providing further climate finance support(e.g.,USD100 billion commitment)and technical capacity for developing countries green transition and capital mobilization(e.g.,green capital market development,green facilities)for both mitigation and adaptation measures.The report first gives an introduction on the transition journey ahead for climate finance in G20 members.It then provides a background on the current stage of climate finance,current ambitions of G20 members for smart policy-finance interaction.The recommendations build on the analysis and provide practices on how to improve policy-finance action to shift finance from polluting to green,to mobilize both public and private finance,and to improve climate finance in developing countries.ixClimate Sustainability Working Group(CSWG)G20 2022Table of ContentsAcknowledgments iiiExecutive Summary ivTable of Contents viiList of Figures ixList of Abbreviations x1.Introduction 12.Climate Finance Landscape Background 32.1 Climate finance flows and gaps 32.2 Counterproductive public and private finance 52.3 The cost and risk of failing in climate action 62.3.1 Social and economic risk of climate change 62.3.2 Climate-biodiversity nexus 72.4 Responsibilities for development and social considerations 83.ExperiencesinG20memberstocatalyzeandpromoteclimatefinance 93.1 Climate finance governance 103.2 Climate laws 113.3 Climate-finance regulatory tools 123.3.1 Definitions of green finance through taxonomies 123.3.2 Selected risk management,reporting and disclosure standards 143.3.3 Ecosystem solutions 153.3.4 Carbon pricing 163.4 Climate financing sources 173.5 Climate finance instruments 183.6 Climate finance in developing countries 193.6.1 Development finance commitments 203.6.2 Local green capital market development 203.6.3 Sovereign debt in developing countries 20 xClimate Sustainability Working Group(CSWG)G20 20224.The Way Forward 224.1 A transformative effort 224.2 Integration of climate factors into finance system 234.3 Technologies for climate and green finance 245.Actions to be taken:Stop counterproductive,mobilize green public and privatefinancethroughsmart,coherent,andtailoredpolicytools 265.1.1 Improving standardization to shift from unsustainable to green 265.1.2 Private sector mobilization 285.1.3 Just and development finance 286.Appendix 306.1 Appendix 1:Overview of relevant taxonomies 306.2 Appendix 2:Overview of Sustainable financial instruments 326.3 Appendix 3:Selected reporting standards 386.4 Appendix 4:Selected sustainable finance initiatives and standard setters 447.The List of Reference and further reading 46xiClimate Sustainability Working Group(CSWG)G20 2022List of FiguresFigure 1 Trends in Atmospheric CO2 concentration and political agreements(Source:Sustenio3)Figure 2 Landscape of Climate Finance in 2019-2020 (Source:Climate Policy Initiative 4,2021)Figure 3 Destination region of climate finance,by public/private (US$billion,2019/2020 annual average)(Source:Climate Policy Initiative)Figure 4 Climate finance source to developing nations(Source:Timperley,2021 8)Figure 5 Impacts of climate change on children-Global Childrens Climate Risk Index(UNICEF 24)Figure 6 Green financial frameworks(Source:Author)Figure 7 The EUs Sustainable Finance Strategy(Source:Intereconomics 33)Figure 8 Climate targets in G20(EU has 2050 climate-neutral target in law but was not included in the graph)(Data:Net Zero Tracker,Graphic:author)Figure 9 Global Greenhouse Gas Emissions by Sector in 2016 (Source:Our World in Data 2020 71)xiiClimate Sustainability Working Group(CSWG)G20 2022List of Abbreviations AbbreviationNameACTAccelerating Coal TransitionADBAsian Development BankASEANAssociation of Southeast Asian NationsBRIGCBelt and Road Initiative International Green Development Coalition CBAMCarbon Border Adjustment MechanismCBDConvention on Biological DiversityCBDCCentral Bank Digital CurrenciesCBIClimate Bonds InitiativeCCUSCarbon Capture,Utilisation and StorageCDPCarbon Disclosure ProjectCfDContracts for DifferenceCGTCommon Ground TaxonomyCIFClimate Investment FundsCOPConference of the PartiesCSRDCorporate Sustainability Reporting DirectiveCSWGClimate Sustainability Working GroupDACDevelopment Assistance CommitteeDFIDDepartment for International DevelopmentDFIsDevelopment Finance InstitutionsDNSDebt-for-Nature SwapsDSSIDebt Service Suspension InitiativeDWGDevelopment Working Group ESGEnvironmental,Social,and GovernanceESIEnergy Savings InsuranceETMEnergy Transition MechanismETSEmission Trading SystemEUEuropean UnionFAsFinancial AdvisorsFASTFinance toAccelerate theSustainableTransitionFFFoundation FrameworkxiiiClimate Sustainability Working Group(CSWG)G20 2022FMPsFinancial Market Participants FSAFinancial Services AgencyG20Group of TwentyGCCFGovernance of Climate Change FinanceGCFGreen Climate FundGEFGlobal Environmental FacilityGFANZGlasgow Financial Alliance for Net-ZeroGFITGreen Finance Industry TaskforceGHGGreen House GasGIFGlobalInfrastructureFacilityGIINGlobal Impact Investing NetworkGRIGlobal Reporting InitiativeHKMAHong Kong Monetary AuthorityIBPESIntergovernmental Science-Policy Platform on Biodiversity and Ecosystem ServicesICMAInternationalCapitalMarket AssociationIDBInter-American Development BankIDFCInternational Development Finance Club IFCInternational Finance CorporationIMFInternational Monetary FundINFFsIntegrated National Finance FrameworksIPCCIntergovernmental Panel on Climate ChangeISSBInternational Sustainability Standards BoardITMOsInternationally Transferable Mitigation Outcomes JSEJohannesburg Stock ExchangeLACLatin America and the CaribbeanLLPsLimited Liability Partnerships MASMonetary Authority of SingaporeMCDFMultilateral Cooperation Center for Development FinanceMDBsMultilateral Development Banks MFFMultiannual Financial Framework MRVMeasuring,Validating and Reporting NDCsNationallydetermined contributionsNFRDNon-Financial Reporting DirectiveNGEUNext-Generation-EUxivClimate Sustainability Working Group(CSWG)G20 2022NGFSNetwork for Greening the Financial SystemODAOverseas Development AssistanceOECDOrganization for Economic Co-operation and DevelopmentOJKFinancial Services AuthorityPPPPublic-Private PartnershipsPRBPrinciples for Responsible Banking PRIPrinciples of Responsible InvestmentPSIPrinciples for Sustainable InsuranceSASBSustainability Accounting Standards BoardSBFNSustainable Banking and Finance NetworkSBNSustainable Banking NetworkSDGSustainable Development GoalsSDRsSpecial Drawing RightsSECSecurities and Exchange CommissionSFDRSustainable Finance Disclosure RegulationSFWGSustainable Finance Working GroupSGXSingapore ExchangeSISustainable InfrastructureSMEsSmall and Medium Enterprises SOEsState-owned EnterprisesTCFDTask Force on Climate-Related Financial DisclosuresTNFDTaskforce on Nature-related Financial DisclosuresUKUnited KingdomUNUnited NationsUNDPUnited Nations Development ProgrammeUNEPUnited Nations Environment ProgrammeUNEP FIUnited Nations Environment Programme Finance InitiativeUNFCCCUnited Nations Framework Convention on Climate ChangeUNICEFUnited Nations Childrens FundUSUnited StatesVCMVoluntary carbon markets1Climate Sustainability Working Group(CSWG)G20 20221.IntroductionMajor crises,from COVID-19 to conflicts and fragilities,have set back the achievement of sustainable development goals,and even worse,risk undermining sustainable development trajectories:policy makers need to tackle the urgent crises and provide economic and social resilience.This must not come at the expense of long-term climate and biodiversity crises.According to Save the Children 2 a child born in 2020 will be exposed to twice as many wildfires,2.8 times as many crop failures,2.6 times as many drought events,2.8 times as many river floods,and 6.8 times more heatwaves over their lifetime than a person born in 1960.In addition,limiting global warming to 1.5C above pre-industrial levels reduces the risk of additional lifetime exposure to heatwaves by 45 percent,drought by 39 percent,river floods by 38 percent,crop failures by 28 percent,and wildfires by 10 percent for children born in 2020.To put the world on track with the objectives of the Paris Agreement and the 2030 Agenda,G20 members representing over 85%of the worlds GDP,around two thirds of its population and responsible for about 75%of greenhouse gas emissions 1,have a key role to play.They can address these challenges holistically and provide a sustainable direction for leaders,regulators,business executives,investors,non-governmental organizations and all societies.It is critical that governments accelerate their commitments to the Paris Agreements next five-year cycle to limit global warming.They also can provide inclusive climate financing as well as social protection and support for vulnerable groups and their communities such as child and/or gender responsive financing,so that they can adapt to and recover from climate shocks more effectively.More G20 members are working on developing and implementing core climate policies and much more needs to be done to reduce greenhouse gas(GHG)emissions(see Figure 1).By scaling up climate friendly finance and investments,reducing counterproductive subsidies,creating barriers for non-aligned investments through smart key policy actions,G20 members can accelerate technology solutions and industrial development programs of green energy,food systems,sustainable infrastructure,and trade.2Climate Sustainability Working Group(CSWG)G20 2022Figure 1:Trends in Atmospheric CO2 concentration and political agreements(Source:Sustenio3)Investments in low-carbon technologies,ecosystem solutions,and sustainable and resilient infrastructure can spur green growth and economic recovery,address inequalities,and accelerate the transformation towards climate-resilient economies.In contrast,a continuation of current policy with public and private financial flows supporting non-aligned economic activities,is akintopouringoilontothefiresofclimatechange.In the Article 2.1c,Parties commit to“making finance flows consistent with a pathway towards low greenhouse gas emissions and climate-resilient development.”Now is the time to deliver on this commitment by converging post-COVID economic recovery programs with the transition to a low carbon climate-resilient global economy.By aligning all components of innovative finance,all kinds of funding opportunities can be seized bilateral,multilateral climate funds,multilateral development banks(MDBs),other development finance institutions(DFIs),as well as domestic finance.By fully aligning public finance with sustainable development goals,much larger volumes of private investment can be mobilized.3Climate Sustainability Working Group(CSWG)G20 20222.Climate Finance Landscape BackgroundAddressing climate change and building a sustainable future for now and the worlds future generations requires smart,tailored,and urgent policy action to drive an unprecedented global transformation of infrastructure,ecosystem resilience,food system and industrial development.The basis for this transformation is a massive shift of investments in technologies for low-carbon energy development,environmental and ecology protection,sustainable production and consumption,risk-informed and resilient infrastructure development.2.1 ClimatefinanceflowsandgapsGlobal climate finance 4 flows of US$632 billion were recorded in 2019-2020(which doubled from US$365 billion in 2013-2014)with equal contributions from the public and private sectors(see Figure 2).Figure 2:Landscape of Climate Finance in 2019-2020(Source:Climate Policy Initiative 4,2021)Almost half of global climate finance in 2019-2020 was spent in East Asia&Pacific(US$292 billion),followed by Western Europe(US$105 billion)and US&Canada(US$83 billion).Latin America,South Asia,Middle East and African countries together accounted for about US$100 billion in climate finance(see Figure 3).4Climate Sustainability Working Group(CSWG)G20 2022Figure 3:Destination region of climate finance,by public/private(US$billion,2019/2020 annual average)(Source:Climate Policy Initiative)For climate protection alone,Climate Policy Initiative(2021)4 estimates a global climate finance gap of US$3.6 to$4.1 trillion annually.McKinsey(2022)5 estimates that investment needs to increase by US$3.5 trillion yearly to US$9.2 trillion to achieve net zero transition goals.Finance for adaptation falls short.The Paris Agreement lays out a goal to balance finance between adaptation and mitigation.International community has called for50%of the total share of climate finance to be spent on adaptation projects that help people adapt to climate change,especially for developing nations.Adaptation currently only receives 21%of all international climate finance only$16.8billion in 2018,compared to an estimated need of$70 billion annually and upwards of$140-300 billion dollars by 2030 and$280-500 billion by 2050(see Figure 4).5Climate Sustainability Working Group(CSWG)G20 2022Figure 4:Climate finance source to developing nations(Source:Timperley,2021 8)Within the G20 members in their 2021 Leaders Statement,the UNFCC and IPBES,as well as during COP26 in Glasgow,global recognition of the need to integrate biodiversity and climate considerations has been accelerating.Both aspects should ideally be tackled together to generate co-benefits(e.g.,through ecosystem solutions,nature-climate solutions),utilize green financing more efficiently,and avoid further harm to either through insufficient integration.Taking this integration into consideration,biodiversity finance can promote climate protection,yet global biodiversity finance6 flows in 2019 amounted to only US$143 billion compared to US$536 billion financing need for ecosystem solutions7,according to UNEP(2021).Similarly,the 2020 Financing Nature report6 estimates a biodiversity financing gap of US$598 to US$824 billion per year.2.2 Counterproductive public and private financeThelackoffinancestandsforclimateactionandenvironmentalprotectionisexacerbatedbycontinuedpublicandprivatefinanceflowingintounsustainablesectors.Public finance contributes to climate change through state-owned enterprises,state-owned financial institutions,and public spending.While the G20 has committed to phasing out inefficient and counterproductive fossil fuel subsidies in 20099,global governments spent US$5.9 trillion(or 6.8%of GDP)on fossil fuel subsidies in 2020 according to a 2022 IMF study,and fossil fuel subsidies were expected to rise,according to a 2021 OECD study10.Similarly,with the agricultural sector being the second most important contributor to greenhouse gas emissions(when including land use change)it is also important to note that among the Aichi Target 3 of phasing out incentives including subsidies harming biodiversity by 2020 was only met by 25 out of 196 nations while about 90%of subsidies11 given to farmers tend to damage nature and fuel the climate crisis according to a 2021 UN report.6Climate Sustainability Working Group(CSWG)G20 2022In addition,SOEs are among the worlds largest corporate emitters of greenhouse gases,often due to a focus on traditional energy and transport assets:according to a 2022 joint Oxford and Columbia University study 12,SOEs in the power,industry and transport sectors alone emit at least an aggregate of 6.2 gigatons of CO2e annually(Scope 1),making them cumulatively larger emitters than any other single country except China.Similarly,CDP estimates 13 that the largest global SOEs are responsible for 42%of global greenhouse gas emissions.On the private side,the worlds 60 biggest banks have provided US$3.8 trillion 14 of financingforfossilfuelcompanies between 2015 and 2020 with US$751 billion alone in 2020.By October 2021,Bloomberg 15 reported US$459 billion fossil finance organized by the largest banks in the first 9 months of 2021.At the same time,improving green capital markets based on regulatory guidance,supervision strategies,and voluntary banking sector approaches have significantly expanded green finance instrument issuance16(e.g.,loans,bonds)in many developed and some emerging G20 members17.Yet,green finance only constitutes less than 10%of the market,even in the EU 18,while many developing economies(green)capital markets 19 are in need for further regulatory support,capacity and development to attract more issuances and investors.2.3 The cost and risk of failing in climate action2.3.1 Social and economic risk of climate changeA low level of addressing climate change risks up to 25%of global GDP by 2100,according to the NGFS(2020)20.Particularly,less developed countries would experience a higher relative economic loss relevant for peoples livelihoods,according to the IMF(2021)21 and the number of affected nations,according to S&P Global(2022)22.This risks exacerbating global inequalities and driving 68 to 135 million people into poverty by 2030,according to the World Bank(2020)23.The climate crisis also affects childrens rights,who risk being locked into poverty without strong adaptation policy,particularly in countries that are risk of natural disasters,according to UNICEF(2021)24(see Figure 5).Extreme climate crises increase social inequality because women and girls are more likely to live in poverty(70%of total global poor population)25,depend more on access to natural resources and bear a disproportionate responsibility for securing food,and fuel yet have less access to essential services,and face systematic violence that escalates during periods of instability.7Climate Sustainability Working Group(CSWG)G20 2022Figure 5:Impacts of climate change on children-Global Childrens Climate Risk Index(UNICEF 24)Urgent action is advised with costs rising exponentially the later action is taken:The cost of climate change mitigation and adaptation tends to rise exponentially the later climate change is mitigated:the UN estimates annual adaptation costs 26 in developing countries at US$70 billion should decisive actions be taken in 2021;this figure is expected to reach US$140-300 billion for decisive actions delayed to 2030 and US$280-500 billion in 2050.Contrary,by investing in climate change mitigation and adaptation net-gains of 15 million jobs could be achieved by 2050,according to a 2022 McKinsey 5 study.It would require re-training and possibly re-location of workforce to development,production,and operation site of new industries.2.3.2 Climate-biodiversity nexusA particular opportunity and necessity to address the climate crisis is to tackle it together with the biodiversity crisis,according to a 2021 statement by IBPES and IPCC 27.Climate change and biodiversity loss are mutually linked,with climate change leading to biodiversity loss and biodiversity loss leading to climate change.Increasing net-zero and nature-positive investments to address the biodiversity and climate challenges has been reflected intheGlobal Biodiversity Frameworks Target 19 28ofthe UN Biodiversity Conference(COP15)29,the Glasgow Climate Pact 30 of theUNClimateChange Conference(COP26).Some climate-positive actions for mitigation and adaptation might exacerbate biodiversity loss(e.g.,grey infrastructure,some technological solutions,and single-crop carbon offsets),which further exacerbates social and economic risks(e.g.,loss of ecosystem services such as water,pollination,soil quality).8Climate Sustainability Working Group(CSWG)G20 2022Attention is necessary,as some supposed biodiversity investments harm both biodiversity and climate(e.g.,planting trees in ecosystems that have not historically been forests,or reforestation with monocultures).Accordingly,investment in carbon-and species-rich ecosystems on land and in the ocean(e.g.,forests,wetlands,peatlands,grasslands,mangroves),increase of sustainable agriculture and forestry practices(e.g.,diversification of plants),and protection of existing ecosystems are areas that best combine climate-,nature-,and social benefits.2.4 Responsibilities for development and social considerationsAchieving the sustainable transition requires action from all countries.To reduce carbon emissions,particularly developed countries and countries with growing absolute emissions need to accelerate finance for the low-carbon and green transformation.Least developed countries and developing countries need to utilize received financial support in achieving the physical and social transformation to adapt to climate change,while protecting and restoring natural resources and ecosystem services.The pledge of providing US$100 billion per year from developed to developing countries in climate finance needs to be upheld and efficiently used to accelerate the reduction of greenhouse gas emissions based on the NDCs.Lastbutnotleast,asolutiontofinancingtheglobalclimatecrisiscannotworkwithoutaddressing the debt crisis for many low-income countries,where sovereign debt levels reached US$860 billion in 2020 31.9Climate Sustainability Working Group(CSWG)G20 20223.Experiences in G20 members to catalyze and promote climatefinanceRegulators,law makers,financial associations,and private organizations in G20 members and beyond have proposed,developed,and applied policies,systems,and instrument to accelerate finance for the green transition,that can serve as a role model for accelerating climate and green finance application.These ongoing practices are highly context specific and often cannot be easily compared or standardized.The ambition is therefore to ensure relevant impact,while it is important to harmonize where possible to ensure comparability,cross-border facilitation,and capital flows.Figure 6:Green financial frameworks(Source:Author)10Climate Sustainability Working Group(CSWG)G20 2022Key elements of a structured climate finance system are supposed to include(see Figure 6):Climate finance governance top-down(e.g.,China);bottom-up systems(e.g.,through voluntary standards),and mixed-systems(e.g.,EU);Dual goal of emission reduction and scaling of green opportunities;Climate related laws and regulations impacting climate finance(e.g.,climate laws);Climate-finance related regulatory tools,e.g.,o central bank and financial regulatory measures;o common definitions of real economy activities that need to be financed(e.g.,through green finance and sustainable finance taxonomies);o climate risk evaluation and management(e.g.,TCFD,TNFD),and disclosure standards to provide transparency in reporting and avoiding greenwashing(e.g.,the EUs Non-Financial Reporting Directive on corporate sustainability disclosure);o carbon pricing.Climate finance sources(e.g.,public,private,development finance);Climate finance instruments(e.g.,green bond,green credit,green sukuk,green fund);Integration of green financial system.3.1 Climate finance governance The policy environment of climate finance of the G20 members are organized depending on different institutional settings and development phases,which determine the power of the various players and the levers to influence development paths of climate finance.Broadly,they can be distinguished between top-down systems driven by governments(e.g.,China),cooperative systems(e.g.,EU)or bottom-up systems driven by market-players(e.g.,United States).A top-down governance system of green finance in China is rooted in its underlying political economy model labelled as Grand Steerage of the economy 32.For green finance,the state takes an active role in providing guidance,regulations,and financial backing through various line ministries.This allows for rapid growth of the green financial system with support from state-owned enterprises and state-owned financial institutions:after the establishment of the Green Financial System in 2015,China became one of the largest green bond markets with SOEs accounting for 42%of the green bond issuances volume.While Chinas green financial volume is among the largest in the world,its different regulators are responsible for various aspects of the green financial system with gradual integration of the different instruments and rules.The EUs multi-layered green financial system(see Figure 7)is a hybrid model.The system is based on multilateral framework(e.g.,Paris Agreement),EU frameworks(e.g.,EU Taxonomy,Fit-for-55),EU regulations(e.g.,Sustainable Finance Disclosure Regulation,EU Taxonomy),national ambitions of EU member states and financial markets,as well as voluntary approaches of financial institutions and other stakeholders(e.g.,Glasgow Financial Alliance for Net-Zero,GFANZ)or independent commitments by financial institutions.11Climate Sustainability Working Group(CSWG)G20 2022Figure 7:The EUs Sustainable Finance Strategy(Source:Intereconomics 33)The bottom-up system,meanwhile,is driven by industry associations,individual organizations,and initiatives.These aim to drive ambitions,share capacity and knowledge,as well as to provide transparency and accountability among its members and possibly to the public.These initiatives are often supported by multilateral or international organizations,including private organizations(see Appendix 4 for selected initiatives).For example,At COP26 in 2021,the Glasgow Financial Alliance for Net Zero(GFANZ)established a global network for different types of financial institutions to commit and share climate ambitions publicly,and to provide knowledge to its members.3.2 Climate lawsThe climate finance architectures and/or approaches in G20 members are to different extend geared toward the dual ambition of reducing harmful activities(e.g.,through carbon pricing and climate laws)and accelerating green activities(e.g.,through growth of green finance and relevant fiscal/monetary support measures).A basis for all green financial systems is the overwriting climate ambitions of the country that determines investors appetites and financial and technological innovation.The G20 members have mostly increased their climate ambition,but their climate targets are not sufficient to meet the Paris goals with multiple G20 members having non-binding and non-climate neutral targets beyond 2050(see Figure 8).12Climate Sustainability Working Group(CSWG)G20 2022Figure 8:Climate targets in G20(EU has 2050 climate-neutral target in law but was not included in the graph)(Data:Net Zero Tracker,Graphic:author)A number of G20 members have also issued specific laws to accelerate either the phase-out of specific polluting sectors(e.g.,Germanys coal exit law),or to accelerate the use of greener technologies(e.g.,EUs energy plan,Chinas national renewable energy targets).3.3 Climate-finance regulatory tools3.3.1 Definitions of green finance through taxonomiesMany G20 members and other global economies have developed green finance taxonomies as part of their green finance systems as a standard to define green economic activities(see Figure 7 and Appendix 1).Taxonomies and standards provide shared definitions for investors and policy makers,and reduce transaction cost 34 for investors aiming to invest in endorsed assets.Particularly market-driven standards allow for cross-border finance.Taxonomies have been issued by national and supra-national(e.g.,EU)governments,as well as private institutions,such as the Climate Bonds Initiative(CBI),ASEAN Green Bond Standard,ICMA Green Bond Principles.13Climate Sustainability Working Group(CSWG)G20 2022Figure 7:Global green Taxonomies(Source:Climate Bonds Initiative,2022 35)To further allow for cross-border finance,efforts to harmonize green taxonomies are ongoing.Progress has been made through the IPFS under the leadership of the EU and China in 2022 through the Common Ground Taxonomy 36 and as well as through the G20 SFWG.Nevertheless,harmonization continues to be challenging 37 due to different development status of countries,different approaches to green finance in terms of the financial system and definitions of green activities.Apart from providing“green standards”,a new,and promising,approach to shift finance is to define counterproductive economic activities.Amongst others,Indonesia 38,Singapore and China for its overseas investments 39,have issued such“red”taxonomies as part of“traffic light systems”.In these taxonomies,fossil fuel finance,for example,would be labelled red as a signal for investors and policy makers to restrict financing.With challenges on agreeing particularly on transition taxonomies,agreeing on economic activities that need rapid phase-out can be a viable pathway.An important aspect of applying green taxonomies are external reviews.Currently,private sector solutions dominate the green external review market offering different approaches,such as second-party opinions,third-party certifications,ratings for environmental,social and governance performance(ESG rating),assurance,and audit,etc.As concerns have arisen regarding the reliability and comparability of green labels,countries have started to put in place,or have upgraded,regulatory frameworks to guide private external review activities(EU,China).Chinas Green Bond Assessment and Verification Guidelines 40 provide an example how a central bank can support qualification of external institutions assessments and certifications of green bonds.14Climate Sustainability Working Group(CSWG)G20 20223.3.2 Selected risk management,reporting and disclosure standardsVarious G20 members and others have introduced standards to improve non-financial disclosure on the national,market and sector level(see Appendix 3 for an overview)-also referred to as“ESG”disclosure.These standards aim to provide more transparency on environmental impacts and environmental risk exposure to financial and commercial actors and thus provide both incentives for improving environmental performance and reducing environmental risks,as well as transparency for informed financial decision-making.In G20 members,these standards are driven by various entities,such as governments(e.g.,EU Sustainable Finance Disclosure Regulation),markets(e.g.,Shenzhen Stock exchange),member organizations with support from multilateral institutions(e.g.,Global Reporting Initiative),as well as by NGOs in collaboration with market players and governments(e.g.,TNFD,CDP).These standards provide frameworks for different aspects of disclosure(e.g.,climate,biodiversity risks and impacts),and address different types of market players(e.g.,financial institutions,broader economy).As various reporting standards are often in competition or co-opetition and therefore not standardized,an increasingly complex network of reporting standards has become available.This allows companies and financial institutions to choose ambitious or less ambitious standards,and thus increases the risk of greenwashing.National risk management and disclosure frameworks are therefore being developed.For example,the Japanese Financial Services Agency(FSA)in April 2022,released draft Supervisory Guidance on Climate-related Risk Management and Client Engagement.This guidance documents viewpoints of supervisory dialogues regarding financial institutions climate-related risk management and engagement with their clients to support the clients responses to climate-related opportunities and risks.Similarly,the EU provided various frameworks for non-financial disclosure(see Table 1Table 1).15Climate Sustainability Working Group(CSWG)G20 2022Table 1:Non-financial disclosure in the EU(Source:European Union 41)ScopeLarge corporations and all listed companiesFinancial market participantsofferinginvestment products,andfinancialadvisersFinancial market participants;all companies subject to Corporate Sustainability Reporting InitiativeInstrumentCorporate Sustainability Reporting Directive(CSRD)proposalSustainable Finance Disclosure Regulation(SFDR)Taxonomy RegulationDisclosureReport based on formal reporting standards and subject to external auditEntity and product lev-el disclosure on sustain-ability risks and princi-pal adverse impactsTurnover,capital,and operating expenditures in the reporting year from products or activities associated with TaxonomyStatusUnder negotiation,expected to apply from 2023Applies from 10 March 2021Applies from January 2022In May 2021,the Ministry of Economic Development of Russian Federation approved methodological recommendations for adoption climate change that consists of four documents,including recommendations for climate risk assessment.These recommendations are the basis for creating a national climate risk management system in Russia.3.3.3 Ecosystem solutionsEcosystem solutions play an important role for carbon sequestration which could result in carbon credits.China has also underscored the importance of carbon sequestration linked to nature-based solutions 48.The February 2022 UNEA-5 49 resolution marks the first time a multilateral body has adopted by consensus a universal definition of such ecosystem services.The recent State of Nature in the G20 report 50 of UNEP and others underscores the importance of making the financial case for ecosystem services.Greater engagement by private investors is needed to close financing gaps in this domain.Estimates by the 2021 State of Finance for Nature report 7 suggest US$133 billion is invested annually in ecosystem solutions.Of this total,86 percent or US$115 billion is public financing related to conservation,regeneration of forests,peat lands,agriculture,water conservation,and natural pollution control systems.The report estimates that private sector ecosystem solution financing is much lower,at 14 percent of total annual financing or US$18 billion per year with investments dominated by biodiversity offsets,sustainable supply chains,impact investment and private philanthropy investments.The report identifies five priorities to increase financing for ecosystem solutions:Increase Overseas Development Assistance(ODA);Reform agricultural subsidies;Mandate Multilateral Development Banks(MDBs)to increase ecosystem solutions financing;16Climate Sustainability Working Group(CSWG)G20 2022 Link developing country debt relief with ecosystem solutions investments;Support results-based ecosystem solutions public financing linked to green bonds.3.3.4 Carbon pricingPricing the environmental rights including carbon emission is an increasingly relevant tool to incentivize de-carbonization and nature-positive outcomes,and simultaneously to disincentivize emissions and natural exploitation.For detailed analysis relevant to this topic,please also refer to CSWG Study 3.2Emission trading systems(ETS)By 2021,65 carbon pricing schemes were applied in 45 national jurisdictions and 34 subnational jurisdictions,covering about 21.5%of global GHG emissions.As can be seen in Figure 8,The EU emission trading system(EU ETS)(and similarly the UK ETS after separating from the EU ETS)is the most mature with relatively high prices of above EUR100 per ton of CO2e.Figure 8:Carbon prices(USD/ton)in EU,California,and China(Source:ICAP)Voluntary carbon markets(VCM)that allow companies(and individuals)to reach their pledges of carbon neutrality by buying carbon offsets also in lieu of regulated carbon markets.In 2021,VCM for airlines have grown by 900%and corporate carbon offsets by 170B.McKinsey together with the International Institute of Finance estimates 43 that voluntary carbon markets could increase by a factor of 15 or more by 2030 and by a factor of 100 by 2050.Carbon credits could come from four categories:avoided nature loss(including 17Climate Sustainability Working Group(CSWG)G20 2022deforestation);nature-based sequestration,such as reforestation;avoidance or reduction of emissions such as methane from landfills;and technology-based removal of carbon dioxide from the atmosphere Paying for importing carbonPaying for“importing”carbon is another concept to price carbon emissions.In March 2022,the EU Council agreed on the Carbon Border Adjustment Mechanism(CBAM)44.Also other countries,notably the US in July 2021 45 and the UK in September 2021 46 introduced plans or evaluations of carbon border adjustment mechanisms.The ambition is to reduce carbon leakage and price consumption-based rather than production-based carbon emissions.This has been a source of contention from some developing countries with high exports into developed countries over who should be accountable for emissions.At the same time,some developing countries have expressed fears of such mechanisms adding costs to exports 47 and the idea that revenues from pricing carbon could flow back into developing economies in supporting a green transition.International carbon marketsCarbon markets and carbon offsets have been further strengthened by the agreement on Article 6 of the Paris Agreement at COP26 in Glasgow in 2021.Through the introduction of internationally transferable mitigation outcomes(ITMOs)and Article 6,paragraph 4,emission reductions(A6.4ER)with governance to avoid double-counting of carbon reduction credits and providing more flexibility than previous CDTM.However,implementation of Article 6 and international carbon markets rests on complex governance structures,pricing issues and technical capacity challenges 42,not only in developing economies.Furthermore,ensuring additionality of ITMOs continues to be a challenge with risks in under-ambitious NDC(i.e.,overperforming on NDCs and generating ITMOs)and perpetuity(e.g.,afforestation projects).3.4 Climate financing sourcesG20 members have access or have developed various public and private sources of climate finance.These include,for example:-public fiscal spending(e.g.,through subsidies in renewable energy);-green public funds through development banks or national green funds(e.g.,Chi-nas National Green Development Fund 51,or UKs Green Investment Bank);-development finance institutions,such as bilateral or multilateral development banks including their facilities(e.g.,World Banks Climate Support Facility or the Green Climate Fund);-private financial institutions,including o microfinance institutions particularly in developing economies(e.g.,UNEPs microfinance for ecosystem-based adaptation MEBA 26 supported by the German government);18Climate Sustainability Working Group(CSWG)G20 2022o commercial financial institutions issuing green loans and insurances(and micro-insurances as supported e.g.,by the ADB)for environmental insurances.-public capital markets:o green bond markets;o equity markets with a focus on environmental,social and governance performance(such as the EU green capital markets union 18).-private equity,including impact funds.The appropriate source of climate and green finance is contingent on factors,including availability of funds(e.g.,capital markets tend to be more developed in developed countries,while microfinance is applied more widely in developing countries,bank credit is applied across the world in different degrees),risk and return requirements of investors(e.g.,public finance can provide negative return financing,while private equity would expect high returns),and scalability of finance(e.g.,very unique or small projects require specialized sources of finance,while scalable infrastructure finance is more standardized).3.5 Climate finance instrumentsClimate and green finance instruments aim to provide asset classes or tools to finance aligned projects.G20 members have developed and applied numerous instruments tailored to accelerate public and private financing for sustainable activities for different asset classes(see Appendix 2 for a more comprehensive list of climate and green finance instruments).These address individual,public,private and public-private finance(see Table 2).Table 2:Examples of climate and green finance instrumentsIndividual/micro enterprisesCommercial debtCommercial equityPublicPublic-private/development Green credit support Green microfi-nance Green mort-gageGreen credit/green loans Green bonds Sustainabil-ity-linked loans Transition bonds ESG funds Impact finance Green sovereign bonds(e.g.,Germany,China,Indonesia)Sustainabili-ty-linked sover-eign debt(e.g.,Indonesia)Debt-for-nature swaps(USA)Guarantees Subsidies National green funds Blended finance Guarantees Project de-velopment facilities Credit en-hancement facilitiesFurther instruments are tailored at specific environmental goals,for example through“payment for ecosystem services”to scale up financing for ecosystems,or national or subnational“carbon markets”to price carbon or more broadly climate emissions(e.g.,in Germany,South Korea,parts of the US,subnational in Japan etc.).19Climate Sustainability Working Group(CSWG)G20 2022A particular set of financial instruments and strategies that is gaining prominence are related to early retirement of heavy polluting assets,such as coal-fired power plants.Indonesia,as one country,is preparing Energy Transition Mechanism to retire coal power plant and transition it to new and renewable energy.Various private,public and development financial instruments 52 are being explored and have been applied(e.g.,in Germany)to accelerate the retirement of such assets.As part of this,Just Transition Mechanisms have been devised,e.g.,South Africas International Just Energy Transition Partnership 53 with the support of France,Germany,UK,US and EU.Climate finance instruments are ideally matching specific risk-return profiles of projects,investor preferences and market conditions.Accordingly,the relevance of the application of specific climate finance instruments is context dependent(e.g.,green bonds are more applicable in developed capital markets,while microfinance is more relevant to provide finance in informal markets).Particularly in emerging markets,green capital markets are often in need for further development 19 and specific financial market-based instruments are less applicable or need more support(e.g.,through government-led green bond issuance,such as in Indonesia,China).Other instruments are more applicable,such as green micro-finance,bank lending and blended finance,as well as support through guarantees or other green facilities.Also,sovereign lenders(e.g.,government,state-owned enterprises,state-owned financial institutions)can utilize green capital markets(e.g.,through the issuance of green sovereign bonds).Many G20 members have issued green sovereign bonds(or green sukuk)on the national and sub-national level,as well as through SOEs,including France,Germany,Mexico,China,Indonesia.If issued on local capital markets,these green sovereign bonds have strong potential to support local green capital market development 54.The availability of the instruments is dependent on regulatory approvals and support(e.g.,Japan is providing financial support for issuing green bonds,Chinas scaling of green bond and green credit markets is based on strong policy support and application through SOEs).The scalability of the instruments depends on available project pipelines and market conditions.Many of these instruments have been utilized without“green”aspects for decades,and thus need to be tailored to integrate effective climate aspects.Some innovative instruments,particularly on the derivatives markets,such as green asset-backed securities,still require more market discovery for proper pricing.3.6 Climate finance in developing countries Providing finance for infrastructure and capacity development from developed G20 members to developing countries for climate mitigation and adaptation,ideally integrated with nature protection and ecosystem solutions in developing countries,has been an important pillar in the protection and restoration of the global nature and climate.20Climate Sustainability Working Group(CSWG)G20 20223.6.1 Development finance commitmentsDevelopedcountriesatCOP26havereaffirmedtheircommitmenttoprovideUSD100billionperyearinclimatefinanceindevelopingcountries.Global funds have also been supported,such as the Global Environmental Facility(GEF)having provided more than USD139 billion in finance for nature in developing countries,and similarly the Green Climate Fund(GCF)that had provided USD10 billion in finance for climate-related projects.Bilateral engagements from G20 members through development banks,many of which are organized through the International Development Finance Club(IDFC),also committed to improve climate-finance and SDG implementation,e.g.,through its five voluntary principles.By September 2020,over 48 financial institutions,including 23 bilateral,regional,and national development banks,as well as 13 commercial financial institutions were part of the Initiative.3.6.2 Local green capital market developmentGreen capital market development in developing countries has been supported by G20 members,and multilateral financial institutions to catalyze private and public finance for green development.Support has been given for design and capacity building(e.g.,IFCs Sustainable Banking and Finance Network)and through underwriting green bond issuances in developing countries(e.g.,ADBs US$20 million investment in Georgias railway green bond)54.Local green capital markets have also been developed by green bond issuances from state-owned or state-backed companies and financial institutions based on their lower risk profile and larger issuance size,e.g.,in China and Indonesia.3.6.3 Sovereign debt in developing countriesAs COVID-19 continues to interrupt economic activities,induce higher public spending,and decrease tax revenues,sovereign debt issues in certain countries have become more challenging.Sovereign debt risks have further been exacerbated by recent disturbance of supply chain and geopolitical tensions.In 2020 it has noted that the debt burden 55 of low-income countries rose 12 per cent 31 to a record US$860 billion in 2020.The International Monetary Fund(IMF)sounded alarm bells in December 2021,warning that 60 per cent 56 of low-income countries are at high risk or already in debt distress,up from 30 per cent in 2015.Sovereign debt ratings 57 in 2021 and 2022 have fallen particularly in developing countries.The sovereign debt crisis has strained the availability of resources for conservation,while social considerations,such as the provision of jobs and job security,have led to stimulus efforts that potentially result in unsustainable economic growth(e.g.,by focusing on grey infrastructure,brown energy).In response to the sovereign debt issue,several initiatives have been launched since the pandemic:21Climate Sustainability Working Group(CSWG)G20 2022 The G20 Debt Service Suspension Initiative(DSSI)provided US$10.3 billion in debt-service relief to 40 countries.DSSI was available to 73 low-income countries,and was not extended beyond December 2021.The IMF-World Bank“Common Framework,”intended to coordinate debt restructuring among Paris Club and non-Paris club creditors,currently involves only three countries(Chad,Ethiopia,and Zambia).The IMF agreed to release US$650 billion in Special Drawing Rights 58 to help countries during the crisis.In November 2021 at the China-Africa FOCA summit,China pledged US$10 billion 59(of its share of US$40 billion in new SDRs)to help African countries recover from the pandemic.On 18 April 2022,the IMF approved a new,Resilience and Sustainability Trust 60 to help countries manage structural risks linked to climate change and the ongoing pandemic:roughly three-quarters of countries are eligible to apply for support through the new fund,which has initial pledges of US$40 billion.While welcomed,recent initiatives are likely insufficient in the face of sharplyworsening debt sustainability conditions.Among the suggestions is to turn to more comprehensive lessons of the past,notably the Highly Indebted Poor Countries Initiative and HIPC ,or updating a new version of Brady Bonds 61.The Tackling the Triple Crisis Proposal 62 proposes using debt swaps to help debtor countries meet climate,nature,and other goals.Debt-for-nature swaps(DNS)have been discussed as a concept to ameliorate multiple of these problems at the same time:it could reduce debt burdens,particularly in developing countries with high external public debt,and direct funds to conservation or restoration in these countries to create employment.DNS are a financial tool initially developed and applied in the 1980s to deal with this dual problem of nature loss and sovereign debt by exchanging sovereign debt for the conservation or restoration of nature.Accelerating environmental destruction and the accompanying need to mobilize billions to finance nature protection led to a resurgence of calls to apply DNS,including from large creditor regions,such as in September 2021 from the European Commission and the OECD.The US through the Development Finance Corporation(DFC)together with The Nature Conservancy has supported the government of Belize at the end of 2021 in a US$364 million financial transaction 63 that will enable the country to reduce its debt burden and generate an estimated US$180M for marine conservation.China,as the largest bilateral creditor in developing countries 64,is also evaluating the application of various forms of debt restructuring,including debt forgiveness on non-interest-bearing loans,and debt-for-sustainability swaps 65.Similarly,Indonesia agreed with Germany and Global Fund to a US$50 million debt-for-health swap 66 in 2021.Without solving the debt crisis quickly and decisively,sustainable development regarding social,environmental and economic progress will likely regress in many developing countries,particularly in light of accelerating inflation and exchange-rate volatility due to armed conflicts and supply chain issues.22Climate Sustainability Working Group(CSWG)G20 20224.The Way Forward Taken the current climate and green finance gap,and seeing current climate finance ambitions of G20 members,lessons can be drawn,and challenges can be identified.These can be summarized as:4.1 A transformative effortAs the combined effort of G20 members shows,transforming finance requires the comprehensive and rapid development and application of fiscal,monetary,regulatory,and voluntary instruments,tools,and systems.Through incentives and disincentives,these tools aim to reduce finance flows into counterproductive activities and accelerate sustainability-aligned finance by creating commonly accepted standards and reducing transaction costs through interoperability.At the same time,these tools need to ensure a just transition across countries and societies,secure and improve future generations wealth,while minimizing greenwashing risks to avoid erosion of public and investors trust in green transition.Shiftingawayfromfinancingunsustainableactivitiesiskeywithafocusonsectorsandactivities that currently most contribute to climate change and biodiversity loss which is closely related to climate change ambitions.Many of these sectors are overlapping for biodiversity and climate issues,in particular,the energy sector(transport,buildings and industry),agriculture and food systems,cement,chemicals,and waste(see Figure 9).Figure 9:Global Greenhouse Gas Emissions by Sector in 2016(Source:Our World in Data 2020 71)Ministries and regulators responsible for climate and environment have an opportunity to set environmental standards and thresholds,data standards,as well as create architectures of carbon markets and environmental rights markets.Close cooperation with related ministries responsible for public finance and SOEs,banking,financial markets,and economy,in addition to private sector stakeholders,promises the most effective results.23Climate Sustainability Working Group(CSWG)G20 2022As institutional settings vary between G20 members,any systematic approach between top-down and bottom-up approaches will be specific to each country.The overall approach is ideally harmonized among the G20 members to create lower cross-border financing barriers.Scalingofgreenfinancerequiressynergiesbetweentop-downandbottom-upaction:The top-down action sets policy signals and regulatory frameworks,such as disclosure regulations,public finance strategies,environmental standards(e.g.,emission standards),or environmental rights trading markets(e.g.,carbon markets),as well as monetary and fiscal incentives.The bottom-up actions set market-driven voluntary green financing instruments like ESG products,private sustainability markets for green goods,services and commodities,voluntary carbon offset markets to support corporate targets like net zero or nature positive goals.A key objective is to build synergies between these two green finance sources.4.2 Integration of climate factors into finance systemG20 members have embarked on the journey to incorporated climate factors into financing frameworks,strategies and mechanismsBased on the Addis Ababa Action Agenda 67,integrated national finance frameworks(INFFs)are envisaged to“align the full range of financing sources-domestic and international sources of public and private finance-and the policies that govern them for sustainable development.”Successful evaluation has been completed,e.g.,for Indonesia and Mexico.The Sustainable Banking and Finance Network 17 tracks progress of frameworks to promote sustainable finance of many developing countries(including relevant G20 members,such as China,India,Indonesia,Mexico).The UKs 2019 Green Finance Strategy 68 similarly sets out how to harness the strength of the UKs world leading financial sector to catalyze green investment and accelerate delivery of net zero.The Net Zero Strategy 69 outlines measures to transition to a green and sustainable future,including the goal to leverage up to 90 billion of private investment by 2030.The Government of Indonesia works on the Climate Change Fiscal Framework to implement several activities such as green budgeting,a Private Sector Climate Expenditure,and Institutional Review.Indonesia has developed a more advanced green finance framework than most its peers,being evaluated at the second highest stage in the SBFN 2022 evaluation 70:“its national framework extends beyond the banking sector and promotes ESG integration across the financial sector ecosystem.In addition to ongoing activities to raise awareness and build capacity,implementation tools and initiatives are in place”.Indonesia has also used public finance to develop green capital markets(e.g.,issuance of third green sovereign sukuk worth US$750 million in 2020,and the state-owned Bank Mandiri issued its first US$300 million bond in 2021).24Climate Sustainability Working Group(CSWG)G20 2022The EUs efforts are pooled in the EUs Strategy for Financing the Transition to a Sustainable Economy 41 that includes the 2021-2027 Multiannual Financial Framework(MFF)and Next-Generation-EU(NGEU).Through this,the EU aims to mobilize private finance through up to EUR 605 billion on public finance for projects addressing the climate crisis and EUR 100 billion in projects supporting biodiversity.Of the EUR 750 billion allocated for NextGeneration-EU,30%will be raised through issuance of NGEU green bonds,which will further develop green capital markets in the EU.Furthermore,through its Just Transition Mechanism,the EU aims to“ensure that the transition towards a climate-neutral economy happens in a fair way,leaving no one behind.It provides targeted support to help mobilize around 55 billion over the period 2021-2027 in the most affected regions,to alleviate the socio-economic impact of the transition”.Ideally climate factors can be further organized in comprehensive and reinforcing green financial frameworks based on the relevant governance system,laws and regulations,sources of finance and relevant financial instruments.4.3 Technologies for climate and green financeTo advance climate finance,a key bottleneck is informational asymmetry and transaction cost of data disclosure of environmental and climate risk.G20 members can take advantage of emerging technologies through the integration of big data,sensing technologies,enhanced(artificial)intelligence technologies,mobile platforms,blockchain technologies.These“digital finance“technologies make large amounts of data available more quickly at lower costs,increasing transparency and access to information related to sustainable investments.They also have the potential to promote greater inclusion and innovation,increase opportunities for citizen participation in the financial value chain and unlock new sustainable business models.Many G20 members have established industry and government competence to utilize technologies to advance the provision and efficiency of financial services not least through central bank digital currencies(CBDC)(e.g.,Brazil,Japan,and others).Tech Sprint organized by the Bank for International Settlement(BIS)and G20 in 2021 focused on green and sustainable finance focused on three topics:(1)data collection,verification and sharing;(2)analysis and assessment of transition and physical climate-related risks,and(3)better connecting projects and investors.Overall,digitalization or technologies have specific advantages for climate and sustainable finance to improve informed decision-making for regulators,investors and consumers based on improved data availability,transparency,comparability,as well as better data analyses,e.g.,for climate scenario analyses,understanding of interdependencies(e.g.,of nature-climate nexus risks):Collection of non-financial environmental data through smart technologies,sensing and autonomous vehicles(e.g.,drones),e.g.,for climate-related emissions at the source,pollution at the source,land-use change;25Climate Sustainability Working Group(CSWG)G20 2022 Improvement of transparency and consistency through provision of data and infor-mation via openly accessible platforms,including through mobile platforms;Improvement of comparability of data through utilizing algorithms to interpret data through artificial intelligence,e.g.,in the highly fragmented ESG data space or for multiple frameworks for environmental disclosure and risk management frame-works;Improvements in intelligence through better scenario analyses and stress testing,as well as risk analyses of interdependencies(e.g.,nature)through higher data availability and improved computing power.Furthermore,technologies can help mobilizing finance for green projects through reduction of transaction cost and information cost for investors.For example,the BIS Innovation Hub together with Hong Kong Monetary Authority(HKMA)established the Project Genesis in 2021 that allows any investor to invest any amount into safe government green bonds via an app.Over the bonds lifetime,the investor can see accrued interest,track in real time how reduction in CO2 emissions linked to the investment are made.Further,the investor can sell the bonds in a transparent market.26Climate Sustainability Working Group(CSWG)G20 20225.Actions to be taken:Stop counterproductive,mobilize greenpublicandprivatefinancethroughsmart,coherent,and tailored policy toolsBased on the identified developments of climate and green finance in G20 members,the identified gaps and the need for improvements,specific actions that G20 leaders in regulatory bodies responsible for climate change and biodiversity loss can consider have been identified.ClimatefinanceactionsconsideredbyG20membersarebasedonfivedimensions:1:With limited resources and time available,G20 members focus efforts on shifting finance away from those economic activities with the highest negative impact.2:Public finance through fiscal spending,tax policy,state-owned-enterprises(SOEs)and state-owned financial institutions leads the race to the top in collaboration with the private sector finance.3:Climate finance is fully integrated with biodiversity aspects to maximize effects of the green and sustainable transition for mitigataion and adaptation/resilience.4:G20 encourages jurisdictions to develop their own green finance approaches based on the 6 principles noted by the SFWGa.SWFG Principle 1:Ensure material positive contributions to sustainability goals and focus on outcomes;b.SWFG Principle 2:Avoid negative contribution to other sustainability goals(e.g.,through do no significant harm to any sustainability goal requirements);c.SWFG Principle 3:Be dynamic in adjustments reflecting changes in policies,technologies,and state of the transition;d.SWFG Principle 4:Reflect good governance and transparency;e.SWFG Principle 5:Be science-based for environmental goals and science-or evidence-based for other sustainability issues;andf.SWFG Principle 6:Address transition considerations.5:Climate finance enables a just transition for countries in different development stages,for different sectors and ensure a better life for future generations rooted in the SDGsSpecific actions that G20 members can consider can be distinguished in(1)harmonized standards for public and private finance,(2)private sector mobilization,and(3)just and development finance.5.1.1 Improving standardization to shift from unsustainable to greenImproving interoperability of various green and sustainable finance standards forprivateandpublicfinance to reduce transaction cost,to ensure positive impact,to reduce greenwashing,to build trust and to shift from dirty to green finance can be developed.While development of green taxonomies with a focus on mitigation has been increasingly successful and efforts to improve interoperability of green taxonomies are ongoing,27Climate Sustainability Working Group(CSWG)G20 2022definitions of counterproductive and hard-to-abate economic activities through a“traffic light classification system”are paramount.This has the potential to increase economic costs for environmentally harmful activities and shift money to non-harmful and green activities.The classification system of those economic activities should focus on e.g.,fossil fuel energies,transport-related infrastructure and services,agriculture and food systems,and resource extraction.To reduce greenwashing,environmental regulators can support in providing and enforcing legal standards on environmental thresholds and performance indicators(i.e.,technical screening criteria).These thresholds should describe what are maximum emissions and nature-negative outputs allowable(e.g.,what are emission thresholds or biodiversity loss thresholds for specific activities)and provide performance indicators(e.g.,what is considered a“positive biodiversity contribution”in different ecosystems and sectors).These thresholds are relevant for the inclusion/exclusion of economic activities in green finance taxonomies,as well as reporting.Similarly,as a basis for evaluating environmental performance,standards development for measuring,verifying,and reporting(MRV)comparable and standardized data on environmental performance that includes vulnerable groups can be accelerated.This should utilize digital technologies available that should provide better access to all stakeholders including regulators,market participants and consumers.Technologies should advance climate and environment data management,to allow financial markets/entities to capture risk and opportunities of climate friendly investment/business/finance.The data quality should be ensured and enforced through standards supported or issued by competent environmental regulators.The competent environmental regulator can also provide regularly updated baseline environmental data on a granular level as well as performance summaries in relation to climate,biodiversity,pollution,and adaptation.The foundation for global markets and relevant instruments to accelerate carbon-positiveandnature-negativeinvestmentsprovidesbroaderbenefitsifitisimproved.This includes a consensus for global and cross-border carbon pricing and carbon leakage avoidance,where the parts of the proceeds can be utilized to support climate mitigation/adaptation/just transition in least developed countries including capacity building and technical assistance.Furthermore,tools for further natural rights trading can be implemented to increase the use of ecosystem-based solutions as carbon offsets within Paris Agreement Article 6 consensus reached at Glasgow 42 and to build resilience.Data that is made publicly and easily available has a greater potential to improve transparency and trust in green finance e.g.,through a shared data repository,to evaluate relevant incentives and disincentives for aligning flows with sustainable development and climate targets and to facilitate smart climate financing decision making for example,for restructuring debts in developing countries,better standardize labelling of activities(e.g.,green,and red taxonomy).28Climate Sustainability Working Group(CSWG)G20 20225.1.2 Private sector mobilizationThese“traffic light system”standards can be applied for publicfinancethatincludes,e.g.,fiscalspending,subsidies,taxpolicy,state-ownedenterprises(SOEs)andstate-ownedfinancial institutions.Public financial and project engagement in non-SDG aligned or projects doing harm to an SDG can be ended by 2025 while state-owned financial institutions phase-out and divest from harmful projects by 2040.Exceptions can be provided to invest in harmful projects if they accelerate green development goals,such as when investing in a fund for early retiring coal-fired power plants.Availability of green public finance can be increased through issuance of sovereign or SOE green financial instruments(e.g.,green bonds,green sukuk).With more green public finance,through sovereign or SOE green financial instruments(e.g.,green bonds,green sukuk)green private sector spillovers and a mobilization of green private sector finance and businesses can be envisaged.By supporting governments,SOEs and SOFIs to utilize green financial instruments(e.g.,green bonds),local green capital market development with immediate benefits for private sector development can be achieved.The global infrastructure development facilities(e.g.,Global Infrastructure Facility(GIF),Global Environment Facility(GEF)and other applicable finance instruments(e.g.,non-sovereign guarantees,blended finance,PPP)can be used for more efficient crowding in of commercial development finance and private finance in high-risk assets if accelerated,e.g.,through capacity building for application and implementation of these financing mechanisms.As private sector finance requires clear policy directions to understand regulatory risk(rather than uncertain future announcements),clear,ambitious green regulatory and policy targets paired with public finance measures will mobilize private sector finance to support phase-out of dirty assets and deployment of climate-friendly investments.5.1.3 Just and development financeEnsure a globally just transition through responsibilities to ensure a just transition and reduce COVID-19 related impacts particularly in developing countries.This should include the fulfillment and ideally increase of the US$100 billion climate finance from developed to developing countries.Furthermore,G20 members can work together to reduce debt-burdens of highly indebted countries that include the evaluation of multilateral and bilateral debt-for-nature and/or debt-for-climate swaps to increase both development finance and fiscal space in highly indebted countries.The development cooperation can also support financial and technical capacity particularly for energy transition(e.g.,grid,energy storage)and adaptation finance possibly through multilateral agencies that would reduce risks of strategic national competition in development support.29Climate Sustainability Working Group(CSWG)G20 2022To further finance the green transition in G20 members and beyond,the use of global infrastructure development facilities(e.g.,GIF,MCDF)and other applicable financeinstrumentsthatprovideformoreefficientcrowdinginofcommercialdevelopmentfinancecanbeaccelerated.Also,the local(green)capital market development can be further supported.30Climate Sustainability Working Group(CSWG)G20 20226.Appendix6.1 Appendix 1:Overview of relevant taxonomiesEU taxonomy for sustainable activitiesThe EUtaxonomy is a classification system,establishing a list of environmentally sustainable economic activities.The EUtaxonomy would provide companies,investors,and policymakers with appropriate definitions for which economic activities can be considered environmentally sustainable.China Green Bond Endorsed Projects Catalogue The 2021 Edition Catalogue divides green projects into six major areas:Energy-saving and Environmental Protection Industry,Clean Production Industry,Clean Energy Industry,Eco-environment Industry,Green Upgrading of Infrastructure,and Green Services.China“Traffic Light System”for Overseas investmentsIn 2020,Chinas Belt and Road Initiative International Green Development Coalition(BRIGC)backed by multiple ministries issued the Green Development Guidance for BRI projects with a“Traffic Light System”.Projects are classified in“green”(environmentally beneficial without any significant harm to biodiversity,pollution and/or climate),“yellow”(environmentally neutral),and“red”(significant potential harm to any environmental dimension of pollution,biodiversity,or climate).Indonesias Green Taxonomy 38In January 2022,Indonesias Financial Services Authority(OJK)completed the first edition of Indonesias green taxonomy.The Green Taxonomy classifies sustainable financing and investment activities into three categories,namely:green(do no significant harm,apply minimum safeguard,provide positive Impact to the environment,and align with the environmental objective of the taxonomy,yellow(do no significant harm),and red(harmful activities).The“EU-China Common Ground Taxonomy Climate Change Mitigation(CGT)”.CGT put forward commonalities from the EU and Chinas taxonomiesandprovide generic methodologies for benchmarking taxonomies.As emphasized by the working group,the CGT has no legal implications and does not intend to be formally or legally endorsed by any jurisdictions.It is rathera source of inspirations and provides analytical toolkitsfor other jurisdictions when developing their own taxonomies.31Climate Sustainability Working Group(CSWG)G20 2022ASEAN TaxonomyThe new taxonomy follows previous ASEAN sustainable finance initiatives,such as the ASEAN Green,Social and Sustainability Bond Standards,and the ASEAN Sustainable Banking Principles.The ASEAN Taxonomy is a sustainable finance taxonomy with an initial focus on environmental objectives.It consists of two parts.The base is a Foundation Framework(FF)resting on four environmental objectives and two essential criteria to guide AMS in classifying economic activities in 3 tiers(green-amber-red).Singapore“Traffic Light System”73(not a G20 country,but with significance for financial markets in ASEAN and beyond)The Green Finance Industry Taskforce(GFIT),convened by the Monetary Authority of Singapore(MAS),issued a proposed taxonomy for Singapore-based financial institutions to identify activities that can be considered green or transitioning towards green.A“traffic-light”system was developed,which sets out how activities can be classified as green,yellow(transition),or red according to their level of alignment with environmental objectives.Japan Transition Finance TaxonomyThe Basic Guidelines on Climate Transition Finance(Guidelines)is one measure supporting this development strategy through strengthening the position of climate transition finance in Japan,especially in hard-to-abate sectors.In addition to its main objective,the Guidelines aims to introduce more funding contributing to achieving the 2050 carbon-neutral goals of Japan and align with the Paris Agreement.Russian Green Finance TaxonomyThe Russian Green Finance taxonomy covers both green and transition activities.It is compatible with recognized international taxonomies and reflects criteria for sustainable projects.Green taxonomy section covers activities in such areas as waste management,energy sector(including the whole spectrum of low-carbon energy solutions:solar,wind,geothermal power,biofuels,hydropower,nuclear and hydrogen),circular economy projects,CCUS,energy efficiency in buildings,industrial processes(steel,aluminum,cement,etc.),transportation fuels,vehicles and infrastructure,green mobility,land use and agriculture.Transitional taxonomy introduces criteria that encourage GHG emissions reduction in hard-to-abate sectors,namely,fossil fuel and natural resources exploitation and use32Climate Sustainability Working Group(CSWG)G20 20226.2 Appendix 2:Overview of Sustainable financial instrumentsCategoryNameAim/ScopeStatus and scaleExamples in G20Climatefinancepolicies and regu-lations as a basis forclimatefinanceinstrumentsGreen monetary policyCentral banks and other banking authorities are increasingly using their tools to provide the right price signals and incentives to align finance flows with climate goals 74.G20 central banks generally failing 75European Central Bank 75 etc.Green financial and real-economy policies-Stress testing to improve financial institutions resilience-Mandated disclosure of climate risks-Legal requirements for real economy(e.g.the energy,transport,agriculture,or water sectors)Very few G20 members implemented these instru-mentsPeoples Bank of China 76 for stress testing;NDC priority sec-tors;Climate-related financial disclosuresStrategies,voluntary disclosures,standards or frameworks,roadmaps,guidance documents,etc.(nonbinding)Very few G20 members implemented these instru-mentsTCFDCarbon pricing scheme(e.g.,carbon tax,carbon market)Put a price on carbon emissions so that the costs of climate impacts and the opportunities for low-carbon energy options are better reflected.-Almost half of all CO2 emissions 77 from energy use in G20 economies are priced as of 2021-Carbon prices have increased across G20 economiesKorea,Canada,Germany,China etc.33Climate Sustainability Working Group(CSWG)G20 2022CategoryNameAim/ScopeStatus and scaleExamples in G20Risk managementEnergy savings insur-ance(ESI)Address investment barriers to energy efficiency upgrades at small and medium enterprises(SMEs).-Secondary replica-tion in Europe led by GCF and IDB-Finance mobilized reached USD 250 million in 2018 78Mexico,Brazil,Ita-ly,India,TurkeyLong-Term Foreign Exchange Risk Man-agement instrumentAddress currency and interest rate risk for renewable energy finance and cli-mate investment in developingeconomies.-Implemented by TCX(established by a group of multilateral development banks in 2015)-30mn EUR 78 invest-ment from BMU IN 2015-30mn EUR from BMU in 2018-31mn EUR from UK DFID in 2019Germany,UKFinancing mechanisms and instrumentsGreen concessional financing(e.g.,loans)Provide early-stage project develop-ment,construction financing,and refi-nancing to wind,solar,and run-of-river hydro projects in low income,lower-mid-dle-income,and upper-middle income countries-Usually provided by MDBs and DFIs used for climate mitiga-tion purposes-Almost all MDBs and DFIs have a climate portfolio with some concessional loan G2034Climate Sustainability Working Group(CSWG)G20 2022CategoryNameAim/ScopeStatus and scaleExamples in G20Financing mechanisms and instrumentsNational climate fundsCollect,blend,and manage all incoming revenues streams(both international and national)related to climate change into centralized and nationally owned fund to allocate resources to green projects-US$1.4 billion Am-azon Fund(Brazil)with contributors from Germany,Nor-way,Malaysia-Green Climate Fund South Africa For an overview see the BU nation-al climate fund trackerInternational climate fundsOften funded through international gov-ernments and/or development finance institutions,these funds pool money to provide low-cost,long-term financing to lower the risk and cost of climate financ-ing applying different financing instru-ments(e.g.,grant,concessional debt,guarantees,equity instruments,blended finance)-US$10.3 billion Climate Investment Funds(CIF)estab-lished in 2008-US$10.3 billion,Green Climate Fund(GCF)Green non-concession-al loansProvide green credit for aligned projects through commercial financial institutions at market rates(e.g.,while the financial institution might be able to provide lower financing rates due to re-financing options)-Chinas green credit market reached about US$2.6 trillion in 2021ChinaGreen/transition bondsSupport specific climate-related or en-vironmental projects(or projects transi-tioning from brown to green)on conces-sional terms-One of the earliest and largest type of climate finance instruments;-volumes included in the Climate Bonds Green Bond Data-base in 1H 2021 period reached USD227.8bn EU,China,USA,etc.35Climate Sustainability Working Group(CSWG)G20 2022CategoryNameAim/ScopeStatus and scaleExamples in G20Financing mechanisms and instrumentsInsurance instruments(e.g.,insurance-linked securities,contingent credit,and loans)Cover risks from weather-related disas-ters in a combination of risk prevention and risk transfer mechanism-Swiss Re,The Nature Conservancy and re-gional governments in Mexico in“un-derwriting nature”initiative to protect the Mesoamerican coral reel 79MexicoMultilateral/bilateral/national grantsGrants can be offered by policy and private institutions to accelerate invest-ments,e.g.,through blended finance,that allows to crowd in private capital even in non-revenue or negative yield projects,including capacity building or technical plans-Multilateral devel-opment banks(ADB,World Bank)provide grants for capacity building-KfW provides grants for energy efficient renovation of private houses-Large foundations(e.g.,Gates Founda-tion,CIFF)provide grants for capacity building on climate changeG2036Climate Sustainability Working Group(CSWG)G20 2022CategoryNameAim/ScopeStatus and scaleExamples in G20Financing mechanisms and instrumentsFinancing facilitiesLending facility intended to increase cli-mate-related investments by addressing market constraints and using blended finance to crowd-in private investments,for example in infrastructure,but also provides capacity building and knowl-edge sharing-Green Climate Facili-ty by IDB)-Climate Finance Facility South Africa by DBSA-Global Environmen-tal Facility estab-lished in 1992-Global Infrastructure Facility(GIF)estab-lished by G20 with total investments of US$76 billion-MCDF established in 2021 by China and othersGuaranteesGuarantees help mitigate risks from investments to lower the threshold for private investors to invest;guarantees can cover the entire investment or parts thereof;-Performance or credit guarantees to cover the risk of a contracted power off-taker in renew-able energies;-IDB provides guaran-tees for the geother-mal development in Chile and Mexico 8037Climate Sustainability Working Group(CSWG)G20 2022CategoryNameAim/ScopeStatus and scaleExamples in G20Financing mechanisms and instrumentsClimate finance auc-tionsAn alternative to traditional public cli-mate finance,used to set a price floor for emission reductions which give auction winners the option of selling emission reductions to a public funder at a fixed price or to the market.-Relatively new in-strument but with a proven track record 81.World Banks Pilot Auction Facility for Methane and Climate Change Mitigation(PAF);UK Contracts for Difference(CfD)programmeCoal exit financing mechanismsDevelop tools and incentives to retire coal-fired power plants ahead of sched-ule-Energy Transition Mechanism(ETM)by ADB launched in 2021-Accelerating Coal Transition(ACT)US$2.5 billion fund launched by CIF in Nov 2021-Reverse auctions in Germany Sustainability Linked loans Incentivize borrowers(not restricted to projects)to improve their overall sustain-ability performance-exponential increase in size and activity in recent years-$40 billion 82 of announced sustain-ability linked loan globally in the first six weeks into 2022Especially USDebt-for-climate/na-ture swapsdebt swap in which the debtor nation refinances and makes payments in local currency to finance climate/nature pro-tection projects Relatively small at hundreds of million-level per transac-tionParis Club mem-bers38Climate Sustainability Working Group(CSWG)G20 20226.3 Appendix 3:Selected reporting standardsCategoryNameApply toContentStatus GovernmentEU Sustainable Finance Disclosure Regulation(SFDR)All financial market partici-pants(“FMPs”)and financial advisors(“Fas”)in the EU,FMPs with EU shareholders,and those marketing in the EUIt imposes comprehensive sus-tainability disclosure require-ments covering a broad range of ESG metrics at both entity-and product-level.Applicable in March 2021;Level 2,which starts in 2023,will require compa-nies to justify their activ-itiesRecommendations to public joint stock compa-nies on the disclosure on non-financial activitiesPublic joint stock compa-nies in Russia It encourages public companies to disclose information about how they consider ESG factors and how they implement these factors into their business model and development strategy.Launched in July 2021,no recent update Administration Measures of Law-based Disclosure of Environmental Informa-tion by EnterprisesCertain high-polluting en-terprises in ChinaIt requires in-scope enterprises to disclose environment and pollu-tion related information in annual reports.Applicable in Feb 20221.the Companies(Strate-gic Report)(Climate-relat-ed Financial Disclosure)Regulations 2022 2.the Limited Liability Partnerships(Climate-re-lated Financial Disclosure)Regulations 2022All UK registered compa-nies and Limited Liability Partnerships(LLPs)with over 500 employees having annual revenue of more than 500 million.These revised regulations re-quire organizations to disclose climate-related financial informa-tion and ensure they consider the risks and opportunities they face because of climate change.Regulations passed in January of 2022 with an effective date of 6 April,202239Climate Sustainability Working Group(CSWG)G20 2022CategoryNameApply toContentStatus The US Securities and Ex-change Commission(SEC)Interpretive Guidance Re-garding Disclosure Relat-ed to Climate Change US public companiesIt provides guidance to public companies regarding theCommissions existing disclosure requirements as they apply to climate change matters.First published in 2010;SEC has proposed rules to enhance and standardize climate-Related disclo-sures in 2022Disclosure Guidelines for the Financial SectorFinancial sector in ChinaIt puts forward requirements on details to be disclosed by Chinese financial institutions on environ-mental information,and provides guidance for different financial sub-sectors such as commercial banks,asset management,insur-ance.Launched by Peoples Bank of China in Aug 2021MarketNASDAQ ESG Reporting Guide 2.0All Nasdaq marketsIt is a voluntary initiative and aims to help both private and public companies navigate the evolving standards on ESG data disclosure.Published in 2019 as an up-dated version of the 2017 guide,incorporating new developments(such as TCFD,SDGs,GRI Standards,EU NFR Directive)New York Stock Exchange ESG Guidance and Best Practices NYSE listed companiesIt highlighting key elements of good quality reporting and provides guidance on voluntary sustainability reporting.Provides resources for companies to report in line with frameworks like GRI,SASB,TCFD40Climate Sustainability Working Group(CSWG)G20 2022CategoryNameApply toContentStatus Euronext ESG Reporting Guide:Target 1.5CEuronext issuers and pri-vate companiesIt provides guidance for compa-nies to identify and prioritize ESG opportunities and risks;report efficiently;navigate,comply with and stay ahead of regulations and differentiate themselves in terms of their ESG approach.New edition announced in May 2022Johannesburg Stock Ex-change(JSE)1.Sustainabil-ity Disclosure Guidance 2.Climate Change Disclo-sure Guidance Serve as a guidance tool that may be used by JSE issuers on a voluntary basisIt is aligned with global expec-tations and best practice,and specifically tailored to the South African business context,serving as an umbrella fortopic-related guidance as needed.Draft open for public com-ment from 9 December 2021 28 February 2022Singapore Exchange(SGX)sustainability reporting guide(not a G20 country,but with significance for financial markets in ASE-AN and beyond)SGX listed companiesSGX-ST requires each issuer to publish an annual sustainability report,describing the primary components on a comply or explain basis,and in relation to the primary component in Listing Rules.Effect from 1 January 2022,issuers are required to describe their sustain-ability practices on a“com-ply or explain”basis with reference to climate-relat-ed disclosures consistent with the TCFD recommen-dations.41Climate Sustainability Working Group(CSWG)G20 2022CategoryNameApply toContentStatus Shanghai Stock Exchange&Shenzhen Stock Ex-change GuidelinesListed companiesThese guidelines encourage listed companies to disclose informa-tion related to social responsi-bility and environmental impact,among others.Launched in Jan 2022 by both two exchangesSector-ledTask Force on Climate-re-lated Financial Disclosure(TCFD)All organizations,especially organizations with public debtor equityA voluntary set of guidelines aimed at assessing a companys exposure to climate change risk.It provides both general and sec-tor-specific guidanceto assist organizations with imple-menting the TCFD recommenda-tions.As of Sep 2021,12 gov-ernments and dozens of centralbanks,supervisors,and regulators have formally expressed support for the TCFD recommendations,and more than 2,600 orga-nizations have now en-dorsed them,an increase of over 70%since last year.42Climate Sustainability Working Group(CSWG)G20 2022CategoryNameApply toContentStatus Taskforce on Nature-re-lated Financial Disclosures(TNFD)The TNFD framework is intended for use globally by corporates and financial institutions of all sizes.A risk management and disclo-sure framework for organizations to report and act on evolving na-ture-related risks,which aims to support a shift in global financial flows away from nature-negative outcomes and toward nature-pos-itive outcomes.In March 2022,TNFD released the first beta ver-sion of the framework for a 18-month market consul-tation.A further three iter-ations of the beta versions are planned June 2022(v0.2),October 2022(v0.3)and February 2023(v0.4)before the release of the final version v1.0 of the framework in Q3 2023.Carbon Disclosure Project(CDP)Global companies or citiesTheCDP(formerly theCarbon Disclosure Project)is an inter-national non-profit organization that aims to makeenvironmental reportingandrisk managementa business norm,driving disclosure,insight,and action towards asustainable economy.Since 2002 over 8,400 companies have publicly disclosed environmental information through CDP.The Sustainability Ac-counting Standards Board(SASB)Global reporting companies and investorsSASB Standards guide the disclo-sure of financially material sus-tainability information by compa-nies to their investors.Available for 77 industries,the Standards identify the subset of ESG issues most relevant to financial perfor-mance in each industry.The number of unique SASB Reporters since 2020 is 1858,with the number of 2022 YTD being 736.The total number of member organizations in SASB Alliance reached 281,representing 28 countries.43Climate Sustainability Working Group(CSWG)G20 2022CategoryNameApply toContentStatus Global Reporting Initiative(GRI)Global companiesGRI is the independent,interna-tional organization that provides GRI standards for sustainability reporting.The GRI Standards include three series of Standards to be used together:Universal Standards,Sector Standards,and Topic StandardsAround three-quarters(73%)of the worlds largest 250 companies and two-thirds(67%)of the N100(5,200 companies comprising the largest 100 firms in 52 countries)now use GRI.IRIS Impact investors in partic-ularIRIS is managed by the Global Impact Investing Network(GIIN)and is the generally accepted system for measuring,managing,and optimizing impact.Over 27,000 users have registered to use IRIS materials.44Climate Sustainability Working Group(CSWG)G20 20226.4 Appendix 4:Selected sustainable finance initiatives and standard settersLead Organization/NameContentType of organiza-tionCoalition of Finance Minis-ters for Climate ActionTheCoalitionwill help countries mobilize and align the finance needed to implement their na-tional climate action plans;establish best practices such as climate budgeting and strategies for green investment and procurement;and factor climate risks and vulnerabilities into members economic planning.Govern-mentDevelopment Assistance Committee,OECD(OECD DAC)DAC Principles for Evaluation of Development Assistance.The OECD DAC measures and monitors bilateral development finance targeting climate change objectives using two Rio markers:climate change mitigation and climate change adaptation.Govern-ment/mul-tilateralFinance toAccelerate theSustainableTransition-In-frastructure initiative(FAST INFRA SI)The FAST-Infra initiative launched theSustainable Infrastructure(SI)Label a consistent,glob-ally applicable labelling system designed to identify and evaluate sustainable infrastructure assets.The label aims to facilitate due diligence processes and structuring of investments for sustain-able infrastructure assets,thereby reducing transaction costs.Associa-tionInternational Sustainability Standards Board(ISSB)Established in November 2021 by the International Finance Reporting Standards Foundation(IFRS),the ISSB aims to deliver a comprehensive global baseline of sustainability-related disclo-sure standards that provide investors and other capital market participants with information about companies sustainability-related risks and opportunities to help them make informed decisions.Associa-tionNetwork of Central Banks and Supervisors for Greening the Financial System(NGFS)The Networks purpose is to help strengthening the global response required to meet the goals of the Paris agreement and to enhance the role of the financial system to manage risks and to mobilize capital for green and low-carbon investments in the broader context of environmental-ly sustainable development.To this end,the Network defines and promotes best practices to be implemented within and outside of the Membership of the NGFS and conducts or commissions analytical work on green finance.Govern-ment/reg-ulator45Climate Sustainability Working Group(CSWG)G20 2022Principles of Responsible Investment(PRI)The PRI is the worlds leading proponent of responsible investment.It works:-to understand the investment implications of environmental,social and governance(ESG)factors;-to support its international network of investor signatories in incorporat

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    Building Agility With a Contingent Workforce Workforce Insights ReportMarch 2022ContentsExecutive Summary 3Who We Surveyed 51 How Do Companies Fill Gaps in Their Workforce?62 Current Contingent Workforce Landscape 73 Future Contingent Workforce Landscape 74 Why Companies Hire a Contingent Workforce 85 How Companies Source and Deploy a Contingent Workforce 96 Rewarding a Contingent Workforce 107 Contingent Workforce Skills in Demand 11Appendix 12The effects of the Covid-19 pandemic and major technological forces are reshaping business models and the nature of work across Asia Pacific.The speed of these changes,alongside economic uncertainty as supply and demand fluctuates,has encouraged companies of all sizes to rethink their traditional workforce strategies and embrace fresh hiring approaches to stay competitive.A Contingent Workforce is already a critical part of workforce strategies in Asia Pacific with over 50%of all companies across the region surveyed saying they turn to it when experiencing a headcount shortage.The trend for companies adopting a Contingent Workforce as part of their future workforce strategy is accelerating.About 25%of companies across Asia Pacific who are already using a Contingent Workforce will increase their usage over the next two years.Almost half of all companies surveyed are currently utilising a Contingent Workforce for up to 10%of their workforce,and are also planning to continue to expand their Contingent Workforce to 15%and above in the next two years.48%of the respondents engage recruitment agencies for their headcount needs and strategies,especially within the IT/Hi-Tech,Healthcare,Banking/Insurance,Government Agencies,Manufacturing,and Professional Services sectors.There is also a trend for roles with high attrition rates,such as blue-collar workers and call centre staff,to be outsourced to agencies that know the industry and talent Executive SummaryKey findings:Definition of Contingent WorkforceA Contingent Workforce means workers within an organisation who are EITHER or ALL of the following types:Short/Fixed Term Contractual Employment Freelancer/Independent Contractors Outsourcing to Agencies2022 APAC WORKFORCE INSIGHTS|3pool landscape better.Recruitment agencies bring speed and efficiency to the talent acquisition process and free up companies Human Resources and other internal teams to focus on their core competencies.The Contingent Workforce forms a core part of the fast-growing Gig Economy that continues to reshape the world of work.Many contingent workers are now highly skilled in specialised areas,where they are increasingly seen by businesses as part of the mainstream workforce,and not secondary to full-timers.The talent crunch has prompted a changing mindset across the business landscape.Our survey reports that Asia Pacific companies are most likely to offer the same or better rewards to attract the right talent for long-term assignments.In summary,our findings clearly show that the Contingent Workforce will play an even more critical role for businesses in the way forward.To succeed in this fast-evolving landscape,companies need to be ready to adapt quickly and have a robust Contingent Workforce strategy in place.Asia Pacific markets that are high adopters of Contingent Workforce solutions to solve their headcount shortagesThe 4 primary reasons for adopting a Contingent Workforce in Asia Pacific:Offers flexibility to workforce planningFills roles without disrupting operationsBrings in specific skills on short-term/project basis,(from a few months to 1-2 years)Allows time for evaluation prior to hiring permanentlyIndonesia(67%)Hong Kong(66%)Singapore(60%)Malaysia(64%)2022 APAC WORKFORCE INSIGHTS|4Who We SurveyedIndustry respondents:Automotive Banking,Investment and Insurance FMCG and FMCD Government and Statutory Agency Healthcare,Life Science and Pharmaceutical IT and Technology Logistics and Supply Chain Manufacturing and Engineering Professional Services,Consultancy and BPO Others(ie:Construction,Education,Retail and Trading)We surveyed a cross-section of industries in 12 markets in Asia Pacific.CHINAVIETNAMTAIWANSINGAPORENEW ZEALANDINDONESIAAUSTRALIAMALAYSIATHAILANDINDIAHONG KONGSOUTH KOREA2022 APAC WORKFORCE INSIGHTS|51 How Do Companies Fill Gaps in Their Workforce?When experiencing a headcount shortage,most companies across Asia Pacific(58%)look to hire Contingent Workforce employees to help with workloads.The highest adoption of a Contingent Workforce is reported by companies in Indonesia(67%),Hong Kong(66%),Malaysia(64%)and Singapore(60%).The second most popular strategy to fill gaps in workforce is Training and Upskilling.With 54%of companies responding that this was an option they use to help widen their workforces scope or strengthen skills to cope with evolving demands.China(67%)and Vietnam(61%)where Manufacturing is the dominant industry among the companies surveyed are the most likely markets to adopt this strategy.Respondents are less reliant on government agencies or educational institutions for their workforce needs,with only 28%of respondents stating that they may opt for these options.54%of companies use Training and Upskilling to broaden their workforces scope of knowledge and skills58%of companies in Asia Pacific look to hire Contingent Workforce employees to help with headcount shortages2022 APAC WORKFORCE INSIGHTS|6The trend for companies adopting a Contingent Workforce as part of their future workforce strategy is accelerating.The trend is similar across most sectors,particularly FMCG,Logistics/Supply Chain,Government Agencies,Manufacturing and Healthcare.3Future Contingent Workforce Landscape2 Current Contingent Workforce LandscapeOur survey asked companies across Asia Pacific to tell us what proportion of their workforce have been contingent workers over the last 12 months.The results show that a Contingent Workforce is a crucial element of organisations workforce strategies.Nearly half of employers reported they had hired a Contingent Workforce for up to 10%of their staffing needs in the last year.However,China shows the weakest adoption among all the markets,with the vast majority(74%)of companies having 10%or fewer employees as a Contingent Workforce.Meanwhile,nearly a quarter of all companies use a Contingent Workforce for more than 20%of their staffing needs,with the highest adoption seen in Indonesia(32%),India(31%),Vietnam(25%)and Thailand(25%).In Indonesia,nearly half of all companies report that 20%or more of their employees are engaged under Contingent Workforce arrangements.46%of companies use contingent workers for up to 10%of their workforceIndonesia(32%)India(31%)Vietnam(25%)Thailand(25%)Markets hiring 20% employees as a Contingent Workforce62WQPFDAA887%IndonesiaIndiaAustraliaVietnamHong KongMalaysiaThailandTaiwanSingaporeNew ZealandKoreaChinaCompanies expanding their Contingent Workforce to 15%and above in the next 2 years2022 APAC WORKFORCE INSIGHTS|7The most common reason for businesses to adopt a Contingent Workforce is the flexibility that it offers for workforce planning,making it easier to upsize or downsize as required.On average 55%of companies surveyed across the region stated this as their top reason.This was in particular driven by companies in Vietnam(67%)and India(63%).The second top reason to adopt a Contingent Workforce is to help fill specialised roles to ensure no disruption to operations and the business overall.On average,51%of companies stated this reason,with the highest responses in Singapore(66%)and Vietnam(63%).Overall,the sectors most in favour of a Contingent Workforce are IT/Hi-Tech,Healthcare/Pharmaceutical,FMCG,Logistics/Supply Chain,Financial Institutions/Banking,Professional Services/Consultancy,Manufacturing and Government/Statutory Agency.IT/Hi-TechFMCGFinancial Institutions/BankingManufacturingHealthcare/PharmaceuticalLogistics/Supply ChainProfessional Services/ConsultancyGovernment/Statutory AgencySectors most in favour of a Contingent Workforce4 Why Companies Hire a Contingent Workforce2022 APAC WORKFORCE INSIGHTS|8It is encouraging to note that almost all respondents know where to go to when sourcing for Contingent Workforce.The majority of companies use Internal Hiring,Referrals,Job Advertisements for their primary source of candidates.We also see companies leaning towards engaging recruitment agencies to source for Contingent Workforce,which brings speed and efficiency to help overcome hiring and sourcing challenges.It also enables specialists to do what they are good at while companies HR and other internal teams focus on their core activities.This is most pronounced in Australia,Singapore,India,Hong Kong,South Korea,Malaysia and Vietnam.Internal Hiring/Referrals/Job AdvertisementsEngaging Recruitment Agenciesto help hire Contractual WorkersOutsource to Companiesto deliver specific work scope/jobsRecruit from social media for Freelancersfor small projectsDont know where to go to source aContingent WorkforceSource and deploy your Contingent Workforce34aQ%Australia4 )Ig%NewZealand307Tf%Singapore35APe%Malaysia6cW1Y%China73%RW%HongKong1e9Pu%Vietnam37S%India24CAd%Indonesia06R)i%Taiwan1DFBV%Thailand1$6RQ%SouthKoreaChart shows multiple selection answer statistics.5 How Companies Source and Deploy a Contingent Workforce2022 APAC WORKFORCE INSIGHTS|96 Rewarding a Contingent WorkforceOur survey findings revealed a growing trend for businesses to reward contingent workers in the same way that they reward their full-time staff.An average of 45%of companies across all markets indicated this especially within the sectors of FMCG,Healthcare,IT/Hi-Tech and Logistics/Supply Chain.74%of Asia Pacific companies surveyed say they are likely to reward contingent workers in the same way or better than full-time staff.This is especially so in the IT/Hi-Tech,Healthcare,Banking/Insurance and Manufacturing sectors.A primary motivation is to attract top talent for critical delivery,preventing project delays or any risk of impeding company growth.The top Asia Pacific markets which indicated that they would offer better rewards to contingent workers compared to permanent hires include Hong Kong,New Zealand,India,China,Taiwan and Vietnam where all had over 30%responding.An average of 45%of companies across all markets said they offer the SAME rewards compared to Permanent hires,with the highest number of respondents in South Korea(60%),followed by China(57%),Thailand(54%)and Australia(50%).Not all Temporary,Contractual staff are considered lower grade workforce moving forward.Faced with the talent crunch,companies seeking to attract specialised or the best talent may need to consider offering the same or better rewards to be competitive.3E)#%Offer SAME rewards scheme as Permanent employees Offer BETTER rewards scheme compared to Permanent employees to attract good talent Offer LOWER rewards scheme compared to Permanent employees OtherMost companies reward a Contingent Workforce the same as full-time staff2022 APAC WORKFORCE INSIGHTS|10Emerging technologies such as 5G,Cloud Computing,Big Data,Artificial Intelligence and the Internet of Things will dramatically reshape the digital economy.According to McKinsey,over 90%1 of executives across the world are facing digital skills gaps in their workforces.For instance,demand for Cybersecurity professionals has grown by 6.6 times2 over the last three years in Singapore.The most in-demand skills for a Contingent Workforce across the region are IT(including Data Analytics,Cybersecurity,Programming,Project Management),General Administration,Sales/Business Development and Marketing.For IT,the markets where these skills are most in demand are India(50%)and Vietnam(44%).When we look specifically at General Administration,these skills are most required in Hong Kong(48%)and Singapore(42%).1.McKinsey&Company,Beyond Hiring:How companies are reskilling to address talent gaps(Survey,Feb 2020).2.SkillsFuture Singapore7 Contingent Workforce Skills in Demand Top 3 skills in demandSales/Business Development 3.China(39%)Vietnam(38%)GeneralAdministration2.Hong Kong(48%)Singapore(42%)Information Technology1.India(50%)Vietnam(44%)2022 APAC WORKFORCE INSIGHTS|11AppendixSurvey Respondents DemographicsAUNZSGMYCNHKVNINIDTWTHKRIT/Tech4%4%9%Finance3%2%5%6%3%6%5%8%4%6%3%FMCG0%2%3%1%7%2%5%2%5%3%7%1%Manufacturing122!$) %Healthcare/Life Science/Pharmaceutical9%4%9%7%4%4%2%8%5%4%Logistics/Supply Chain4%4%6%3%8%5%0%7%1%2%Professional Services/Consultancy/BPO17!%9%7%6%6%Government/Statutory Agency11%6%6%7%8%3%7%6%Hi-tech1%2%3%3%4%0%1%0%2%3%5%4%Other*400&% )1!%Sample size(N)101511241606911410359104778367Australia1200 %0%NewZealandSingapore MalaysiaChinaHongKongVietnamIndiaIndonesiaTaiwanThailandSouthKoreaSmall(1-9 emp)SME(10-249 emp)Large(250 emp)Business Type by LocationSectors2022 APAC WORKFORCE INSIGHTS|12AppendixTop 3 Current Headcount Strategies59%Hire Temp/Contract employees44%Support from Recruitment Agencies51%Training and UpskillingIndia67%Hire Temp/Contract employees41%Support from Recruitment Agencies45%Training and UpskillingIndonesia55%Training and Upskilling37%Support from Recruitment Agencies54%Hire Temp/Contract employeesAustralia53%Hire Temp/Contract employees45%Offer incentives or hikes in remuneration/benefits to attract/retain talents49%Training and UpskillingNew Zealand64%Hire Temp/Contract employees42%Offer incentives or hikes in remuneration/benefits to attract/retain talents58%Training and UpskillingMalaysia58%Offer incentives or hikes in remuneration/benefits to attract/retain talents55%Training and Upskilling56%Hire Temp/Contract employeesTaiwan62%Offer incentives or hikes in remuneration/benefits to attract/retain talents54%Hire Temp/Contract employees61%Training and UpskillingVietnam67%Training and Upskilling48%Hire Temp/Contract employees64%Offer incentives or hikes in remuneration/benefits to attract/retain talentsChina58%Hire Temp/Contract employees48%Training and Upskilling52%Offer incentives or hikes in remuneration/benefits to attract/retain talentsThailand66%Hire Temp/Contract employees47%Offer incentives or hikes in remuneration/benefits to attract/retain talents54%Training and UpskillingHong Kong45%Support from Recruitment Agencies42%Offer incentives or hikes in remuneration/benefits to attract/retain talents45%Hire Temp/Contract employeesSouth Korea60%Hire Temp/Contract employees39%Support from Recruitment Agencies56%Training and UpskillingSingapore2022 APAC WORKFORCE INSIGHTS|13AppendixTreatment and Strategy of Contingent WorkforceTaiwan47%Offer SAME rewards scheme as Permanent employees32%Offer BETTER rewards scheme than Permanent employees18%Offer LOWER rewards scheme than Permanent employees3%OtherThailand53%Offer SAME rewards scheme as Permanent employees23%Offer BETTER rewards scheme than Permanent employees22%Offer LOWER rewards scheme than Permanent employees2%OtherSouth Korea60%Offer SAME rewards scheme as Permanent employees16%Offer BETTER rewards scheme than Permanent employees22%Offer LOWER rewards scheme than Permanent employees1%OtherVietnam42%Offer SAME rewards scheme as Permanent employees33%Offer BETTER rewards scheme than Permanent employees23%Offer LOWER rewards scheme than Permanent employees2%OtherIndia46%Offer SAME rewards scheme as Permanent employees34%Offer BETTER rewards scheme than Permanent employees19%Offer LOWER rewards scheme than Permanent employees2%OtherIndonesia47%Offer SAME rewards scheme as Permanent employees21%Offer BETTER rewards scheme than Permanent employees27%Offer LOWER rewards scheme than Permanent employees5%OtherMalaysia39%Offer SAME rewards scheme as Permanent employees30%Offer BETTER rewards scheme than Permanent employees27%Offer LOWER rewards scheme than Permanent employees4%OtherChina58%Offer SAME rewards scheme as Permanent employees35%Offer BETTER rewards scheme than Permanent employees7%Offer LOWER rewards scheme than Permanent employees0%OtherHong Kong40%Offer SAME rewards scheme as Permanent employees37%Offer BETTER rewards scheme than Permanent employees22%Offer LOWER rewards scheme than Permanent employees1%OtherAustralia50%Offer SAME rewards scheme as Permanent employees28%Offer BETTER rewards scheme than Permanent employees19%Offer LOWER rewards scheme than Permanent employees4%OtherNew Zealand47%Offer SAME rewards scheme as Permanent employees37%Offer BETTER rewards scheme than Permanent employees10%Offer LOWER rewards scheme than Permanent employees6%OtherSingapore35%Offer SAME rewards scheme as Permanent employees23%Offer BETTER rewards scheme than Permanent employees39%Offer LOWER rewards scheme than Permanent employees3%Other2022 APAC WORKFORCE INSIGHTS|14AppendixTop 3 In-demand Skills for Contingent WorkforceIT(including Data Analytics,Cybersecurity,Programming,Project Management)Marketing(including Design,Digital,Product Marketing)Engineering(including Oil and Gas,Facilities,Manufacturing)50%Information Technology37%Marketing37%Sales/Business DevelopmentIndia39%General Administration37%Marketing37%Information TechnologyIndonesia44%Information Technology37counting/Finance 38%Sales/Business DevelopmentVietnam25%General Administration22%Sales/Business Development22%Information TechnologyTaiwan31%Information Technology25%Marketing30%General AdministrationThailand30%General Administration21%Sales/Business Development27%Information TechnologySouth Korea36%Information Technology31%Marketing31%General AdministrationMalaysia39%Sales/Business Development36%Marketing36%Information TechnologyChina48%General Administration29%Sales/Business Development33%Information TechnologyHong Kong35%General Administration21%Engineering34%Information TechnologyAustralia37%Information Technology27%Sales/Business Development27%General AdministrationNew Zealand42%General Administration30counting/Finance 33%Information TechnologySingapore2022 APAC WORKFORCE INSIGHTS|15Asia Pacific markets remain remarkably resilient with transformational trends set to unleash the regions next wave of growth opportunities.Winning in this landscape means achieving the best possible workforce quickly and efficiently to maximise post-pandemic opportunities.PERSOLKELLY provides Regional Talent Solutions to support our clients in rethinking their Permanent and Contingent Workforce management strategies in 13 markets across Asia Pacific.Together,well help you achieve more.How We Can HELPContact our friendly team today 2022PERSOLKELLY Pte LtdAll Rights Reserved.2022 WorkforceInsights Report

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    AGTECH Q4Public Company Comp Sheet and Valuation GuidePitchBook Data, Inc.John GabbertFounder, CEONizar Tarhuni编辑和机构研究高级总监Paul Condra新兴技术研究机构研究组负责人2022年高位。其他农产品期货,包括大豆和牲畜,触及最高价至少五年。干旱化导致商品价格上涨,使许多农民有足够的钱再投资于农业技术。此后,许多原材料的价格有所回落,但仍处于历史高位。零售化肥价格从 2021 年开始上涨,并在俄罗斯入侵乌克兰后于 2022 年初达到创纪录水平。许多缺乏资源的农民转而使用有机肥料来补充或替代昂贵的合成肥料。室内作物运营商预计 2023 年收入中值增长 35%,但 EBITDA 中值预计到 2024 年将为负值。尽管收入增长强劲,但室内作物公司的价格出现下滑。该股已从市场峰值下跌 80% 以上,表明投资者担心这些公司能否在盈利下滑中幸存下来。 AppHarvest 最近完成了租赁销售以推动支出。 returns4AGTECH 的第四季度公共业务计划和价值指南来源:PitchBook|地理:全球|*Pr。 2022 年 12 月 31 日资料来源:PitchBook|地理:全球|*截至2022 年 12 月 31 日资料来源:PitchBook|地理:全球| 2022 年 12 月 2Valuations5AGTECH Q4 公开公司上市和公司估值指南 evenue6AGTECH Q4 公开公司上市和公司估值指南 evenue7AGTECH Q4 公开公司上市和公司估值指南第 4 季度 IDEEEVENUE7AGTECH K4 表 I 自由现金流10AGTECH Q4非单一公司估值指南补充资料表和估值指南自由现金流11AGTECH 4Q 上市公司估值指南运营现金流12THE 公司4Q 估值指南F 技术估值和估值指南AG2VALUE AG11。 TECH 的 4Q 上市公司价值指南每股收益share14AGTECH 的 4Q 上市公司指南stock Additional Research2023 Pitch Book Data, Inc.版权所有。未经 PitchBook Data, Inc. 明确书面许可,不得以任何形式或通过任何方式(图形、电子或机械)复制本出版物的任何部分,包括影印、录音以及信息存储和检索系统。内容基于来自被认为可靠的来源的信息,但不能保证准确性和完整性。本文中的任何内容均不得解释为过去、现在或将来购买或出售任何证券的建议,或作为出售要约或购买任何证券的要约征求。本材料无意包含潜在投资者可能考虑的所有信息,不应将其作为独立判断的依据或用作独立判断的替代品。 PitchBook 2022 年第 4 季度分析师说明:2023 年行业和技术展望 在此处下载报告 Agtech 2022 年第 3 季度报告 在此处下载报告

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    1|10 HRTech M&A Overview 2H 2022HRTech:The Future of WorkThis facilitates flexible working models,and savesresources within the HR function,which can bedeployed to derive data-based strategies to retainemployee satisfaction and hire talent.We have seen that many HRTech solutions are aimed atcreating a lasting employee experience and satisfaction,which are essential in maintaining a strong and efficientworkforce and attracting talent.Many employers areapproaching this by introducing technological solutions tobe able to offer flexible working models,promotingdiversity and inclusion,and supporting(mental)health andwell-being.The deployment of these new tech-enabledsolutions,enable new forms of data collection andaccelerated,reliable,and data-driven decision-making.Rethinking People StrategyOurHRTechM&Asnapshotunderlineshowtechnological solutions in Human Resources havebecome of increasing importance across organisationsacross the world.Increasing deal volumes have shownthat HR Leaders are rethinking their people strategyand are ready to invest into this digital transformation.Bullish InvestorsThere is a boom in HRTech solutions,with almost$11billion of investment into HRTech for the second yearin a row.This years unprecedented high level ofinvestment activity from both strategic and financialinvestors shows that the market is bullish and that theupward trend is here to last.Key Strategy Employees firstThe current macroeconomic environment is making itdifficult for organisations to hire and retain talent.Many companies are seeking technological solutionsfor their HR departments to support them in winningthe war of talent.So far,they are using technology todecentralise the HR department and to strategicallysupport their employees well-being.Cloud-based(often also AI-based)human resourcemanagementsystems(HRMS)thatconnecttheorganisation with its employees are deployed in manyorganisations to facilitate the decentralisation of HR.They allow remote and automated management ofemployee data,processes,and communication.2|10 HRTech M&A Overview 2H 2022Total number of HRTech M&A transactions and valuation multiples by half-year,2017-2022M&A SummaryTotal number of HRTech M&A transactions by quarter,2017-2022This year,we counted 93 transactions in 2H2022,and2H2021 has seen 109 deals with a few weeks of theyear to go.Revenue multiples have seen a slight decline,coming inat 4.5x in 2H2022.There were not enough disclosedEBITDA multiples to warrant a reliable trailing 30-month median EBITDA multiple.Disclosed deal value has fluctuated reasonably butvaries greatly according to disclosure rates.This year,we have seen as total disclosed transaction value of$11bn,which is a 2%increase from 2021.Sector maintains momentumOur research covers all human resources technologydeals.Theseinclude,butarenotlimitedto,technologies such as human resource managementsystems(HRMS),HRanalyticstools,employeeinformationandbenefitstools,recruitmentandapplicant tracking systems,and workforce/productivitymanagement.Since the pandemic in 2020,the transaction volume ofHRTech has increased by 282%to around$11 billion.Transaction volume in the space has grown by about 7%from 2021.We counted 216 transactions in2022 compared to 201 transactions in 2021.2.7x2.7x2.7x2.7x3.3x3.1x3.3x3.1x4.6x4.9x4.6x4.5x0.0 x1.0 x2.0 x3.0 x4.0 x5.0 x6.0 x-20 40 60 80 100 120 1401H 20172H 20171H 20182H 20181H 20192H 20191H 20202H 20201H 20212H 20211H 20222H 2022Transaction Volume and EV/Rev(2017-2022)Transaction VolumeTrailing 30-month median EV/S22 16 20 20 34 31 26 29 36 29 29 29 35 31 38 45 54 40 55 54 62 62 46 47 010203040506070Qtr1Qtr2Qtr3Qtr4Qtr1Qtr2Qtr3Qtr4Qtr1Qtr2Qtr3Qtr4Qtr1Qtr2Qtr3Qtr4Qtr1Qtr2Qtr3Qtr4Qtr1Qtr2Qtr3Qtr4201720182019202020212022Transaction volume3|10 HRTech M&A Overview 2H 2022Private Equity and HRTechfor around 46%of the transactions,which is 3%lessthan in 2021.According to latest forecasts,this trendis going to continue going into 2023.The split remains evenPrivate equity buyers have consistently made up alarge portion of the transaction volume over time.In2H2022 so far,private equity buyers have accounted.Total number of HRTech M&A transactions by acquirer type,and PE share by half-year,2017-2022Acquisition spotlightOver the past two years,Providence Equity Partners,aUS-based private equity firm,invested heavily inHRTech targets through direct investments as well asthrough their portfolio companies in buy-and-buildscenarios.In August 2022,Wagepoint Inc.,an onlinepayroll automation SaaS firm backed by ProvidenceEquity Partners,acquired KinHR LLC(2012).The US-based company provides employee management SaaSwith features including mployee data management,electronicsignatures,digitaldocumentstorage,onboarding,performancemanagement,time-offtracking,HRIS,and objective tracking.Providence Equity Partners directly acquired TenstreetInc(2006),a trucking HR management SaaS companyin October 2021.ItoffersERPHRhiring managementSaaSforbusinesses in the trucking sector with features thatenable workflow efficiencies for hiring and retainingemployees.Backed by Providence Equity Partners,Tenstreet has announced multiple acquisitions for2023.ACQUIRED04 Oct 2021ACQUIRED09 Aug 202255ICecW6DUECQ%0 0Pp04060801001201H 2017 2H 2017 1H 2018 2H 2018 1H 2019 2H 2019 1H 2020 2H 2020 1H 2021 2H 2021 1H 2022 2H 2022PE or PE-backed acquirersStrategic acquirersPE share(%)4|10 HRTech M&A Overview 2H 2022InvestorsInvestmentsin 30monthsThree most recentinvestments5CloudCMECloudCME LLC(USA):LLC(USA):Healthcare continuing education SaaSRieventRievent Technologies LLC(USA):Technologies LLC(USA):E-learning SaaSmyClinicalExchangemyClinicalExchange LLC(USA):LLC(USA):Clinical training management SaaS5DeelDeel Inc.(USA):Inc.(USA):Compliance and payroll solutionGimoGimo JSC(Vietnam):JSC(Vietnam):Payroll platform for Vietnamese workersNowPayNowPay Inc.(Egypt):Inc.(Egypt):Fintech platform to improve financial wellness of employees5IntelligoIntelligo Software Ltd.(Ireland):Software Ltd.(Ireland):HR SaaS&outsourced servicesHRPRO doo(Croatia):HRPRO doo(Croatia):Human resources management SaaSAditroAditro Public Oy(Finland):Public Oy(Finland):HR&payroll management SaaS4O5 Systens Inc.(USA):O5 Systens Inc.(USA):Recruiting management&analytics software&SaaSDataFuzion HCM Inc.(USA):DataFuzion HCM Inc.(USA):Workforce management software&servicesATI ROW LLC(USA):ATI ROW LLC(USA):HCM SaaS&BPO services4HarverHarver B.V.(Netherlands):B.V.(Netherlands):HR management and pre-employment SaaSChecksterCheckster(USA):(USA):Workforce management SaaSFurstPersonFurstPerson Inc.(USA):Inc.(USA):Contact center hiring management SaaS4SkillSurveySkillSurvey(USA):(USA):Talent intelligence SaaSCandidate ID Ltd.(UK):Candidate ID Ltd.(UK):Recruitment&marketing automation SaaSAltruAltru Labs Inc.(USA):Labs Inc.(USA):Employee onboarding SaaS3SkillSureSkillSure Inc.(Canada):Inc.(Canada):E-learning SaaS&mobile appKnowledge Strategies Inc.(USA):Knowledge Strategies Inc.(USA):Learning management&training SaaSClaymore Inc.(Canada):Claymore Inc.(Canada):E-learning SaaS4TandemployTandemploy GmbH(Germany):GmbH(Germany):HR training SaaSTalentcubeTalentcube GmbH(Germany):GmbH(Germany):Video-recruiting SaaS&mobile applicationNetwervenNetwerven B.V.(Netherlands):B.V.(Netherlands):Recruitment management SaaS&services3WagglWaggl Inc.(USA):Inc.(USA):Employee engagement SaaSCultureIQCultureIQ Inc.(USA):Inc.(USA):Enterprise culture management SaaSCultivate Technology Inc.(USA):Cultivate Technology Inc.(USA):HR coaching SaaS3QuorbitQuorbit Ltd.(UK):Ltd.(UK):Workforce planning SaaSAscentisAscentis Corporation(USA):Corporation(USA):ERP human resources SaaSSpotCuesSpotCues Inc.(USA):Inc.(USA):Employee management SaaS&mobile applicationTop Investors PAST 30 MONTHShealth care workers,completed a record number of 5deals.ThefactthattheventurecapitalistY-Combinator leads the list with 5 investments showsthat many HRTech companies are still in their earlystages.Strategic Acquirers dominate topMany of the most prolific acquirers of the past 30monthswereprivateequityfirmsandstrategiccompanies backed by private equity firms.However,two out of the top-3 most active acquirers werestrategic acquirers.HealthStream,the NASDAQ-listedcompanydeliveringHRTechsolutionsfor.5|10 HRTech M&A Overview 2H 2022HRTech:Top TrendsDecentralisation of HRIncreased demand for the decentralisation.of traditional HR functions(e.g.,accessing online paystubs,previewing pay stubs before payday,holidayplanning,accessing the information on health plancoverage)has been seen with the global increase inremote working models.This allows HR to focusmoreonstrategicgoals,particularlyregardingrecruitment in todays highly competitive hiringlandscape.Diversity and Inclusion(D&I)Companies around the world are increasinglyprioritising D&I in the workplace.Creating an.inclusive culture,it is essential to promote transparency,fairness and equality within the organisation.This can beachieved by eliminating bias by using a data-drivenapproach towards employee-related processes.This waydecisionslikegoalsetting,performancefeedback,appraisals,and compensation management can be fullysupported by data and facts.Health and Wellbeing,which were exacerbated by the pandemic,are causingorganisations to place a greater emphasis on employeewell-being and mental health.Companies are reacting tothis development by providing access to EmployeeAssistance Programmes(EPA),mental health apps,andwellness tracking platforms.Increased levels of anxiety,stress and depressionHybrid WorkingMore and more companies have adopted.hybrid working models since the pandemic.Theseamless integration of workstreams as well thecommunication and collaboration between on-siteand remote workers is vital in maintaining a strongworkforce.Cloud-based human capital management(HCM)solutions will help employers to manage theremote work force,measure productivity,andpromote cooperation between teams.6|10 HRTech M&A Overview 2H 2022M&A breakdown$3.7 billion$3.7 billion 30 Aug 2022Roper Technologies acquires Frontline Technologies$754 million$754 million03 Jan 2022Blackbaud Inc.acquires EVERFI Inc.$400 million$400 million06 Feb 2022Apax Partners acquires EcoOnlineHolding AS(Norway)$370 million$370 million05 Jan 2022Vera Whole Health Inc.(US)acquires Castlight Health Inc.(US)for 2.2x EV/Rev$360 million$360 million01 Nov 2022Voya Financial Inc.acquires(US)Benefitfocus Inc.(US)for 2.3x EV/Rev and 60.6x EV/EBITDA$311 million$311 million26 Oct 2022K1 Investment Management LLC(US)acquires ELMO Software Ltd(AUS)for 5.8x EV/Rev and 74.3x EV/EBITDA$300 million$300 million12 Apr 2020Sumeru Equity Partners(US)acquires Beqom SA(CH)for 10.0 x EV/RevLARGEST DEALS OF 2022HEADQUARTERS OF HRTECH TARGETSHEADQUARTERS OF ACQUIRERS OF EUROPEAN TARGETSLAST 30 MONTHSOver the past 30 months,58 per cent of Europeantargets were bought by acquirers that were alsoEuropean.Meanwhile,66 per cent of all.transactions worldwide targeted a North Americancompany,compared to 25 per cent targeting aEuropean country and the rest of the world roundingout the remaining 9 per cent.55460Number of acquisitionssince July 2020Number of acquirers that made 1 acquisition in 202214%of all acquirersEurope58%North America39%RoW3%Europe26%North America65%RoW9%7|10 HRTech M&A Overview 2H 2022HRTech:Selected dealsRoperTechnologiesacquiresFrontlineEducationTheUS-baseddiversifiedindustrialengineeringcompany acquired Frontline Education from privateequity firm Thomas Bravo in August 2022.FrontlineEducation,foundedin1998,providesadministrationSaaSforUS-Americanschools.Thesoftwareenablesautomatedworkforcemanagementwithfeaturesaround.ACQUIRED20 Dec 2021SERIES D29 Apr 2022UndisclosedSD Worx Groups investment into HRM SaaSThe Belgium-based SD Worx Group was traditionallyknown as a service provider within the HR sector.Through strategic acquisitions,the company hasdeveloped into a leading European provider of payrolland HRM SaaS.In the last twelve months,SD Worx made twofurther acquisitions.In July 2022 they acquiredHRPRO doo,a Croatian software company foundedin 2000.The company provides human resourcesmanagement SaaS for businesses globallyIn October 2022,SD Worx acquired the award-winningpayrollsolutionsproviderIntelligo.TheIreland-basedsupplierprovidesHRandpayrollsoftware as well as outsourcing services.Y-Combinators heavy investment into HRTechOver the last two years,Y-Combinator,a US-basedtechnologystart-upacceleratorspecialisedinincubation,seed,and later-stage funding investedsignificantly in SaaS in the HRTech space.A trendamong their recent investments is the focus onfinancial technology to support HR functions withinorganisations.Y-Combinators latest investment(Series D)was intothe US-based start-up Deel Inc.The company designsand develops compliance and payroll solutions forindependent contractors and full-time employees.Theentirefundingroundraised$329million(YCombinators contribution is undisclosed).ACQUIRED30 Aug 2023$3.7 billionACQUIRED28 Jul 2022Undisclosedhiring,job placement,payroll and timekeeping forschool districts and professional teachers.Roper Technologies underlining strategic motive forthis acquisition is its repositioning as a software firmon the global market.The acquisition is a strategicadditiontoSDWorxportfolio in its attempt toexpand its presence in theIrish market and strengthen itsportfolio of its own payrolland HR software.GIMO JSC is a 2020-founded payroll platform forVietnameseworkers.Altogether,Y-Combinatorinvested in 8 deals in the last two years.$380k8|10 HRTech M&A Overview 2H 2022AboutHampletonPartnersHampleton Partners is at the forefront of international Mergers and Acquisitions advisory for companies withtechnology at their core.Hampletons experienced deal makers have built,bought and sold over 100 fast-growing tech businesses andprovide hands-on expertise and unrivalled international advice to tech entrepreneurs and the companies who arelooking to accelerate growth and maximise value.With offices in London,Frankfurt,Stockholm and San Francisco,Hampleton offers a global perspective withsector expertise in:Automotive Tech,IoT,AI,Fintech,Insurtech,Cybersecurity,VR/AR,Healthtech,DigitalCommerce,Enterprise Software,IT Services,and SaaS&Cloud.While the pandemic and other macroeconomic factors have significantly reducedM&A activity in many traditional business sectors,HRTech companies arecurrently in high demand.HR Leaders worldwide have recognised the importance of rethinking their peoplestrategy and placing employee well-being on top of the agenda.They have realisedthat achieving employee satisfaction is a key ingredient to attract and retain talent.We have seen a significant uptick of 282%in the HR Tech market since COVID in2020.Highgrowthcompanies,innovativesolutionsandbreak-throughtechnologies are dominating the space.Both financial and strategic investors aredetermined to be part of this development.Axel BrillManaging DConclusion&ContactsAs first-movers,strategic investors like HealthStream,SD Worx,and Ceridian are leading the list of the mosttransaction in the last 30-months.The fact that the Venture Capitalist Y-Combinator also leads the list of themost investments shows that many HRTech companies are still in their early stages.We expect the followingyears to see a further boom in the sector,as more and more HR Leaders start reshaping their strategies.Hampleton provides independent M&A and corporate finance advice to owners of Autotech,Internet,IT Services,Digital Commerce,and Software companies.Ourresearch reports aim to provide our clients with current analysis of the transactions,trends and valuations within our focus areas.Data Sources:We have based our findings on data provided by industry recognised sources.Data and information for this publication was collated from the 451 Research database,a division of The 451 Group and part of S&P Global;Capital IQ,a product of S&P Global;Research&MarketsCB Insights.Disclaimer:This publication contains general information only and Hampleton Ltd.,is not,by means of this publication,rendering professional advice or services.Before making any decision or taking any action that may affect your finances or your business,you should consult a qualified professional adviser.Hampleton Ltd.shall not be responsible for any loss whatsoever sustained by any person who relies on this publication.2023.For more information,please contact Hampleton Ltd.Hampleton produces regular reports on M&A activity in the following sectorsHampleton produces regular reports on M&A activity in the following sectorsHRTechInsurtechIT&Business ServicesAR/VRArtificial Intelligence Automotive TechnologyCybersecurityDigital CommerceEnterprise SoftwareFintechHealthtechYou can subscribe to these reports at http:/ FranciscoFollow HampletonFollow Hampleton

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  • BWE:德国风能市场报告 2023(英文版)(244 页).pdf

    TrennseiteWirtschaft Die Windbranche in Deutschland im berblickUnternehmen Vorstellung ausgewhlter Unternehmen der BrancheBranche ber 330 Adressen der BranchebersichtlichsortiertWindindustrie in DeutschlandBWE BRANCHENREPORT2023Windindustrie in Deutschland2023BWE BRANCHENREPORTals ich Sie vor einem Jahr auf diesen Seiten begrendurfte,hatteimBundgeradeeinRegierungswechselstattgefunden.EineKoalitionausSPD,GrnenundFDPtrat mitstarkenAmbitionenfrdenAusbau derErneuerbarenEnergienan.NachJahrenderStagnationversprachdieAmpel,dieErneuerbarenEnergienzuentfesseln,Blockaden abzubauen und die Energie-wendekonsequentvoranzutreiben.UnsereErwartungenwarenhoch.Wieistder Zwischenstand nach gut einem Jahr?Die Bundesregierung ist mit einem geordne-tenFahrplangestartet,derinfolgedesrussi-schenAngriffskriegesaufdieUkrainenach-geschrftwurde.DieserKriegverschiebtdieParameter der deutschen Energieversor-gungnachhaltig.FragenvonVersorgungs-sicherheit und Energieautonomie rcken in denFokusderDiskussion.Daraufkannesnur eine Antwort geben:Nur ein voll auf die Erneuerbaren Energien setzendes Energie-system sichert Unabhngigkeit und Versor-gungab.DieWindenergieistindiesemSys-temdergrteMassetrger.HchsteZeit,dass ihre Potenziale freigesetzt werden!In entscheidenden Bereichen hat die Bun-desregierungmitgroemTempodeutlichenderungenaufdenWeggebracht.DasneueEEGzeichnetdieambitioniertestenAusbaupfadevor,dieesinDeutschlandjemalsgab.Gleichzeitigstelltesfest,dassder Ausbau der Erneuerbaren Energien im berragendenffentlichenInteresseliegtund damit Vorrang bei der Schutzgterab-wgunggeniet.ZumerstenMalberhauptgibtesmitdemWind-an-Land-Gesetz“eindezidiert auf den Ausbau der Windenergie zielendesRegelwerk,welchesdaslangegeforderte2%-Flchenzielgesetzlichfixiert.BeipotentiellenKonfliktenmitLuftfahrtundNaturschutzgibtessprbareFortschrit-te.AberwoLichtist,istauchSchatten.DasFlchenzielmaggesetzlichfestgeschrie-bensein,dassseineErreichungabererstab2032verpflichtendist,isteineunntigeVerzgerung.AuchvondemgeflgeltenWortdersechsMonatefreineGe-nehmigung,dasimBundestagswahlkampfoftzitiertwurde,sindwirnochweitentfernt.Hiersetzenwiraufdasangekn-digteBeschleunigungsgesetz.Schonjetztknnen die Bundeslnder handeln und sicherstellen,dassdieGenehmigungsbehr-dendieneuenGesetzlichkeitenbeachten.AucheinweiteresVersprechenausdemKoalitionsvertragwartetnochaufdieUm-setzung:die angekndigten Erleichterungen beimRepowering.Mittelfristigknnenhierbiszu45GigawattanzustzlicherLeistungentfesseltwerden.ErsteFortschrittesindgemacht,dergroeWurfbliebbisherabernochaus.UmdenZubauauchwirtschaftlichabzu-sichern,brauchtesdarberhinausaucheineAnpassungderAusschreibungshchst-preiseandieEntwicklungendesIndustrie-preisindexes.BesondersseitdemAngriffRusslands auf die Ukraine sind die Preise frwichtigeRohstoffeteilsdramatischangestiegen.DieserEntwicklungmussRechnunggetragenwerden.Esgiltjetzt,anallenStellendieWeichenzustellenunddemgesetzlichverankerten,berragendenffentlichenInteressezumDurchbruchzuverhelfen.DieBranchestehtbereit.IhrHermannAlbers,PrsidentBundesverbandWindEnergiee.V.EditorialLiebe Leserinnen und Leser,4Windindustrie in DeutschlandWindindustrie in Deutschland5Wir leben in dynamischen Zeiten:Die PandemiehattegroenEinflussaufunserallerLeben,Wind-unddieMessebran-che standen gleichermaen vor neuen Herausforderungen.UnterbrocheneLieferketten,LockdownsunddigitaleMessenwarendieFolge.DieKlimakrisezeigt sich weltweit immer deutlicher und imFrhjahrbegannderKriegRusslandsgegendieUkraine.DasalleshatKonse-quenzen in vielen Bereichen des Lebens unddesGeschftsalltags.DieEnergiekrisemit horrenden Preisen hat schon begon-nen und macht vielen Unternehmen in Deutschlandzuschaffen.Eswirdimmerdeutlicher,dassderAusbauderErneuer-baren Energien in Deutschland schneller vorangehenmuss.Dennnursoknnenwir unabhngig von anderen Lndern und ihren Energiequellen werden und gleich-zeitiggegendenKlimawandelkmpfen.Nach vier Jahren konnten wir 2022 endlich wieder eine WindEnergy Hamburg in den Hamburger Messehallen veranstalten und denExpertinnenundExpertenausallerWelteinenTreffpunktbieten.InschwierigenZeitenistesbesonderswichtig,KontakteberGrenzenhinwegzupflegen,undimpersnlichenGesprchlassensichLsun-genfrdrngendeFragenfinden.Parallelzur WindEnergy Hamburg fand zum ersten MaldieH2EXPO&Conferencestatt,derinternationaleTreffpunktrundumdieErzeugung,VerteilungundNutzungvonGrnemWasserstoff.SokonntenwirdasThema Windenergie sinnvoll ergnzen und Synergienermglichen.DieWind-unddieWasserstoffbranchezeigenvieleLsungs-anstzefrunsereEnergieproblemeauf,dashabenwirwiederdeutlichgesehen.GebenwirihnenweiterhindenRaumunddieZeit,umsichauszutauschen!EditorialLiebe Leserinnen und Leser,Ihr BerndAufderheide,VorsitzenderderGeschftsfhrung der Hamburg Messe und Congress 6Windindustrie in DeutschlandInhaltMARKT NATIONALProduktionsstandort Europa brauchtverlsslichen Rckenwind.8WhrenddiePolitikendlichUntersttzungsignalisiert,siehtesfrdiedeutscheWindindustriewirtschaftlichmageraus:Wasmussgeschehen,damitdieinnovativenAnlagenhersteller wieder durchstarten knnen?FACHKRFTEBEDARFDie Windbranche stellt ein!.20Der Branche sind durch die verfehlte EnergiepolitikderVorgnger-RegierungdieFachkrfteabhandengekommen.Dasmusssichschleunigstndern.MARKT INTERNATIONALStark und trotzdem nicht genug.24AuchwenndasJahr2021beimGesamt-zubau den Rekordwert von 2020 nur knappverpasst:Der Zubau wchst nicht stark genug,um die Pariser Klimaziele zu erreichen.WELTKARTE IWindleistung weltweit(onshore).28INTERVIEW Giles Dickson(WindEurope):Ambitionierte Ausbauziele allein reichen nicht aus.“.30STIMMUNGSBAROMETER WETIX9.WindEnergy trend:index:Stimmung in Deutschland so gut wie nie.32Der Windenergiemarkt wird fr alle Welt-regionenpositivbewertet.Deutschlandkann seine Werte im Vergleich zur letzten Befragungstarkverbessern.OFFSHOREVerdoppelt und verdreifacht:Der groe Boom der Offshore-Windenergie?.36BWO-GeschftsfhrerStefanThimmberdenZubauderOffshore-Windenergie,die Lage in Deutschland und das Wind-energie-auf-See-Gesetz.WELTKARTE IIWindleistung weltweit(offshore).4036820WirtschaftsreportDie Branche lebt von ihren Akteuren.Wir haben Unternehmer der deutschen Windbranche in 5 Fragenzuihrenwichtigsten Innovationen,StrategienundMrktenbefragt.Lesen Sie die Antworten auf den Seiten 18,19 und 35.?NachgefragtWindindustrie in Deutschland76242INNOVATIVE PROJEKTEfr den deutschen Windmarktstart upUnternehmen8092122196Hersteller.80Die deutschen Hersteller haben einen hohen Anteil am Weltmarkt und erreichen einenExportanteilvon60bis70Prozent.TechnikundEffi zienzihrerAnlagensetzenMastbeundsindweltweitgesucht.Unternehmen mit innovati ven Projekten.42Hierprsenti erensichUnternehmenundInsti tute,diemitneuen Produkten,Verfahren oder Methoden fr die Weiter-entwicklungderWindindustriesorgen.Neugrndungen und Start-ups.62Junge Unternehmen drngen mit neuen IdeenaufdenMarkt.EineAuswahlvonihnenstellenwirvor.Zulieferer.92Hersteller von Windenergieanlagen aus der ganzen Welt kaufen Systeme und KomponenteninDeutschlandein.Jahre-lange Erfahrung im Betrieb sowie gezielte Forschungs-undEntwicklungsarbeitensindweltweitgefragt.Service,Dienstleistungen und Logisti k.122 Planen,fi nanzieren,transporti eren,bauenundvermarkten.DieBereichePlanungund Betrieb von Windenergie anlagen sind einsteti gerWachstumsmarktinDeutsch-land.Verbnde.196DerBWEistdasSprachrohrderdeut-schenWindindustrie.AufseinenVer-anstaltungenundinseinenPublikati onengibterseinFachwissenweiterandiePoliti kunddieBranchegleichermaen.Branchenverzeichnis.204ber 330 Adressen fhrender UnternehmenderWindindustrie.Unternehmen AZ.236 Indexalphabeti schsorti ert.Impressum.243Kategorienbersicht.243Alle Dienstleistungen/Produkte der Unternehmensorti ertnachKategorien.Inhalt2048Windindustrie in DeutschlandWIRTSCHAFTSREPORT:Die Windindustrie in DeutschlandUngefhr 30.000Windenergieanlagen stehen auf bundesdeutschem Gebiet,dasentsprichteinerinstalliertenLeistungvonzusammenber 60.000Megawatt.BeschftigtsindinderBrancherund135.000Menschen.Silberstreif am Horizont:Fr die deutsche Windindustrie brechen wieder bessere Zeiten an.Foto:HANSA-FLEX AG/Jonas GinterWindindustrie in Deutschland910Windindustrie in DeutschlandDie Produktion wird zurckgefahren.In Deutschland werden keine Rotorbltter mehr gefertigt.Windpark Nateln,Baustelle fr eine Vensys 136,3,5 MW,Rotorbltter.Foto:Ulrich MertensWindindustrie in Deutschland11Rahmenbedingungen fr den Windenergieausbau verbessert Die Bundesregierung hat sich das Ziel gesetzt,beistarksteigendemVerbrauchbiszumJahr203080ProzentdesStromsauserneuerbarenEnergienzugewinnenfnfJahresptersolldieStromerzeugungvollstndig durch erneuerbare Energien abgedecktwerden.DerWindenergieunddamit der Windindustrie in Deutschland undEuropawirddabeieinezentraleRollezugeschrieben,wasdurchdasimJulibe-schlosseneErneuerbare-Energien-Gesetz(EEG2023),dasWind-auf-See-Gesetz(WindSeeG2023)unddasWind-an-Land-Gesetz(WaLG)untermauertwird.Dieses soll den Ausbau der Windenergie in Deutschland deutlich schneller voran-bringen,Planungs-undGenehmigungsver-fahren von Windenergieanlagen beschleu-nigensowiedieverfgbareLandesflchefr Windenergie an Land bis 2032 von aktuell0,8Prozentauf2Prozentsteigern.AufpolitischerEbenezeigtsichendlichderWille,dendringendnotwendigenWindindustrie in Turbulenzen:Produktionsstandort Europa braucht wieder verlsslichen RckenwindWhrenddiePolitikendlichdielanggeforderteUntersttzungsignalisiert,siehtes frdiedeutscheWindindustrieimJahr2022wirtschaftlichmager“aus:DiepolitischverursachteAusbaudelledervergangenenJahrewirktmassivnach.Nunkommen steigendePreisebeiRohstoffen,gestrteLieferkettenundderrussischeAngriffskriegaufdieUkrainehinzu.NamhafteHerstellervonWindenergieanlagenschreiben derzeitVerluste.Wasmussgeschehen,damitdieinnovativenAnlagenhersteller inEuropawiederdurchstartenknnen?MARKT NATIONALWirtschaftsreport|MARKT NATIONALAusbau durch geeignete Manahmen voranzubringen.DieseswichtigepositiveSignal an die Branche fhrt allerdings nicht automatischzuvollenAuftragsbchernbeidenHerstellerneinezeitnaheUmset-zungistvonentscheidenderBedeutung.Dr.Robert Habeck im Eingangsstatement zur ersten Lesung im Bundestag:Htten wir diese Pakete vor zehn Jahren durchgezogen,wrden wir heute ganz anders dastehen!“Enercon produziert in Magdeburg pro Jahr 250 bis 300 Generatoren fr seine Windrder.Foto:Paul Langrock12Windindustrie in DeutschlandWirtschaftsreport|MARKT NATIONALDie Erreichung des Zwei-Prozent-Ziels muss vordemJahr2032festgelegtwerden,schnellstmglicheFlchenverfgbarkeitisterforderlich.DerBWEdrngtdaheraufeinBeschleunigungsgesetz,umknftigeVer-fahrenschnellerabzuschlieen.ZustzlichfordertderBWEvondenBundeslndern,diederzeitbereitsimGenehmigungspro-zessbefindlichenWindenergieprojekte(miteinerLeistungvon10.000Megawatt)nochimlaufendenJahrzuentscheiden.Damitliee sich das Ausschreibungsvolumen des kommendenJahresanfllen.Politischer Rckenwind noch ohne Wirkung BisdasWaLGdiedringenderforderlicheWirkungaufdieAusbauzahlenentfaltet,drohtkostbareZeitzuverstreichen.Soleidet der Ausbau im ersten Halbjahr 2022 nachwievorunterdenFolgenderzger-lichenEnergiepolitikderletztenLegislatur-periode.AuchdieuneinheitlicheGenehmi-gungspraxisindenBundeslndern(u.a.10H-RegelinBayern)wirktwieeinBrems-klotz.DaszeigenZahlenderDeutschenWindGuard,diefrdenBWEundVDMAPowerSystemsanalysiertwurden.Indenersten sechs Monaten dieses Jahres wurden hierzulande lediglich 235 Anlagen mit zusammen976MWinstalliert.BeidenGenehmigungensiehtesnachdenvon derFachagenturWindenergieanLand(FAWind)aufBasisdesMarktstammdatenregis-tersermitteltenDatenzwaretwasbesseraus:Hier liegen die Zahlen 9 Prozent ber demVorjahreswert,bei334Windenergie-anlagenmiteinerLeistungvon1.707Megawatt(MW).1 Das reicht aber bei weitemnochnichtaus,umdasvorgesehe-neAusschreibungsvolumenvon12.800MWfrdasJahr2023mitProjektenzufllen.Hemmnisse:Kostendruck und fehlende Profitabilitt Das viel zu langsame Wachstum bei den GenehmigungenfhrtzuschleppendwachsendenAuftragseingngenausDeutschlandbeidenHerstellern,dieamEndedeslangwierigenProjektprozessesausFlchenakquise,Genehmigungsverfah-ren,FinanzierungszusageundAusschrei-bungszuschlagstehen.HerstellerinDeutschlandundEuropaagie-ren schon seit Jahren in einem schwierigen Marktumfeld,bislanggeprgtvonpolitischenRahmenbedingungen,dieeinelngerfristigePlanbarkeit an Land und auf See unmg-lichmachten.Diessollsichmitden1https:/www.fachagentur-windenergie.de/fileadmin/files/Veroeffentlichungen/Analysen/FA_Wind_ Zubauanalyse_Wind-an-Land_Halbjahr_2022.pdf Der Windpark Wildpoldsried ist mit elf Anlagen(zwei im Bild)einer der greren in Bayern.An der 10H-Regel scheiterten viele Windkraftprojekte.Die uneinheitliche Genehmigungspraxis in den Bundeslndern wirkt wie ein Bremsklotz beim Ausbau der Windenergie.Foto:Ulrich MertensHermann Albers,Prsident des BWE:Die stark angehobenen Ausbau-ziele im neuen EEG sind die ambi-tioniertesten Vorgaben,die es jemals in der Bundesrepublik gab.Aber alle guten Absichten ntzen nichts,wenn es nicht gelingt,die beabsichtigte Leistung auch tat-schlich ans Netz zu bringen.“Windindustrie in Deutschland13Wirtschaftsreport|MARKT NATIONALambitioniertenAusbauzielenundjahres-scharfen Ausschreibungsvolumen nun ndern.NachZielenundVolumensindnunabervorallemGenehmigungen,ProjekteundAuftrgeerforderlich,umderProduk-tioninDeutschlandwiederRckenwindzugeben.ZustzlichsindHerstellerundZuliefererdurchdiePreisexplosionbelastet,dieinbestehendenAuftrgennichtausreichendinkludiertist.SoistauchNordexmitVerlusteninsJahrgestartetund verzeichnete ein schwaches erstes Quartal,waszueinemKonzernverlustvonknapp151MillionenEurogefhrthat.Zum Vergleich:Im Vorjahreszeitraum entsprachderVerlusteinemMinusvonknapp55MillionenEuro.2 Der Start in das Jahr 2022 war schwierig und ist sicherlich andersverlaufen,alsalleerwartethaben“,kommentierteKonzernchefJosLuisBlanco.DieKostensituationbleibevolatilundeskomme zu deutlichen Unterbrechungen der Lieferketten.AuchdieSchlieungdesletztendeutschenWerksfrRotorbltterin Rostock wurde mit dem zunehmend herausforderndenMarkt-undWettbe-werbsumfeld sowie einer Verschiebung der Nachfrage und der notwendigen AnpassungderglobalenProduktions-undBeschaffungsprozessebegrndet.UnterdemStrichverdichtensichdieSignale,dass der Windindustriestandort Deutsch-landundEuropaimglobalenWettstreitunterDruckgeratenist.DieUrsachensindvielfltig.EinGrund:DieBrancheistDie Funktionsweise und das Kontrollsystem aller verbauten Systeme der E-Gondel von Enercon werden beim Factory Acceptance Test(FAT)kontrolliert.Foto:Enercon2https:/www.nordex- in Deutschlandseit der Begrenzung des Zubaus ber Aus-schreibungsmengen von einem zuneh-mendenPreiswettbewerbgeprgt,derentstehende Kostendruck wurde und wird direktandieHerstellerweitergegeben.DieFolge:PriorittbekamindieserAbwrtsspiraledieVerminderungvonProduktionskosten,umwettbewerbsfhigzubleiben.SohatdieWindindustrieindenletztenzehnJahrendiemittlerenStromgestehungskosten um ber 70 Prozent(20112021)reduziertmitlangeZeitsehrpositivenErgebnissenfrdieErzeugerunddieVerbraucher,abersehrnegativenFolgenfrdieProfitabilittunddamitdiemittelfristigewirtschaftlichePerspektivederHerstellerundZulieferer.Diesdrehtsichnunlangsam.SteigendeKostenfrRohstoffeundTransportwerden nun nach und nach an Kunden weitergegeben,dieihrerseitsmindestenskurzfristigvondenrasantwachsendenPreisenamStrommarktprofitieren.Jos Luis Blanco,CEO der Nordex Group zur Werks-schlieung in Rostock:Die Windindustrie bewegt sich in einem wettbewerbsintensiven,globalen Markt,der vor allem kostengetrieben ist.Vor diesem Hintergrund mssen wir unsere globalen Produktions-und Be-schaffungsprozesse optimieren,um profitabel zu produzieren und die Wettbewerbsfhigkeit der Nordex-Gruppe zu sichern.()Wir brauchen eine Industriepoli-tik,die einen nachhaltigen und umfassenden Ansatz zur Dekar-bonisierung sowie die Unabhn-gigkeit der Lieferketten verfolgt.“3 Wirtschaftsreport|MARKT NATIONALProduktion der E-Gondel bei Enercon in Aurich.Foto:EnerconAkute Problemlage:Steigende Rohstoff-und Transportkosten sowie unterbrochene Lieferketten Auch Enercon mit seinem Stammsitz im ostfrieslndischenAurichkmpftimangespanntenwirtschaftlichenUmfeld.Am1.Juli2022gabdasUnternehmenbekannt,500 Millionen Euro Staatshilfe aus dem Wirtschaftsstabilisierungsfonds(WSF)derBundesregierungzuerhalten.LautUnter-nehmensmeldung dient die Liquidittshilfe zurAbfederungnegativerFolgenderCOVID-19-Pandemie“.Diesehabezuerheb-lichen Strungen und unerwarteten Mehr-kostenbeiMaterial,Komponenten,Trans-portundLogistikundinderFolgezuVerz-gerungenwichtigerProjektegefhrt.4 Der Einbruch im deutschen Markt fhrte allerdings bereits im Jahr 2019 zum Abbau von3.000StelleninDeutschland.Nebendendeutlichzusprendenwirt-schaftlichenFolgenderCOVID-19-Pande-mie,insbesonderedurchgestrteLiefer-ketten,machtsicheinweiterergewichtigerFaktorbemerkbar:diegeopolitische3https:/www.nordex- in Deutschland15Wirtschaftsreport|MARKT NATIONALInfolge der Pandemie kam es auch bei Transport und Logistik zu Verzgerungen durch Lieferengpsse.Foto:Enercon/Klaas EissensSpannungdurchdenrussischenAngriffs-krieginderUkraine.Alsproblematischerweisen sich damit im Zusammenhang stehendeKostensprnge(beispielsweisebeiRohstoffen,ZuliefererkomponentenoderTransportkosten),welchedieProduk-tionundInstallationentgegenderursprng-lichenKalkulationdrastischverteuern.Lsungsanstze:Bereitstellung von Flchen und schnellere Genehmigungs-verfahren Vorrangigerscheintesjetzt,dieeingangsgeschildertenpolitischenManahmen,wieimWind-an-Land-Gesetz(WaLG)formu-liert,mglichstzeit-undpraxisnahum-zusetzen.VerlsslichkeitundPlanbarkeitsindSchlsselwrter,damitsichdieAuf-tragsbcher der Hersteller fllen und InvestitioneninProduktionsstttenauchinDeutschlandundEuropagettigtwerden.DamitdieBranchejetztprogressivplanenkann,mssenFlchenschnellbereitge-stellt,ProjektevielzgigergenehmigtundmussdieWindindustrieauchinEuropaalsstrategische Branche durch den Abbau von HemmnissenunddenAufbaueinesLevelPlayingFieldimWettbewerbmitAsienuntersttztwerden.Gondelproduktion fr Offshore-Windkraftanlagen von Siemens Gamesa in Cuxhaven.Foto:Siemens GamesaNils de Baar,Prsident Northern&Central Europe von Vestas:Zentral fr die globale Produktion von Windenergieanlagen ist Verlsslichkeit in unserem Geschft und unserer Lieferkette in einer sich rapide verndernden Welt.Unsere Fertigungssttten sichern die Kapazitten,um das erwartete massive Wachstum der Installa-tionen von Windenergieanlagen umzusetzen.Gemeinsam mit ande-ren Herstellern von Windenergieanlagen sehen wir deshalb notwen-dige politischen Manahmen,um die Windindustrie in Deutschland und Europa zu strken.Das betrifft etwa Transportgenehmigungen und-infrastruktur genauso wie den Abbau von Handelshemmnis-sen und die Sicherung von ausreichend Fachkrften.Die Umsetzung dieser Manahmen ist fr den Ausbau der Produktion erforderlich.Wenn Politik den Rahmen richtig setzt und Kunden bestellen,werden wir liefern.“16Windindustrie in DeutschlandWirtschaftsreport|MARKT NATIONAL Neu ausgebaute 380-Kilovolt-Leitung in Brandenburg.Bis 2035 soll der Strom vollstndig aus Erneuerbaren Energien erzeugt werden.Foto:Paul LangrockSo fordern der BWE und der VDMA nicht nur ein koordiniertes Handeln innerhalb Europas.AuchdieBundesregierungsoll indiePflichtgenommenwerden,umindirektem Dialog mit Herstellern und Zulieferern einen Plan zur Strkung der WindindustrieinDeutschlandundEuropaaufzustellen.NurmitderUmsetzungzeit-naher Manahmen und einer strategisch ausgerichtetenIndustriepolitikkannsowohlEnergiesicherheitalsauchnachhaltigeWertschpfunginDeutschlandundEuropaerreichtwerden.FreinestarkeWindindustrieinDeutsch-landundEuropabedarfeseinesneuenBlickwinkels,derberdiereinenStromge-stehungskostenhinausgeht.EsgilteinenWegzufinden,WertschpfungundBeschftigunghierzusichernundeinestrategische Schlsseltechnologie im Land undderRegionzufestigen.Felix Rehwald,Presse-sprecher von Enercon:Es gilt einen Weg zu finden,heimische Wertschpfung zu sichern und eine strategische Schlsseltechnologie im Land zu festigen.Insbesondere in den Bereichen Energiesysteme,Netz-und Systemdienste sowie aktives Lastmanagement und Sektor-kopplung sind Innovationen ntig,um Versorgungssicherheit und Importunabhngigkeit zu sichern.“BWE ARBEITSPLATZINITIATIVEBWE ARBEITSPLATZINITIATIVEDie Windenergiebranche bietet Jobs mit PerspektiveLass uns gemeinsam die Energiezukunft gestalten.Mehr unter www.wind-energie.deBild:BayWa r.e.18Windindustrie in DeutschlandWirtschaft sreport|NACHGEFRAGTFrage 1:International,national oder regional Welche Ausrichtung ist Ihrem Unternehmen besonders wichtig?“Die Energiewende und damit verbun-den der Ausbau erneuerbarer Quellen ist eine weltweite Herausforderung,und wir wollen unseren Beitrag dazu leisten,diese zu bewltigen.Mit 60 Standorten in 37 Ln-dern rund um den Globus sind wir berall dort,wo unsere Kunden uns brauchen.”UWE SCHENK,GlobalSegmentManagereMobility&RenewableEnergy,HELUKABELGmbHFr uns ist definitiv die internationale Ausrichtung der Schlssel zum Erfolg.Durch unser internationales Team in den wichtigsten Windmrkten und das breit gefcherte Know-how zum Thema Antriebsstrang sind wir in der Lage,uns auf die wichtigsten internationalen Mrkte zu fokussieren.Die Adaption unserer Pro-dukte auf die eingesetzten Schmierstoffe,die Beratung unserer Kunden in deren Landessprache und die wissenschaftliche Auswertung der Anwendungsergebnisse zeichnen unsere Teams aus.Zu unseren wichtigsten Auslandsmrkten gehren neben Europa und Nordamerika,China und Brasilien,wo das grte Wachstum im Windkraftanlagensektor besteht.”STEFAN BILL,DIPL.-ING.,Geschftsfhrer,REWITECGmbHAlterric wird einen signifikanten Beitrag zu Klimaschutz,Nachhaltigkeit und zum Erhalt der Umwelt leisten.Dafr bringen wir unsere ausgeprgte Energiewende-DNA ein.Und behalten die Werte bei,die schon das Windgeschft unserer Mutterhuser zur Erfolgsgeschichte gemacht haben:Kon-tinuitt,Transparenz und Beziehungen auf Augenhhe.”DR.FRANK MAY,Geschftsfhrer,AlterricUnsere Ausrichtung ist international,ohne die Heimat zu vergessen,denn der Klima-wandel hlt sich nicht an Grenzen.Die Energiemenge der Erde ist konstant und beinahe unendlich.Nutzen wir die Formen,die dem Planeten nicht schaden,berall dort,wo es mglich ist.”MELINA TACKE,CFO,CPCGermaniaGmbH&Co.KGWir weiten unsere Auslandsaktivitten stetig aus,zuletzt auf die USA und Taiwan.Hufig Hand in Hand mit dem Kunden,immer unter Bercksichtigung konomi-scher Sinnhaftigkeit und qualitativer Mach-barkeit.”MATTHIAS BRANDT,Vorstand,DeutscheWindtechnikAGWir setzen vor allem Windenergieprojekte in Deutschland auf intelligente Weise um.Ein Schwerpunkt liegt auf Brandenburg.Die lokale Wertschpfung ist uns bei jedem Projekt sehr wichtig.”HEINRICH LOHMANN,GrnderundGeschftsfhrerderMLK-GruppeFr uns ist die Diversifikation ein ganz wichtiger Aspekt.Wir setzen einerseits auf unsere langjhrigen und stabilen Mrkte wie Frankreich,Finnland,Polen oder Kroatien.Diese Stabilitt und Kontinuitt erlaubt es uns andererseits aber auch,in neuen Bestands-und Wachstumsmrkten Fu zu fassen.Auf diese Weise bauen wir unser Portfolio weiter aus und wachsen nachhaltig.”HENNING RPKE,DirectorInternationalOperations,wpdwindmanagerGmbH&Co.KGWindindustrie in Deutschland19Wirtschaft sreport|NACHGEFRAGTFrage 2:Was war in den letzten 2 Jahren Ihre wichtigste strategischeEntscheidung?“Die konsequente Umsetzung von Modifi-kationen und Upgrades unter Bercksich-tigung technischer und wirtschaftlicher Gesichtspunkte.”ACHIM OEBEL,GeschftsfhrenderGesellschafter,MultigearGmbHEine wichtige Entscheidung war es,Know-how und jahrzehntelange Erfahrung in der Dichtungstechnik fr den Gro-und Schwermaschinenbau in den anspruchs-vollen Wachstumsmarkt Windenergie ein-zubringen.”DIPL.-ING.DIETMAR WOYCINIUK,Geschftsfhrer,TECHNO-PARTSGmbHStrategisch ist der Erwerb des Norderland-Portfolios ein toller Erfolg auch wirt-schaftlich.Damit werden wir unser Ziel,bis 2025 ein Gigawatt Wind in Betrieb zu haben,sicher erreichen.”RALF NIETIET,Geschftsfhrung(Vorsitz),enercityErneuerbareGmbHUnsere Wachstumsstrategie nicht mehr nach geographischen Mrkten auszurich-ten,sondern nach den Zielen unserer Kun-den und so die globale Prsenz und breite Expertise Rambolls voll auszuschpfen.”MEIKE WELLMANNS,Teamleitung Projektentwicklung&BeratungOnshoreWind,RambollDas ist fr unser Unternehmen die stetige Weiterentwicklung der selbstfahrenden,per Funk bedienbaren Transporter in Kombi-nation mit dem Flgeladapter.So finden die immer grer werdenden Rotorbltter selbst durch Wlder oder enge Ortschaften ihren Weg,ohne dass Bume gefllt oder Wege ver-breitert werden mssen.Das erspart einen gewaltigen personellen und finanziellen Mehraufwand und ist gleichzeitig die nach-haltigere Lsung im Vergleich zu den konven-tionellen Transporten durch LKW.”BIRGIT STEIL,Geschftsfhrerin,STEILKRANARBEITENGMBH&CO.KGWir untersttzen die Windindustrie in dem Bestreben,die Nachhaltigkeit zu steigern.”JD MAYER,GF,windcompGmbHDie Entscheidung,wind- als offenes digitales Okosystem auszurichten,um die globale Energiewende mithilfe digi-taler Geschftsprozesse made and operate in Germany zu beschleunigen.”BERND WEIDMANN,CEO,wind-GmbH20Windindustrie in DeutschlandWirtschaftsreport|FACHKRFTEBEDARFFachkrftebedarf:Die Windbranche stellt ein!DerAusbauderWindenergieinDeutschlandgewinntwiederanFahrt.Zuspren bekommtdieBrancheaber,dassihrdurchdieverfehlteEnergiepolitikderVorgnger-RegierungdieFachkrfteabhandengekommensind.Dasmusssichschleunigstndern.Die Arbeit als Servicetechniker garantiert ungewhnliche Perspektiven und hat Zukunft.Foto:Enertrag/Silke ReentsFACHKRFTEBEDARFWindindustrie in Deutschland21Wirtschaftsreport|FACHKRFTEBEDARFSchon lange standen die Zeichen frdieErneuerbarenEnergieninsbesondere die Wind-und Solar-branchenichtmehrsogutwie2022.Zu Beginn des Jahres kndigte Wirt-schafts-undKlimaschutzministerRobertHabeckinseinerErffnungsbilanzKlima-schutzeineAusbauoffensivefrdieEr-neuerbaren an und stellte fr die Wind-energie eine Verdreifachung des jhrli-chen Ausbauvolumens in den kommen-denJahrenbis2030inAussicht.DierussischeInvasioninderUkraineam24.FebruarhatdieNotwendigkeitfrmehrErneuerbare Energien noch einmal unter-strichen.AlsdirekteFolgewurdendieAusbauplnefrdieErneuerbarenEner-giennochmalsverschrft,dennErneuer-bare Energien schtzen nicht nur das Klima,sonderngarantierenauchdieEner-giesicherheitinEuropaundreduzierenAbhngigkeitenvonautoritrenRegimen.DochumdieambitioniertenAusbauzielezurealisieren,densicherenBetriebderAnla-gen zu gewhrleisten und die Herausforde-rungen in einem auf Erneuerbare Energien ausgelegtenStrommarktzumeistern,brauchen die Unternehmen der Wind-branchedringendmehrFachkrfte.SchonjetztsindhierEngpssesprbar:Lauteineraktuellen BWE-Umfrage unter Mitgliedsun-ternehmenhabenfastalleFirmenderzeitoffeneStellenzubesetzen.DieSuchenachArbeitskrftenstelltdieUnternehmeninal-lenBereichenderWertschpfungskettevorgroe Herausforderungen und droht den AusbauderWindenergiezuverzgern.DiejetzigeSituationistaucheinedirekteFolgederverfehltenPolitikdervergangenenJahre:Rund40.00050.000ArbeitspltzegingeninderBrancheseit2016verloren.GleichzeitigbietendieneuenAusbauzieleenormeWertschpfungs-undBeschf-tigungspotenzialefrdiedeutscheundEin Azubi von Enertrag Service wartet eine Enercon E-66 in Nechlin.Foto:Enertrag/Silke ReentsIndustriekletterer im Windpark bei Pinnow.Industriekletterer montieren zustzlich einen Kamm aus dreieckigen Zacken am Rotorblatt einer Windkraftanlage Repower 3.4 M 104 in luftiger Hhe.Die Nachrstung soll Gerusche mindern,wenn die Rotoren sich drehen.Foto:Paul LangrockeuropischeWirtschaft:AlleinmitdemOsterpaket,daseineEEG-Novelleundweitere Sofortmanahmen zum Ausbau derErneuerbarenenthlt,entstehenlauteiner aktuellen Allianzstudie bis 2032 mehr als400.000neueJobs1.HierwerdenAzubisundAbsolvent*innenebensobentigtwieQuereinsteigende mit Berufserfahrung aus anderenIndustriezweigen.InsbesonderefrArbeitskrfteinRegionen,dievomStrukturwandelbetroffensind,knneninderWindindustrielangfristigeBeschfti-gungsperspektivengeschaffenwerden.Die BWE-ArbeitsplatzinitiativeDer BWE zeigt diese Chancen mit einer Arbeitsplatzinitiativeauf.Dabeiwerdenzwei Ziele verfolgt:Zum einen soll die WindenergiealsattraktiverArbeitgeberundZukunftsbranchesichtbargemachtundeinebreiteffentlicheWahrnehmunggeschaffenwerden.HierzuwurdenbereitseineallgemeineInformationsbroschre1Allianz(2022):GermanysEasterpackage:GreatgreenintentionsLINK 22Windindustrie in DeutschlandWirtschaft sreport|FACHKRFTEBEDARFsowieeinpraxisbezogenerFlyer,derbeipotenziellenArbeitnehmerinnenundArbeitnehmern das Interesse fr die Wind-brancheweckensoll,erstelltundVideosproduziert,indeneneinigeBerufsbildervon Mitarbeitenden der Branche vorge-stelltwerden.GeplantsindKooperati onenmitHochschulenundJobmessen,ummglichst viele an der Windenergie In-teressiertezuerreichen.ZustzlichwurdendieThemenundMoti veimRahmeneinerImagekampagneerfolgreichberSocial-Media-Kanleausgespielt,umeinatt rakti vesBildderWindbranchezuvermitt eln.Alsvorlufi gerHhepunktderKampagneistfrAnfang2023einegroeJobmessegeplant,dieBewerber*innenundpotenzielleArbeitgeber*innenzusammenbringensoll.Zum anderen soll der wachsende Bedarf anqualifi ziertenFachkrft eninderBran-chequanti fi ziertundgegenberderPoliti kverdeutlichtwerden.HierzukooperiertderBWEmitdemKompetenzzentrumfrFachkrft esicherung(KoFa)desInsti tutsderdeutschenWirtschaft inKln,dasbereineBefragungvonBranchenpersonalernu.a.diegenauenBedarfefreinzelneBereicheermitt elt.DieVerff entlichungderErgebnisseistfrdas4.Quartal2022geplantunddientalsArgumentati ons-grundlage fr gezielte Ausbildungs-und Frderprogramme.Dafrbedarfeseinerpositi v-pragmati schenGrundsti mmungaufallenpoliti schenEbenen,dieguteRahmenbedingungen fr die Windenergie schafft.DieStolpersteinederletztenJahremssenendlichbeseiti gtwerden!Tenor:Die Branche kann liefern und als Jobmotor fungierenwennmansiedennlsst.Aus der Branche fr die BrancheDieArbeitsplatziniti ati vewurdevomBWE-BeiratKommunikati ongemeinsammitdenMitgliedsunternehmenentwickeltundfi-nanziert.Zielistes,denFachkrft emangelAlle Infos&Materialien sind auch ber die Kampagnenseite verfgbar:www.wind-energie.de/jobzukunft-windJobmesse auf der Husum Wind.Foto:Silke ReentsinderBrancheaufzuzeigenundihmpro-akti ventgegenzuwirken.DieWindenergiebieteteinspannendesundsinnsti ft endesArbeitsumfeldsowievielseiti geundzu-kunft sfhigeJobperspekti ven.VieleMen-schenmchtennichtmehrirgendwas“machen,sonderneinerArbeitnachgehen,dieunseremPlanetenundknft igenGe-nerati onenntzt.Wissenschaft undPoliti ksindsichauerdemeinig,dassdieWind-energieeinerderPfeilerwird,aufdemdieglobaleEnergieversorgungderZukunft aufgebautseinwird.Wirbietenverlssli-chePerspekti venundsindgekommen,umzu bleiben!Darauf knnen sich Berufs-starter*innen wie Quereinsteiger*innen verlassenebensowiederenFamilien!4550403020102JaNeinSind Sie derzeit auf der Suche nach Arbeitskrft enfrIhrUnternehmen?(Quelle:reprsentati veUmfrageunter47BWE-Mitglieds-unternehmen2022)InwelchenBereichensuchenSieamhufi gstenMitarbeiter*innen?(Quelle:reprsentati veUmfrageunter47BWE-Mitgliedsunternehmen2022)TechnikServicePlanungProdukti onFinanzierungBetriebAndereVertriebAdministrati on0246810121416182022242634Q%,5,5%4,5(,5%Gepl.Teilnehmende:600Gepl.Firmen:20Ort:Zoom Events Online-Event Plattform26.27.01.2023KARRIEREMESSE ERNEUERBARE ENERGIENYour KEE to the Future!Zu den Sponsoring-Paketen Zum Event mit ProgrammIHRE VORTEILE AUF EINEN BLICK:Nachwuchskrfte aus Handwerk und Hochschulen Quereinsteiger:innen mit Affinitt zu den Erneuerbaren Professionelle Einweisung in die Software Eigene Workshops und Diskussionsrunden Parallele Meetingrume fr zielgruppengenaue Kommunikation Netzwerken mit der BrancheWeitere Infos unter www.bwe-seminare.de/keeSIE SUCHEN NACHWUCHSKRFTE?Finden Sie geeignete Neu-und Quereinsteiger:innen aus Uni versitt und Handwerk.Unser spannendes Programm zieht viele Besucher:innen an.Gestalten Sie selbst Workshops und Diskussionsrunden,um fr Ihr Unternehmen zu begeistern.In parallelen Meeting-rumen knnen Sie zielgenau verschiedene Berufsgruppen ansprechen.Zustzlich stehen Ihnen Eins-zu-Eins-Meetings zur Verfgung,um Ihre neuen Kontakte zu vertiefen.Freuen Sie sich auf eine technisch entspannte Durchfhrung auf der Messeplattform von Zoom.24Windindustrie in DeutschlandWirtschaftsreport|MARKT INTERNATIONAL2021 zweitstrkstes Jahr fr die Wind-energie und trotzdem nicht genug AuchwenndasJahr2021beimGesamtzubaudenRekord-wertvon2020knappverpasst,zeigtsichdieinternatio-nale Windbranche widerstandsfhig gegenber der an-haltendenCorona-Pandemie.FrdenOffshore-Markt istessogardaserfolgreichsteJahrberhaupt.Allerdings:DerZubauwchstnichtstarkgenug,umdiePariserKlimazielezuerreichen.Es ist nur ein minimaler Unterschied:1,8ProzentpunkteliegtdasJahr2021 beim Windenergiezubau hin-ter2020,demJahrmitdemgrtenwelt-weitenZubau.DerinternationaleDachver-bandGlobalWindEnergyCouncil(GWEC)beziffertinseinemaktuellenGlobalWindReport2022diezugewonneneLeistungdurchWindenergieanlagenauf93,6Giga-watt(GW).Davonentfallen72,5GigawattaufdenOnshore-Bereich,dassind14GWwenigeralsimJahr2020.PositiverstelltsichdieSituationimOffshore-Bereichdar:2021wurden21,1GWzugebaut,mehralsdreimalsovielOffshore-WindwieimJahr2020.InsgesamtlsstderZubau2021diekumulierte weltweite Windenergieleistung um12,4Prozentauf837GWwachsen.Rckgang in China und USA,Wachstum in Europa,Mittelamerika und AfrikaDerasiatisch-pazifischeRaumbleibtweiterhinSpitzenreiterbeimAusbauderWindenergie.ber59ProzentdesZubauswurdenhiergettigt.AufdemzweitenPlatzfolgtEuropamit19ProzentvorNord-amerikamit14Prozent.DieTop5-MrktebliebenidentischimVergleichzumVor-jahr:China(51Prozent),USA(14Prozent),Brasilien(4Prozent),Vietnam(4Prozent)undGrobritannien(3Prozent)zeichnenfr 72 Prozent des weltweiten Ausbaus im Jahr2021verantwortlich.Der Windmarkt hat sich 2021 sehr unter-schiedlichentwickelt.IndenzweiHaupt-mrkten China und den USA gab es deut-licheRckgngebeiderInstallationneuerWindenergieanlagen im Vergleich zum Vorjahr(China:-39Prozent,USA:-25Prozent).BeimchinesischenMarktliegtdiesvorallemanderneuenNetzparitt“:Bis Ende 2020 gebaute Anlagen erhielten eineneigenenEinspeisetarif,seitdem1.Januar2021orientiertsichderPreisandemKursfrKohlestrom.DerRckgangauf dem US-amerikanischen Markt ist dagegenvorallemaufLieferketten-Pro-bleme,Corona-AuswirkungenunddieVerlngerungvonFristenzurInbetrieb-nahmebegonnenerBauprojektezurckzu-fhren.BeideMrktehattenimJahr2020enorme Wachstumsraten vorzuweisen und sorgten 2021 trotz der geringeren Zu-baurateimmernochfrberzweiDrittelderweltweitenOnshore-Installationen.Windenergieausbau fr Pariser Klimaziele nicht ausreichendWindboomt:DerVerbandGWECschtztdiedurchschnittlichejhrlicheWachs-tumsrate(CAGR)frdieJahre2022-2026auf6,6Prozent.BiszumJahr2026werdenMARKT INTERNATIONALWindindustrie in Deutschland25Wirtschaftsreport|MARKT INTERNATIONAL Corriegarth Windpark in Schottland.Enercon konnte 2022 in Grobritannien 125 MW im Rahmen von nicht subventionierten Projekten installieren.Foto:Enercon Vietnam:Dong Hai,Tra Vinh 1 Nearshore-Windpark bestckt mit Siemens Gamesa 5.0-145 Windkraftanlagen.Foto:Siemens Gamesa26Windindustrie in DeutschlandWirtschaftsreport|MARKT INTERNATIONALjhrlichca.110GWLeistunganOn-undOffshore-Windenergieerwartet,dieRekordjahre 2020 und 2021 werden somit in den kommenden Jahren nochmals ber-troffen.AuchderAnteilderOffshore-Leis-tung wird den Prognosen des Weltverban-des zufolge in den kommenden Jahren von 22,5Prozentauf24,4Prozentanwachsen.Trotz der starken Zuwchse im Jahr 2021 bleibt die Windenergie immer weiter hinter den Zielen des Pariser Klimaab-kommenszurck.Der2021erReportdesWeltklimarats(IPCC)zeigtauf,dassohneeinesofortigeundumfassendeReduktionder Treibhausgase bis zum Jahr 2030 eine maximaleErderwrmungum1,5-2,0Cbis zum Jahr 2100 nicht zu erreichen sein wird.BeidermomentanenZubauratewrdenlautGWECwenigeralszweiDrittelderbentigtenWindleistungfrdas1,5-Zielbis2030realisiertwerdenknnen.Windenergie bentigt massiven SchubDerAnstiegdesLeistungszubausreichtdemnachnichtaus,umdiePariserKlima-zielesowiedasNetto-Null-Ziel“hinsicht-lichdesAusstoesvonCO2zuerreichen.DennochbestehtHoffnung,denndieEnergiepolitikistweltweitinBewegung.InsbesondereaufeuropischerEbenewirdderzeiteineWelleneuerpolitischerInitiativendiskutiert.InseinemJahresre-portkommtGWECdaherzudemSchluss,dassdieFnfjahresprognosefrdenweltweiten Zubau der Windenergie noch deutlich nach oben korrigiert werden knnte.DiepolitischenEntscheidungs-trgermsstendafrjedochkurzfristigdieGenehmigungsverfahrenfrWindkraft-projektebeschleunigenundmittelfristigstrukturelle nderungen des Marktdesigns einleiten.NursoknntendiegestecktenKlima-undEnergiezieleerreichtwerden.Energiesicherheit rckt in den FokusDerseitFebruar2022andauerndeKrieginderUkrainehatdieEnergiepolitikaufeineneueArtgetroffen.DiederzeitigeglobaleEnergiekrisehatdieanhaltendenGefahrenderAbhngigkeitvonfossilenBrennstoffenfrunsereEnergieversorgungaufgezeigt“,sagtBenBrackwell,CEOvonGWEC.Dierussische Invasion in die Ukraine halte ganzeLnderalsGeiselnundoffenbaredieHerausforderungen im Bereich der Ener-giesicherheit.DiegestiegenenEnergieprei-se sorgten zudem fr Milliardengewinne beidenlkonzernen.EswirdvonTagzuTagdeutlicher,dasswirZeugeneineskolossalenPolitik-undMarktversagensinBezug auf die Bereitstellung der notwen-digenInvestitionssignalefrdieEnergie-wendesind.“NebendemKlimawandelist die Energiesicherheit somit zu einem zentralenpolitischenThemageworden.Goldwind-Turbinen im Nordosten Chinas.Foto:GoldwindWindindustrie in Deutschland27Wirtschaft sreport|MARKT INTERNATIONALDie Erneuerbaren knnen die aktuelle Energiekrise nicht lsen aber die nchsteBrackwell zufolge werde die durch die russische Invasion ausgelste Energiekrise nocheinigeJahreaufdieWeltwirtschaft einwirken.DennochknntenjetztdieWei-93.695.320172018201920202021-1.8I.046.354.688.472.5OnshoreOffshore4.5 4.4 6.2 6.9 21.1 60.850.753.5Brasilien Projekt Tucano.Foto:Siemens Gamesachengestelltwerden,umdieAbhngig-keitvonfossilenBrennstoff enzuverringernunddieerneuerbarenEnergienzufrdern.Die Windindustrie ist eine Schlsselres-source.EsgibtimwahrstenSinnedesWortesTerawatt(TW)anschaufelferti genProjekten,wenndieRegierungenSofortmanahmenergreifen,umGe-nehmigungenundandereadministrati veHindernissezubeseiti gen.“SoknnemannichtnurinpunctoKlimaschutzdendringendnotwendigenFortschritt erreichen,sondernauchdiedezentrali-sierte Energieversorgung und somit die Versorgungssicherheitweltweitstrken.Wie bereits in den vergangenen Jahren liegtesanderPoliti k,dieWeichenzustel-len.ImGegensatzzu2021unddenJahrendavoristnunaberdeutlichepoliti scheBewegungaufnati onalerundinterna-ti onalerEbeneerkennbar.DeraktuelleFokusaufdieEnergiepoliti kdarfjedochnichtinkurzfristi genundkurzsichti genManahmenverpuff en.VielmehrgiltesnundieangespannteLageunddenDruckdurchKlimaerwrmung,steigendeKostenund mangelnde Energiesicherheit zu nutzen,umschnellwirkende,nachhalti geLsungenfreinenbedeutendenAnsti egdererneuerbarenEnergienzuschaff en.Die jetzige Energiekrise knnen die Er-neuerbarennichtalleinestemmenmitderrichti genVorarbeitaberdienchste.DieDatenfrdieNeuinstallati onen2020wurdenanhanddervomGWECgeliefertenAngabenangepasst.Neuinstallati onen(inGW)28Windindustrie in DeutschlandWirtschaft sreport|MARKT INTERNATIONAL ONSHOREUSATotal:134.3542021:12.7472020:16.913MexikoTotal:7.2622021:4732020:574BrasilienTotal:21.5802021:3.8302020:2.297ChileTotal:3.4442021:6152020:684ArgentinienTotal:3.2872021:6692020:1.014KanadaTotal:14.2552021:6772020:165Neu installierte Leistung72,5 GW(2021)Installierte Gesamtleistung780,3 GW(2021)USAGesamt:17,2%Neu:17,6%ChinaGesamt:39,8%Neu:42,3utschlandGesamt:7,3%Neu:2,7%IndienGesamt:5,1%Neu:2,0%VietnamGesamt:Neu:3,7%SpanienGesamt:3,6%Neu:UKGesamt:1,8%Neu:Regionen Anteil an Gesamtleistung(GW onshore,in Prozent)/Anteil an 2021 neu installierter Leistung(GW onshore,in Prozent)BrasilienGesamt:2,8%Neu:5,3%FrankreichGesamt:2,5%Neu:1,6%SchwedenGesamt:1,5%Neu:2,9%TrkeiGesamt:Neu:1,9%KanadaGesamt:1,8%Neu:AustralienGesamt:Neu:2,4%Rest der WeltGesamt:16,6%Neu:17,5tenbasis:GWEC;Grafi scheAufb ereitung:BWEWindleistung weltweit(onshore)Weltweit installierte Gesamtleistung/2021 neu installierte LeistungWindindustrie in Deutschland29Wirtschaft sreport|MARKT INTERNATIONAL ONSHOREDeutschlandDeutschlandDeutschlandTotal:56.814Total:56.8142021:1.9252020:2020:2020:1.4311.4311.4311.4311.431SchwedenSchwedenSchwedenSchwedenTotal:10.002Total:10.002Total:10.002Total:10.002Total:10.0022021:2.1042021:2.1042021:2.1042021:2.1042021:2.1042021:2.1042021:2.1042021:2.1042020:2020:2020:2020:2020:2020:1.0071.0071.0071.007gyptengyptengyptengyptengyptenTotal:1.702Total:1.702Total:1.702Total:1.702Total:1.7022021:2372021:2372021:2372021:2372021:2372021:2372020:132020:132020:132020:132020:132020:13KeniaTotal:4402021:1022021:1022021:1022020:0SdafrikaSdafrikaSdafrikaSdafrikaSdafrikaSdafrikaSdafrikaSdafrikaSdafrikaSdafrikaSdafrikaSdafrikaTotal:3.163Total:3.163Total:3.163Total:3.163Total:3.163Total:3.163Total:3.163Total:3.1632021:6682021:6682021:6682021:6682021:6682021:6682020:5152020:5152020:5152020:5152020:5152020:5152020:5152020:515PakistanTotal:1.516Total:1.516Total:1.516Total:1.5162021:2292021:2292021:2292021:2292020:48TrkeiTotal:10.6812021:1.4002021:1.4002021:1.4002021:1.4002020:2020:2020:2020:1.225ChinaTotal:310.6292021:30.6702021:30.6702021:30.6702021:30.6702020:50.57650.57650.57650.576JapanTotal:4.5232021:2112020:551FrankreichFrankreichFrankreichFrankreichFrankreichTotal:19.131Total:19.131Total:19.131Total:19.131Total:19.131Total:19.131Total:19.1312021:1.1922021:1.1922021:1.1922021:1.1922021:1.1922021:1.1922020:1.3181.3181.318UKTotal:14.0642021:3282020:122IndienTotal:40.0842021:1.4592020:1.119ThailandTotal:1.554Total:1.554Total:1.5542021:162020:02020:02020:0PhilippinenPhilippinenPhilippinenTotal:427Total:427Total:4272021:02020:0AustralienTotal:9.0412021:1.7462020:1.097SdkoreaSdkoreaTotal:1.5792021:642020:100VietnamTotal:3.2312021:2.7172020:125Inst.Gesamtleistung(onshore,in MW)100 Tsd.MWAsien/Paziik58,9U,2 GWAfrika/Mittl.Osten1,9%1,8 GWNordamerika14,3,4 GWMittel-und Sdamerika6,2%5,8 GWEuropa18,6,4 GWDatenbasis:GWEC;Grafi scheAufb ereitung:BWEDatenbasis:GWEC;Grafi scheAufb ereitung:BWE2021 neu installierte Leistung nach Regionen(On-/Offshore,in Prozent)30Windindustrie in DeutschlandWirtschaft sreport|INTERVIEW WINDEUROPEMr.Dickson,wie sind die wirtschaft-lichen Aussichten fr die Wind-energie-Unternehmen in Europa?Hier gilt es zu unterscheiden zwischen den langfristigen Aussichten und den unmittelbaren Aussichten fr die kom-menden 23 Jahre.Wenn wir etwas weiter in die Zukunft schauen,steht fest:Die Windenergie wird zur zentralen Sule des europi-schen Energiesystems aufsteigen.Dieses Energiesystem wird in der Zukunft in weiten Teilen elektrifiziert sein.Derzeit macht Strom nur 25s europischen Energieverbrauchs aus.Die brigen 75%stammen weitest-gehend aus fossilen Brennstoffen:das Benzin in unseren Autos,das Gas in unseren Heizungen,das Kerosin in Ambitionierte Ausbauziele allein reichen nicht aus.“EIN INTERVIEW MIT GILES DICKSONCEO WINDEUROPEunseren Flugzeugen etc.Das wird sich sehr schnell ndern.Bereits im Jahr 2050 werden 75s europischen Energiesystems auf Strom basieren.57s Energieverbrauchs werden dann direkt elektrifiziert sein,etwa durch E-Mobilitt oder Wrmepumpen.Weitere 18%werden indirekt elektri-fiziert,etwa durch erneuerbaren Wasserstoff.Windenergie wird zur wichtigsten Stromquelle in der EU aufsteigen.Im Jahr 2050 werden 50s Stroms in der EU von Windenergie-anlagen erzeugt werden,heute sind es lediglich 15%.Dafr werden wir die installierte Windenergieleistung von heute weniger als 200 GW auf 1.300 GW im Jahr 2050 erhhen.Das sind ideale Aussichten fr Unternehmen und Investoren.und wie steht es um die derzeitige Lage der Branche?Kurzfristig gestaltet sich die Situation wesentlich komplizierter.Die europi-sche Windenergiebranche sieht sich einer Vielzahl von berlappenden Herausforderungen gegenber:der Unterbrechung internationaler Han-delsketten im Zuge der COVID 19-Pande-mie,steigender Rohstoff-und Logis-tikkosten,dem Krieg in der Ukraine und damit einhergehend den Sanktionen auf russische Importe.All das erzeugt zustzliche Kosten fr unsere Unter-nehmen,die bereits vor diesen externen Schocks mit kleinen Margen arbeiten mussten.Das Resultat:Keiner der fnf europischen Hersteller von Wind-energieanlagen macht derzeit Gewinn eine Situation,die sich schnellstmg-lich ndern muss,wenn wir die Energie-wende mit Technologie aus Deutschland und Europa vollziehen wollen.Das erfordert kluge Handels-und Industrie-politik,mehr Genehmigungen fr neue Windenergieprojekte und eine gezielte Frderung der europischen Wert-schpfungskette.Und damit noch nicht genug:Digitalisierung,Fachkrfte-mangel und Ressourcenabhngigkeit sind weitere Themen,die im Zuge des Ausbaus der Windenergie bis 2050 angegangen werden mssen.In REPowerEU,der energiepolitischen Antwort auf den russischen Krieg in der Ukraine,hat die EU-Kommission den Ausbau der Erneuerbaren Energie als essentielle Technologie zur Reduktion der Abhngigkeit von russischen Energieimporten festgeschrieben.Foto:Paul LangrockWindindustrie in Deutschland31Wirtschaftsreport|INTERVIEW WINDEUROPEWas ist die grte Herausforderung:Fachkrftebedarf,reiende Liefer-ketten oder doch nationale(bro-kratische)Vorgaben?Eine gute Frage.Sicherlich muss die Branche alle drei Herausforderungen angehen.Ohne Genehmigungen fr neue Windparks braucht es aber weder Rohstoffe und Komponenten noch zustzliches Personal.Die schleppende Genehmigungssituation ist und bleibt die grte Herausforderung auf dem Weg zur Erreichung der Erneuerbaren-Ziele der EU.Genehmigungsverfahren dauern zu lang und sind zu komplex.Die bearbeitenden Behrden mssen dringend digitalisiert und personell aufgerstet werden,um die zu erwar-tende Welle an Genehmigungsantrgen effizient bearbeiten zu knnen.In Deutschland wurden im europischen Vergleich bereits einige Fortschritte gemacht.Der ehemalige Wirtschafts-minister Peter Altmaier hat einen Aktionsplan Genehmigungen vorgelegt.Sein Nachfolger Robert Habeck hat mit dem Osterpaket bereits einige Hrden abgerumt.Im Sommerpaket gilt es nun die verbleibenden Hindernisse anzu-gehen.Dabei wird nicht zuletzt die Balance zwischen Windenergieausbau und Natur-und Artenschutz im Vorder-grund stehen.Zudem sollte die Bundes-regierung die sehr guten Vorschlge der EU-Kommission aus dem REPower-EU Action Plan schnellstmglich umsetzen.Was kann die Branche gegen diese Missstnde tun oder ist hier eher die Politik gefordert?Der Fachkrftemangel und die Liefer-kettenproblematik knnen in groen Teilen durch die Branche angegangen werden,etwa durch gezielte Kampag-nen in Schulen und Hochschulen oder durch eine Neuausrichtung der inter-nationalen Lieferketten und eine Strkung des europischen Zulieferer-markts.Aber auch die Regierungen sind gefragt:Lehrplne mssen angepasst und junge Kinder von frh an fr tech-nische Berufe begeistert werden.Die Universitten mssen ihre Studiengnge noch strker am tatschlichen Bedarf windenergiespezifischer Qualifikatio-nen ausrichten.In Sachen Genehmi-gungsverfahren liegt die Verantwortung ganz klar bei der Politik.Ambitionierte Ausbauziele allein reichen nicht aus.Ohne ausreichend neue Genehmigungen sind diese Ziele nicht erreichbar.Was sind fr WindEurope im kommenden Jahr die wichtigsten Projekte?Das kommende Jahr wird viele unvorher-sehbare Entwicklungen mit sich bringen.Energiepolitik wird dabei die politische Agenda in Berlin und Brssel dominie-ren.Die Politik wird schwierige und weitreichende Entscheidungen treffen mssen.Dies kann neben Last-Resort-Manahmen wie Rationierungen von Gas und Elektrizitt auch eine Neugestaltung des Strommarktdesigns in der EU beinhalten.In all diesen Diskussionen wird sich WindEurope auch in Zukunft dafr einsetzen,dass die Windenergie einen angemessenen Platz in den Plnen der EU einnimmt.In REPowerEU,der energie-politischen Antwort auf den russischen Krieg in der Ukraine,hat die EU-Kom-mission den Ausbau der Erneuerbaren Energien als essentielle Technologie zur Reduktion der Abhngigkeit von russi-schen Energieimporten festgeschrieben.Der Ausbau ist nun im berragenden ffentlichen Interesse“und soll deutlich beschleunigt werden.Auch das Winter Preparedness Package Save gas for a safe winter”,das die Kommission im Juli vorgestellt hat,enthlt wichtige Bekennt-nisse zum Ausbau der Erneuerbaren Energien.Jetzt geht es darum,wie die gesteigerten Ausbaumengen bis zu 10 GW Onshore-Wind pro Jahr in Deutsch-land erreicht werden knnen.Dabei mssen wir auch sicherstellen,dass unsere Unternehmen wieder gewinn-bringend produzieren knnen und unsere Anlagen auch in Zukunft in Europa gefertigt werden.Vielen Dank,Mr.Dickson!Die Begeisterung fr technische Berufe kann durch frhe Gestaltung von Lerninhalten an der Schule und beim Studium gefrdert werden und somit dem Fachkrftemangel entgegenwirken.Foto:eno energyNeunter WindEnergy trend:index:Stimmung in Deutschland so gut wie nieInderneuntenAuflagedesWindEnergytrend:indexwirdderWindenergiemarkt fralleRegionenpositivbewertet.WhrenddieMrkteinEuropa,AsienundNord-amerikabereitsindenvorherigenUmfragenoptimistischeingeschtztwurdenunddieseErgebnissenunweitgehendbesttigtwurden,kannDeutschlandseineWerteimVergleichzurletztenBefragungimHerbst2021starkverbessern:NachdennegativenbisneutralenErgebnissenderletztenJahrewirddieaktuelleundzuknftigeMarkt-situationnunalssehrpositiveingeschtzt.STIMMUNGSBAROMETER WETIXImFrhjahr2022wurdederneunteWindEnergytrend:index(WEtix)durch-gefhrt.DerWindEnergytrend:indexisteinStimmungsbarometerfrdieBranche,dasvonderWindEnergyHam-burg,derWeltleitmessefrOn-undOff-shore-Windenergie,inZusammenarbeitmitwind:research,demfhrendenMarkt-forschungsinstitutfrWindenergie,er-stelltwird.DieBefragunguntersuchtu.a.die Potenziale in der Windenergie im On-undOffshore-BereichinAsien,Europa,Nordamerika,RestderWelt“undDeutschland.Im Rahmen der neunten Umfrage haben knapp900PersonenihreEinschtzungzuden Entwicklungen der weltweiten On-undOffshore-Windindustrieabgege-beninsgesamtnahmendamitseit2018ber9.400ExpertinnenundExpertenamWEtixteil.DieTeilnehmendendesWEtixsindentlangdergesamtenWertschp-fungskettettig.DabeisinddieBereicheWirtschaftsreport|STIMMUNGSBAROMETERWETIX32Windindustrie in DeutschlandBetriebundWartung(41Prozent),Her-stellung(38Prozent,insbesondereBauvonTurbinenundFertigungvonFunda-menten),PlanungundProjektierung(38Prozent)sowieInstallation(18Prozent)besondershufigvertreten.DieHauptttigkeitsgebietederTeilneh-menden konzentrieren sich auf den europischenRaum,etwa71ProzentderBefragtensindhauptschlichinDeutsch-landttig,ca.66ProzentberwiegendinEuropaundjeweilsetwa30ProzentsindinNordamerikaundAsienaktiv.ImRestderWelt“sind24ProzentderBefragtenttig.Kurzfristig sehr positive Aussichten fr die Onshore-Windenergie erwartetDer globale Markt fr die Onshore-Wind-industrie in den kommenden zwlf Monaten wird fr alle Regionen mit leichten Zuwchsen weiterhin deutlich positiveingeschtzt.DengrtenSprungmachtEuropa,dessenWertenunfastgleichauf mit denen von Asien und Nordamerikaliegen.HinsichtlichdeslangfristigenAusblicksaufdiekommendenzwei Jahre erhalten alle Regionen noch einmaldeutlichbessereWerte.Asien,Europa,NordamerikaundderRestderWelt“liegenallesamtimsehrpositivenBereichundknnen,mitAusnahmevonderGruppeRestderWelt“,ihreWerteimVergleichzurletztenUmfrageverbessern.Den grten Sprung macht Europa,dessen Werte nun fast gleichauf mit denen von Asien und Nordamerika liegen.Hinsichtlich des langfristigen Ausblicks auf die kommenden zwei Jahre konnten fast alle Regionen ihre Werte im Vergleich zur letzten Umfrage verbessern.Windindustrie in Deutschland33Wirtschaftsreport|STIMMUNGSBAROMETERWETIXAusblick auf die Offshore-Windindustrie bis 2024:Asien,Europa und Nordamerika erhalten Werte nahe der BestmarkeBeiderFragenachderMarktsituationinderOffshore-Windindustrieindenkom-menden zwlf Monaten gewinnen alle Regionendeutlichhinzu.ImVergleichzurUmfrageimHerbst2021konntenAsien,EuropaundNordamerikaihreWertedeutlich verbessern und liegen nun mit individuellenBestwertenimpositivenbissehrpositivenBereich.WhrendAsienbeidieserFragebereitsseitdemWEtiximHerbst2019guteErgebnisseerzielthat,hat sich die Bewertung fr Nordamerika undEuropaimVergleichzumMittelderletztenJahredeutlichverbessert.AuchderRestderWelt“konnteseineWerteseitderUmfrageimHerbst2020kontinuierlichsteigern und erreicht nun ebenfalls Ergeb-nisseimpositivenBereich.DieErwartungenandieZukunftderOff-shore-Windindustrie sind gleichfalls sehr positiv:Asien,EuropaundNordamerikaknnen ihre sehr guten Ergebnisse der letzten Umfragen halten und liegen weiter-hinfastgleichaufnahedesOptimums.DerWertderGruppeRestderWelt“verbleibtweiterhinimmittlerenpositivenBereich.Aufwrtstrend fr Deutschland:aktuelle und zuknftige Marktsituation wird positiv eingeschtzt Whrend in der vorherigen Umfrage im Herbst2021dieSituationfrdiedeutscheOnshore-Windindustrie in den kommen-den zwlf Monaten noch verhalten mit leichtnegativenNotenbewertetwurde,schtzen die Teilnehmerinnen und TeilnehmerdieseimneuntenWEtixalssehrpositivein;Deutschlandkanndamitzu den guten Werten der anderen Regio-nenaufschlieen.AuchbeiderEinscht-zungnachderZukunftdesOnshore-Wind-markts erreicht Deutschland seine mit Q2/18Q2/19Q4/18Q4/19Q2/20Q4/20Q2/21Q4/21Q2/22IndexWie bewerten Sie den globalen Markt fr die Onshore-Windindustrie in den kommenden 12 Monaten?DeutschlandEuropa(inkl.D)NordamerikaAsienRest der WeltWie bewerten Sie den globalen Markt fr die Onshore-Windindustrie in zwei Jahren?DeutschlandEuropa(inkl.D)NordamerikaAsienRest der WeltQ2/18Q2/19Q4/18Q4/19Q2/20Q4/20Q2/21Q4/21Q2/22IndexWie bewerten Sie den globalen Markt fr die Onshore-Windindustrie in den kommenden zwlf Monaten?Wie bewerten Sie den globalen Markt fr die Onshore-Windindustrie in zwei Jahren?Abbildung 1:Bewertung des globalen Markts fr die Onshore-Windenergie in den kommenden zwlf Monaten und in zwei Jahren34Windindustrie in DeutschlandWirtschaftsreport|STIMMUNGSBAROMETERWETIXAbstand besten Ergebnisse seit Beginn des WEtix.NachdemUmfragetiefimHerbst2019 wird der Markt fr die Onshore-Windindustrie in Deutschland seit zwei Jahrennunsehrpositivbewertet,mithnlichgutenErgebnissenwiefrAsien,EuropaundNordamerika.AuchinBezugaufdieOffshore-Windindus-triewirddieSituationfrdendeutschenMarkt viel besser beurteilt als in den letztenJahren.BeiderFragezurBewer-tung des Markts in den kommenden zwlf Monaten kann Deutschland den strksten WiehochschtzenSiedieWahrscheinlichkeitein,dassdieProduktionvon grnem Wasserstoff in den nchsten zwei Jahren eine wesentliche Rolle frdieWindenergiespielenwird?StimmenzuwachsverzeichnenundschlietmitseinemErgebniszudenSpitzenwertenvonAsien,NordamerikaundEuropaauf.UndauchdieZukunftderdeutschenOffshore-Windindustriewirdsehroptimis-tischgesehen:DieBundesrepublikliegtnach der neunten Umfrage nun fast gleich-aufmitAsien,EuropaundNordamerika.Mehrheit der Befragten erwartet durch grnen Wasserstoff hohen bis sehr hohen Einfluss auf die Windenergie Insgesamt schtzen ber 55 Prozent der Befragten die Wahrscheinlichkeit als hoch bissehrhochein,dassdieProduktionvongrnemWasserstoffindennchstenzweiJahren eine wesentliche Rolle fr die Windenergiespielenwird.DieWertesinddamit hnlich hoch wie in den vergange-nenUmfragen.Durch den Krieg in der Ukraine werden imFrhjahr2022nurkurzfristignegativeAuswirkungen auf die Windenergie-industrie befrchtet:Whrend etwa 50 bis 55 Prozent der Teilnehmenden des neuntenWEtixkurzfristignegativebissehrnegativeEffekteaufdieIndustrieerwarten,zumBeispielaufgrundunter-brochenerLieferkettenoderAuswir-kungenderSanktionengegenRussland,vermutenzwischen25undknapp30ProzentpositiveBegleiterscheinungenfrdieWindenergie.Weitere20ProzenterwartenkeinerleinennenswerteFolgen.Der Markt fr die Onshore-Windindustrie in Deutschland wird nun sehr positiv bewertet,mit hnlich guten Ergebnissen wie fr Asien,Europa und Nordamerika.Auch in Bezug auf die Offshore-Windindustrie wird die Situation fr den deutschen Markt viel besser beurteilt als in den letzten Jahren.0.0.0 .0.00.0P.0.0p.0.0.00.0%Q2/20Q4/20Q4/21Q2/22Q2/219.2 .9.14.1.1.5!.3.14.1.0.9.3.78.1.0%5.5#.2.56.3 .4%Sehr niedrigNiedrigMittelHochSehr hoch7.6.1.36.5.5bildung2:BewertungderRollevongrnemWasserstofffrdieWindenergieindennchstenzweiJahrenWindindustrie in Deutschland35Wirtschaft sreport|NACHGEFRAGTFrage 3:Digitalisierung/KI,Leis-tungssteigerung,Logistik Wo sehen Sie den strksten Treiber fr Ihre Branche?“Frage 4:Die Branche hat einen groen Fachkrftebedarf.Was tut Ihr Unternehmen,um neues Personalanzuwerben?“Frage 5:Lieferkettenprobleme,ge-setzliche Rahmenbedingungen,Perso-nalbedarf Wo sehen Sie die grten Herausforderungen auf die Branche zukommen und wie ist Ihr Unternehmen dagegen gewappnet?“Die Grndung der Geschftseinheit Energy&Power Solutions setzt ein klares Signal fr den wachsenden Energiesektor.Zusam-men mit dem Schwesterunternehmen Eplan entwickeln wir,im Dialog mit den Kunden,Lsungen stetig weiter.Eine wichtige Rolle spielen dabei auch cloudbasierte Lsungen.Denn der Schlssel zu mehr Produktivitt im Schaltschrankbau liegt in der digitalen Integration und Datendurchgngigkeit ent-lang der gesamten Wertschpfungskette.”FRANZISKA HAIN,VerticalMarketManagerEnergy,RittalGmbH&Co.KGDie politisch gewnschte Inbetriebnahme neuer Netze im Rahmen des Netzausbaus fr die Energiewende und der Ausbau der Breitbandinfrastruktur erhhen den Bedarf nach einem zentral verfgbaren Anfrageportal fr Planungs-und Bauvor-haben.Die hhere Ausfallwahrscheinlich-keit,auch der unterirdischen Infrastruktur der Neuen Energien,in Folge von Bauma-nahmen und Parallelverlegungen macht den Fokus auf Schadens-Prvention umso dringlicher.”JENS FOCKE,Geschftsfhrer,BILeGDigitale und raumbezogene Geschfts-prozesse sind fr die Planung,Errichtung und den Betrieb von Windkraftanlagen unerlsslich.Unsere Portallsungen sind ein wichtiger Baustein fr einen schnellen und sicheren Ausbau und Betrieb der Wind-energie in Deutschland!”JRGEN BESLER,Geschftsfhrer,infrestInfrastruktureStrasseGmbHNatrlich steht auch HAWART dem Fach-krftemangel gegenber,setzt auf eigene Ausbildung in smtlichen Bereichen von der Werkstatt bis zum/zur Produktdesigner*in.Auch in mnnerdominierten Berufsfeldern wie z.B.dem Metallbauer setzen wir auf eine offene und moderne Strategie,sodass wir gerne und zunehmend weibliche Auszu-bildende in jene Berufsfelder mit groem Erfolg integrieren.Mit ber 10%Azubis sind wir insgesamt gut aufgestellt und setzen auf eine langfristige Zusammenarbeit.”JONAS KEUNE-STUIS(B.ENG.|E.MBA),Geschftsfhrer,HAWARTSondermaschinenbauGmbHAngesichts der steigenden Nachfrage nach der Installation neuer Erzeugungskapazi-tten aus erneuerbaren Energiequellen sind Verzgerungen in der Lieferkette fr die Anlagen absehbar,die auf begrenzte Produktionskapazitten und auch auf die weltweite Krise bei einigen Materialien und Komponenten zurckzufhren sind.”TOLGA ZKARAKAS,Geschftsfhrer,DornierConstructionandServiceGmbH36Windindustrie in DeutschlandWirtschaft sreport|INTERVIEWOFFSHOREWindindustrie in Deutschland(WID):Herr Thimm,der weltweite Zubau der Offshore-Windenergie hat sich 2021(21,1 GW)im Vergleich zum Vorjahr 2020(6,1 GW)mehr als verdreifacht.Wie bewerten Sie die-sen Anstieg?Grundstzlich ist diese Entwicklung sehr zu begren.Was die Stimmung allerdings trbt,ist,dass der Ausbau grtenteils auerhalb Europas statt-findet.Allein China hat im letzten Jahr 16 Gigawatt Offshore-Windenergie zugebaut.In Deutschland hingegen ist kein einziges neues Offshore-Windrad ans Netz gegangen.Umso wichtiger,dass mit dem neuen Windenergie-auf-See-Gesetz(WindSeeG)endlich eine gute Perspektive geschaffen wird.Wird der Ausbau der weltweiten Off-shore-Windenergie weiter in diesem Tempo voranschreiten knnen?Daran fhrt gar kein Weg vorbei.Wir stecken in einer globalen Klimakrise,der wir mit einem massiven Ausbau EIN INTERVIEW MIT STEFAN THIMM STEFANTHIMMISTSEITDEM1.JANUAR2020GESCHFTSFHRERDESBUNDESVERBANDSDERWINDPARKBETREIBEROFFSHOREE.V.(BWO).ZUVORWARTHIMMSEIT2002BEIMBUNDES-VERBANDDERENERGIE-UNDWASSERWIRT-SCHAFTE.V.(BDEW)TTIGSEIT2009ALSFACHGEBIETSLEITERERNEUERBAREENERGIEN“.STEFANTHIMMHATPOLITIKWISSENSCHAFTENUNDGESCHICHTEANDERUNIVERSITTBONNSTUDIERT.aller erneuerbaren Energien begegnen mssen.Wichtig ist,dass wir dabei auch die Hrden frhzeitig mitdenken:Par-allel zum Ausbau steigt auch die Nach-frage nach qualifizierten Arbeitskrften,Produktions-,Schiffs-und Hafenkapazi-tten,Kabeln sowie aller fr den Ausbau Verdoppelt und verdreifacht:Der groe Boom derOffshore-Windenergie?Die zugebaute Leistung von Windenergieanlagen auf See hat sich 2021 im Vergleich zumVorjahr2020mehralsverdreifacht.DerWeltwindverbandGWECrechnetmiteinerstarkbleibendenWachstumsprognose.BleibtderOff shore-Boom“?WiesiehtdieLageinDeutschlandaus?WirhabenmitStefanThimm,Geschft sfhrerdesBundesverbandsderWindparkbetreiberOff shore(BWO)gesprochen.notwendigen Ressourcen.Aus unserer Sicht braucht es zum einen eine groe Qualifizierungsoffensive,um den schon heute sprbaren Personalmangel abzu-federn,zum anderen eine grundstz-liche Strkung der gesamten Offshore-Wertschpfungskette.In Deutschland sieht die Lage anders aus als im weltweiten Vergleich:Wie Sie bereits sagten,sind hier im Jahr 2021 und der ersten Hlfte des Jahres 2022 gar keine Offshore-Windener-gieanlagen zugebaut worden.Was hat den Ausbau in der Bundesrepublik zum Stillstand gebracht?Hier knnte ich jetzt sehr weit ausholen.Kurz zusammengefasst:Mit dem 2017 verabschiedeten WindSeeG wurde das sogenannte zentrale Modell“fr den Offshore-Windenergieausbau in Deutschland eingefhrt.Das bedeutet,dass Unternehmen nun nicht mehr selbst Flchen auf dem Meer auswhlen und bebauen knnen,sondern dass die entsprechenden Flchen staatlich vor-untersucht und in vorab festgelegter OFFSHOREWindindustrie in Deutschland37 Rescue-Training im Windpark Deutsche Bucht.Foto:Ulrich Mertens Servicetransportschiff Albert Betz mit Walk-to-Work-Gangway mit ferngesteuerter Lastkatze im Windpark Deutsche Bucht.Foto:Ulrich MertensWirtschaftsreport|INTERVIEWOFFSHORE38Windindustrie in DeutschlandReihenfolge zentral ausgeschrieben werden.Ziel der Umstellung war vor allem,Offshore-Windenergie-und Netz-ausbau zu synchronisieren,damit der in den Offshore-Windparks produzierte Strom auch rechtzeitig in die Verbrauchs-zentren an Land gelangt.Dieses Ziel konnte mit der Umstellung erreicht werden.Der negative Nebeneffekt:Die Zentralisierung hat uns wertvolle Zeit gekostet.Kurioserweise will die Bundes-regierung jetzt wieder erreichen,dass Unternehmen auch auf nicht vorunter-suchte Flchen bieten und selbst Teile der Voruntersuchung bernehmen,um damit Tempo zu machen.Und das finden wir als BWO richtig.Im Juli haben Bundestag und Bundesrat das Windenergie-auf-See-Gesetz beschlossen mit dem Ziel,eine Gesamtleistung von 30 GW im Bereich Offshore bis zum Jahr 2030 zu erreichen.Ist dieses Ziel zu erreichen und wie schtzen Sie die Manahmen des Gesetzes fr einen strkeren Ausbau ein?Ich glaube,wir sollten nicht mehr ber das Ob“,sondern ber das Wie“spre-chen.Die Ausbauziele sind gesetzt.Die gesamte Branche steht hinter den neuen Zielen und wird mit gebndelten Krften dafr sorgen,dass der Ausbau gelingt.Die Bundesregierung hat mit der dies-jhrigen WindSeeG-Novelle jedoch leider nicht die Chance genutzt,das Wirtschaftsreport|INTERVIEWOFFSHOREWindpark Nordsee One ging 2017 ans Netz.In Deutschland wurde 2021 keine einzige Offshore-Windkraftanlage zugebaut.Foto:Axel SchmidtErreichen der Ausbauziele auch recht-lich abzusichern.Offshore-Windpark-betreiber sollen dafr bezahlen,dass sie einen Windpark bauen drfen.Das hat in dieser Form schon bei der Vergabe von Mobilfunklizenzen in Deutschland nicht gut funktioniert.Die Preise steigen und die Qualitt sinkt.Insbesondere in Zeiten sehr hoher Energiepreise ist das kein gutes Signal.Hinzu kommt,dass der knst-lich erzeugte Preisdruck die ohnehin angeschlagene Wertschpfungskette zustzlich schwcht.Auch bei den Ausschreibungen fr die Offshore-Windenergie gibt es Hand-lungsbedarf.Mit vergleichsweise kleinen nderungen kann eine groe Steigerung der Rechtssicherheit bei den kommenden Offshore-Ausschreibungen Windindustrie in Deutschland39Wirtschaft sreport|INTERVIEWOFFSHORE115 123 35 60 237 483 12 380 228 DeutschlandChinabriges AsienGrobritannienUSAbriges Europa201720182019202020211.7154.4724.3511.2351.1611.6552.4933.84516.9008882.2167521.1111.7649691.3121.0012.317CAGR 47.4%6.2436.85221.106erreicht werden.Insbesondere mssen die qualitativen Kriterien rechtlich pr-ziser gefasst werden.Speziell mit der Umstellung des Finanzierungsregimes auf Auktionen(2017)hat die Branche einen schwe-ren Schlag erlitten.Kann sie so ein-fach trotz politischer Untersttzung wie dem Wind-auf-See-Gesetz wie-der an erfolgreiche Jahre anknpfen?Wie bereits erwhnt,ist die Offshore-Wertschpfungskette in Deutschland sprbar geschwcht.Es wird also nicht einfach,an die erfolgreichen Jahre anzuknpfen,und die sogenannte Gebotskomponente“bei zuknftigen Ausschreibungen ist sicherlich alles andere als hilfreich.Was Investoren DerOff shore-Windmarktistvon4,5GW2017auf21,1GW2021angesti egenundhatdamitseinenMarktanteilandenweltweitenInstallati onenvon8,4%auf22,5%erhht.DamitistdieAnzahlgegenber2020umeinDreifachesgesti egen,washauptschlichaufdenstarkenWachstumsschubbeiOff shore-WindanlageninChinazurckzufhrenist.MarktanalystendesWeltwindenergierats(GWEC)gehendavonaus,dassderOff shore-WindmarktweiterhineinbeschleunigtesWachstumaufweisenwird.NeueOff shore-Installati onen(inMW)jetzt brauchen,ist vor allem ein attrak-tiver Markt,der im internationalen Ver-gleich positiv abschneidet.Nur so kann der geplante Ausbau abgesichert und fr Arbeitspltze und Wertschpfung hier in Deutschland gesorgt werden.Wie Sie bereits mit den weltweiten Zahlen festgestellt haben:Die inter-nationale Konkurrenz schlft nicht.Bei dem aktuellen politischen Rahmen sehen wir leider die Gefahr,dass Unter-nehmen und Wertschpfung weiter ins Ausland abwandern.Grund dafr ist vor allem die fehlende Rechtssicher-heit bei den kommenden Offshore-Aus-schreibungen.Die Bundesregierung sollte deshalb dringend die Chance nutzen,mit ausreichend Vorlauf zu den Ausschreibungen im nchsten Jahr noch einmal Anpassungen vorzu-nehmen und fr einen transparenten und robusten Rahmen zu sorgen.Herr Thimm,vielen Dank fr das Gesprch!40Windindustrie in DeutschlandWirtschaft sreport|MARKTINTERNATIONALOFFSHORENeue Installationen21,1 GW(2021)Gesamt installiert 57,2 GW(2021)UKGesamt:22%Neu:11%ChinaGesamt:48%Neu:80utschlandGesamt:13%Neu:NiederlandeGesamt:5%Neu:2%DnemarkGesamt:4%Neu:3%VietnamGesamt:Neu:4%Rest der WeltGesamt:7%Neu:1%Regionen Anteil an Gesamtleistung(GW offshore,in Prozent)/Neu installiert 2021(GW offshore,in Prozent)USATotal:42Neu:0Windleistung weltweit(offshore)Quelle:GWEC;Datenbasis:GlobalOff shoreWindReport2021Grafi scheAufb ereitung:BWEWeltweit installierte Gesamtleistung/2021 neu installierte LeistungWindindustrie in Deutschland41Wirtschaft sreport|MARKTINTERNATIONALOFFSHOREDeutschlandDeutschlandDeutschlandDeutschlandDeutschlandDeutschlandDeutschlandDeutschlandTotal:7.701 Total:7.701 Total:7.701 Total:7.701 Total:7.701 Total:7.701 Total:7.701 Total:7.701 Total:7.701 Total:7.701 Neu:0Neu:0Neu:0Neu:0Neu:0Neu:0BelgienTotal:2.263 Neu:0NiederlandeNiederlandeNiederlandeTotal:3.010 Total:3.010 Total:3.010 Neu:402Neu:402Neu:402ChinaTotal:19.747 Neu:12.689 Neu:12.689 Neu:12.689 Neu:12.689 VietnamVietnamVietnamTotal:99Total:99Total:99Neu:0 Neu:0 Neu:0 DnemarkDnemarkDnemarkTotal:2.263 Total:2.263 Total:2.263 Neu:525Neu:525Neu:525UKUKUKTotal:12.281 Total:12.281 Total:12.281 Neu:1.857PortugalTotal:25Total:25Total:25Neu:0FrankreichFrankreichFrankreichFrankreichFrankreichFrankreichFrankreichTotal:2Total:2Total:2Total:2Neu:0SpanienSpanienSpanienSpanienTotal:5Total:5Total:5Total:5Total:5Total:5Total:5Neu:0Neu:0Neu:0Neu:0Neu:0Neu:0IrlandTotal:5Neu:0SchwedenSchwedenSchwedenSchwedenSchwedenSchwedenSchwedenTotal:191Total:191Total:191Total:191Total:191Total:191Total:191Total:191Total:191Neu:0Neu:0Neu:0Neu:0Neu:0Neu:0FinnlandFinnlandTotal:71Neu:0NorwegenNorwegenNorwegenTotal:6Neu:4JapanTotal:85Neu:0SdkoreaSdkoreaTotal:104Neu:60TaiwanTotal:237Neu:109Inst.Gesamtleistung(offshore,in MW)10 Tsd.MW01.0002.0003.0004.0005.0006.0007.0008.0009.000Japan140FrankreichFrankreich976Italien30Norwegen86Niederlande22292229China7991Taiwan2505UK2990Datenbasis:WorldForumOff shoreWind(WFO)Grafi scheAufb ereitung:BWEDatenbasis:WorldForumOff shoreWind(WFO)Grafi scheAufb ereitung:BWEEnde 2021 im Bau(Offshore Top 8)42Windindustrie in DeutschlandDie App REVisAR von EnBW ermglicht realittsnahe und vollanimierte Darstellungen von Windenergieanlagen oder Solarparks.Foto:EnBWWindindustrie in Deutschland43INNOVATIONSTREIBER:Unternehmen mit innovativen ProjektenAufdenfolgendenSeitenprsentierensichUnternehmenundInstitute,diemit neuen Produkten,VerfahrenoderMethodenfrdieWeiterentwicklungder Windindustriesorgen.NutzenSiedieGelegenheit,KontaktmitdiesenUnternehmen aufzunehmenundvonihrenInnovationenzuprofitieren.NEU:MitBerichtenausdendeutschenForschungsinstituten(abS.56).44Windindustrie in DeutschlandINNOVATIVE PROJEKTE fr den deutschen WindmarktDieAnforderungenaneineZugriffs-Softwarelassensichfolgender-maen zusammenfassen:der Betreiber der Windkraftanlage bekommt(wieder)ZugriffaufseineAnlagen,mitdenentsprechendenBerechtigungsebenen;diese knnen vom Betreiber selbst verwaltetwerden;die Betriebsfhrungssoftware wird nicht verndert,IP-Rechtewerdennichtverletzt.Bachmannistesgelungen,basierendaufdiesenVoraussetzungeneinSoftware-Paketzuentwickeln,mitdemBetreiberdieNutzerrechtefrdasentsprechendgeschulte und autorisierte Personal selbst verwaltenknnen.EsknnenneueNutzerangelegtundobsoletegelschtwerden.DerGraddesZugangslevelskannent-sprechenddesAusbildungsgradesundden auszufhrenden Arbeiten vergeben werden.EbensokanndieLaufzeitvonPasswrternindividuelleingestelltwerden.VieleInstallationeninunterschiedlichenWindparkssindmittlerweileerfolgreichdurchgefhrtworden(vgl.CaseStudyKS-Energiesysteme“).DasKundenfeedbackzeigt,dasseineLsunggeschaffenwurde,diedieBe-drfnissederEignerbzw.BetreibereinerWindkraftanlageerfllthinsicht-lichderFrage,wemsiewann,wieundmitwelchenRechtenZugriffaufdieeigeneWindkraftanlagegewhren.DieAbhngigkeitvomAnlagenhersteller,wennesumdieVerwaltungderZugriffs-rechtefrdieAnlagensteuerunggeht,istein nicht zu unterschtzendes Risiko fr EignerundBetreibervonWindkraftanla-gen.AuchServicevertrgesindkeinGarantdafr,dassderZugrifffrdiegesamteLebensdauerderAnlagegewhrleistetist.FrdenerfolgreichenBetriebvonWindenergieanlagenistesnotwendig,dassEigner,BetreiberunddievonihnenbeauftragtenService-UnternehmenjederzeitZugangzuihrenAnlagenhaben.WirbietenLsungenfrSenvion-Anlagen,derenZugangsdatennichtmehrerneuertwurden.AUTONOME ZUGANGSLSUNGEN FR SENVION-WINDENERGIEANLAGENSenAccessBasic in Krze:Basislsung fr den Zugriffsschutz auf Systeme BetreiberspezifischerZugriffshandleralsZusatzfrdenvorhandenenController Dynamische Zugriffsverwaltung(vom Kunden konfigurierbare Benutzer und PasswrterundSicherheitsstufen(alleverschlsselt)biszuStufe3.20(ServiceLevel“)Zugang zu nicht sicherheitskritischen Betriebsfunktionen VollstndigerFernzugriffaufdasSteuerungssystem(mitBachmannelectronicGmbHDiagnose-Tools,z.B.SolutionCenter,ServiceCenter)ReinesSoftware-Add-On,keinenderungderHardwareerforderlich AufrstbaraufSenAccessSCADA(WindPowerSCADAundStufe1.20)Windindustrie in DeutschlandAdvertorial45ProjektbersichtStandortBachman electronic GmbHKreuzckerweg 33 A-6800FeldkirchTelefon 43(0)552234970E-Mailinfobachmann.infoWebwww.bachmann.infoSie interessieren sich fr das Projekt und wollen erfahren,wieIhreGemeindeoderIhrUnternehmen davonprofitierenkann?SprechenSieunsan.UnserenKontaktfindenSieimFirmenprofil auf S.94 Das Softwarekonzept der Anlage wird um den Access Handler“ergnzt,mit dem der Betreiber selbst vollen Zugriff auf seine Anlage hat.FazitNach der erfolgreichen Markteinfhrung der Basislsung SenAccessBasic“hat Bachmann die Applikation,die den Eignern und Betreibern von Windkraftanlagen umfangreiche Administratorenrechte gewhrt und kompletten Zugriff auf die Daten-schnittstelle erlaubt,ohne bestehende IP-Rechte zu verletzen,um eine SCADA Lsung erweitert.MitneuenSoftware-LsungenwiederBachmannAccessSolution“erhaltenAnlagenbetreiber in nur wenigen Stunden(wieder)vollstndigenZugangzuihrerAnlage,unddasfralleTurbinentypenundParkcontroller.Dabeiwirddievorhandene Turbinen-SoftwaremitihrerLast-undSicherheitssteuerung vollumfnglich beibe-halten.SowerdenlangwierigeValidierungs-zeiten und zeit-und ressourcenraubende Re-Zertifizierungsprozessevermieden.Neben der individuellen Nutzer-und Zugangsverwaltung erhlt der Anlagenbe-treiber vollstndigen und unbeschrnkten ZugangzuallenTurbinenparametern.DieFlexibilittderLsungerlaubtaucheinUpdateaufSenAccessSCADA.DamiterhltderKundeeininnovativesSCADASystem von Bachmann(Wind Power SCADA“)unddieMglichkeitderZugngebisStufe1.20.GleichzeitigerhhtdieZu-griffs-SoftwaredieIT-SicherheitdankSSL/TSLVerschlsselungeinwesentlicherFaktorimHinblickaufgestiegeneAnforde-rungenandieDatensicherheitimNetz.46Windindustrie in DeutschlandINNOVATIVE PROJEKTE fr den deutschen WindmarktAuch schon in frhen Phasen der Projektplanung kann REVisAR Anlagen in Echtzeit veranschaulichen.DenndieeuropaweitfhrendeAppermglichtumfangreicheVisualisierungenvonlandschafts-bildprgendenObjekten.WiepassenWindkraftanlagenodereinSolarparkzumbestehendenLandschaftsbild?SinddieAnwohnervomSchattenwurfderWind-kraftanlagenbetroffenundwiegroistder Abstand zur vorgegebenen Schutz-zone?berwelcheFlcheerstrecktsichderSolarpark?SolcheundvieleweitereFragenimRahmenderProjektentwicklungknnenProjektierermithilfederVisualisie-rungderREVisARAppfrhzeitigklren.Was kann die App?BishernutzenProjektierergeradeimfrhen Entwicklungsstadium einfache 2D-Karten mit den eingezeichneten Anla-gen-Standorten fr die Veranschaulichung derPlanungen.Abergeradebeigroen,landschaftsbildprgendenBauvorhabenknnen die Beteiligten die Auswirkungen aufdasLandschaftsbildoftnurschwerabschtzen.Unddazukommt:Bisherwurden,wegendeserheblichenAuf-wands,erstimfortgeschrittenenProjekt-verlaufstatischeFotomontagenangefer-tigt,diedanndochvieleFaktorennichtbercksichtigenknnen,wiezumBeispielsichdrehendeWindenergieanlagen.REVisAR,dieAppzurVisualisierungvonProjektenwiezumBeispielWindkraftan-lagenoderSolarparks,ndertdas.DurchAugmented Reality kommt Dynamik in die Projektentwicklung.DenndieAppermglichtdiegeographischkorrektverortete,realittsnaheundvoll-animierteDarstellungvonzumBeispielWindkraftanlagenoderSolarparks,aberauchNetz-oderKraftwerksprojekten.DarberhinausknnenmitderAppderSonnenstandzubestimmtenUhrzeitenunddamitderSchattenwurfderAnlagendargestellt oder auch die Ausrichtung einerGondelsowievonRotorbltternan-gezeigtwerden.LangwierigeBearbeitungs-schrittewiebeiblichenVisualisierungenmittelsFotografiefallenkomplettweg.MitderinnovativenAppREVisAR(Renewable Energy Visualisation with Augmented Reality)knnenProjektiererderEnBW ihre Projekte in Planung jetztinteraktivundinEchtzeitveranschaulichen.REVisAR:MIT AUGMENTED REALITY VISUALISIERENWindindustrie in DeutschlandAdvertorial47REVisAR bringt Dynamik in die Planung unterschiedlichster Anlagentypen:Nicht nur Windkraftanlagen oder Solarparks,auch Netz-oder Kraftwerksprojekte knnen reali-ttsnah und vollanimiert gezeigt werden.ProjektbersichtInitiatorEnBW Energie Baden-Wrttemberg AGDurchfhrungEnBW Energie Baden-Wrttemberg AGZahlen,Daten,FaktenMit rund 26.000 Mitarbeiter*innen istdie EnBW Energie Baden-WrttembergAG einer der grten Energieversor-ger in Deutschland und Europa.Wir versorgen rund 5,5 Millionen Kunden mit Strom,Gas und Wasser sowie mit Energielsungen und energiewirtschaft-lichen Dienstleistungen.ProjektstatusTest-und OptimierungsphaseStandortStuttgartSieinteressierensichfrdasProjekt?DannsprechenSieunsan:PhilippHlscher,; Firmenprofil auf S.140.Transparenz von Anfang anDieAppschafftsoTransparenzvonAnfanganfralleBeteiligten,alsozumBeispielAnwohner,BrgermeisterundGemeinde-vertreter.DennProjektewiezumBeispieleinWindparkoderSolarparkknnendirektvorOrtamgeplantenStandortfrBeteiligtevisualisiertwerdendabeiauchschnellundunkompliziertausverschiedenenBlickwinkeln.REVisAR ermglicht damit eine ganz neue FormderdirektenKommunikationmitdenStakeholderneinesProjektesvorOrt.SichtbarkeitenundmglicheBetroffenhei-ten von beliebigen Standorten aus werden sofortundrealistischdargestellt.Dennsie haben noch keine Vorstellung von der geplantenAnlage.HiermitbekommenSieeinenEindruck,sogar in verschiedenen Layouts und aus verschiedenenBlickwinkeln.Dashilft,Akzeptanzzuschaffen,diewichtigist,umdieEnergiewendeschnellervoranzutreiben.FazitDas spricht fr die App REVisAR Die Veranschaulichung schafft frhzeitig Transparenz in der Projektentwicklung.Die App ist eine dynamische,schnelle und realittsnahe Darstellung von geplanten Projekten.Sie funktioniert sogar offline.Sie verfgt ber ein umfangreiches Anlagenportfolio und ist immer auf dem aktuellen Stand.Die App ist eine groe Untersttzung im Rahmen von Augmented-Reality-Projekten.Sie ist weltweit einsetzbar und intuitiv zu bedienen.Ursprnglich haben wir REVisAR fr unsere Wind-kraftprojekte entwickelt.Aber wir entwickeln sie stetig weiter,so dass unsere Pro-jektierer es jetzt ebenfalls im Solarbereich einsetzen.Auch bei der Planung von Projekten der EnBW-Tochter Netze BW kommt es zum Einsatz und bei der Planung konventioneller Kraftwerksprojekte.Und wir bleiben dran und optimieren die Mglichkeiten zur vollani-mierten Darstellung stndig weiter und hoffen,sie auch bald Dritten zur Verfgung stellen zu knnen.“Philipp Hlscher,Product Owner REVisAR48Windindustrie in DeutschlandINNOVATIVE PROJEKTE fr den deutschen WindmarktWindenergieanlagen(WEA)sindlngst integraler Bestandteil derEnergieversorgung.NeueAnlagentypenproduzierenaneinemwin-digenTagweitber100.000kWhStrom.Undeswirdimmerdeutlicher,dassjedeeinzelnedavonzhlt.Dasbedeutetauch:StillstandszeitenvonAnlagenmssenmglichstgeringgehaltenwerden.UnvermeidbareInspektions-undWar-tungsarbeiten sind zeitaufwndig und sorgenregelmigfrAusflle.Umdennoch bestmgliche Ertrge sichern zu knnen,giltes,aufneuesteTechnologienzusetzen.ENERTRAGBetriebbietetseit2022eineInnovationan,dieandieserStellschraube ansetzt:Rotorblattinspek-tion inkl.Blitzschutzmessung per Drohne.Drohneninspektion setzt neue StandardsDieGesundheiteinerWEAundallihrerKomponentennatrlichauchderRotor-bltteristelementar,umguteErtrgezusichern.Umsicherzustellen,dassdieRotorbltterineinemgutenZustandsind,mssensieregelmiginspiziertwerden.Mussten sich in der Vergangenheit noch InspekteuremittelszeitintensiverundrisikobehafteterSeilkletterarbeitenandenRotorbltternabseilen,gibtesmitderDrohnentechnologie jetzt eine technolo-gischinnovativeundzeitsparendeMetho-de,dieSichtprfungendurchzufhren.1 DankderVerknpfungvonmaschinellerIntelligenzundmenschlicherExpertise knnenErtrgevonWindenergieanlagenoptimiertwerden.ENERTRAG Betrieb bietet mit der DrohneninspektioneineLsung,die smartere,sicherere und schnellere Inspektionen ermglicht.DROHNENINSPEKTION SETZT NEUE STANDARDSBild oben:Lckenlose Dokumentation:Die Drohne dokumentiert ihren gesamten Flug und ldt die Bilder direkt in eine speziell entwickelte Software.Bild unten:Alles unter Kontrolle:Ein erfahrener Drohnenpilot behlt den Vorgang immer im Blick.1DieBlattinnenkontrollewirdebenfallsdurchgefhrt,wenneinInspekteurimMaschinenhausderAnlageist.ENERTRAGBetriebGmbH,2022(Photo:JewgeniRoppel)ENERTRAGBetriebGmbH,2022(Photo:JewgeniRoppel)Windindustrie in DeutschlandAdvertorial49Die Vorteile liegen auf der Hand:Zeit-ersparnis und dadurch verkrzte Still-standszeiten,hochwertigeFotodo-kumentation derErgebnisse,dieeineVergleichbarkeitdurchgefhrterInspektio-nenundsoeinlangfristigesTracking des Zustandes ermglichen sowie gestei-gerte Arbeitssicherheit durch smarte SymbioseausMenschundTechnik.ParallelzurInspektionderRotorblttererledigt die Drohne zudem die Blitz-schutzmessung.MittelseinesamBlitzschutzsystemsanderBlattwurzelangeschlossenenHochspannungsgenera-torsundeinesanderDrohnebefestigtenFeldstrke-MessgertskanndieFunk-tionalittdesBlitzschutzesgeprftundbisaufwenigeZentimetergenaufest-gestelltwerden,woeinDefektvorliegt.Praxiseinstze besttigen Qualitt der Drohneninspektion weitere Ent-wicklungsschritte bis 2023 geplantDieQualittderDrohneninspektionber-zeugtnichtnurvieleunsererKunden.TV NORD hat im Rahmen einer Prfung das VerfahrenzurBlitzschutzmessungperDrohnegenauunterdieLupegenom-men und in einem Abschlussbericht die QualittderDienstleistungbescheinigt.Wir sind zufrieden mit den bisherigen EinstzenunsererDrohnen,dochfrunsistesselbstverstndlich,dasswirimmerweiternachOptimierungspotenzialensuchen,umdieDrohneninspektionnocheffizienterzugestalten“,erklrtMatthesSchachtner,LeiterTechnischeDienstebeiENERTRAGBetrieb.Beispielsweiseseideutlichgeworden,dassdieaktuelleAnzahlvondreiFlugphasenjeInspektionimnchstenEntwicklungs-schrittaufeineverkrztwerdenknne.ZudemzeigendiebisherigenErfahrungen,dassdurcheinenoptimiertenHardware-einsatzbeimFeldstrkemessgertdieWindanflligkeit reduziert und die Akkulaufzeitgesteigertwerdenknnen.EinoptimiertesVerfahrenwirdbereitsEnde2022zumEinsatzkommen.WeitereInformationenfindenSieauf ProjektbersichtInitiatorENERTRAG Betrieb GmbHDurchfhrungENERTRAG Betrieb GmbH Sulzer&Schmid Laboratories AGZahlen,Daten,FaktenDie Drohneninspektion mit Blitz-schutzmessung wird seit Mai 2022 als Dienstleistung am Markt angeboten.Zum Herbst 2022 wurde das Verfahren nochmals optimiert.Ab 2023 wird die Drohneninspektion auch als Lizenz-modell angeboten.ProjektstatusAbgeschlossenStandortDauerthalSie interessieren sich fr das Projekt und wollen erfahren,wieIhreGemeindeoderIhrUnternehmen davonprofitierenkann?SprechenSieunsan.UnserenKontaktfindenSieimFirmenprofil auf S.146.FazitSeit Mai 2022 sind die Drohnen im Einsatz.Michael Dahm,Geschftsfhrer bei ENERTRAG Betrieb,zieht eine positive Zwischenbilanz:Die ersten Einsatzmonate haben uns darin besttigt,auf die richtige Technologie gesetzt zu haben.Insbesondere bei Anlagen 66 m Rotordurchmesser zeigen sich die Vorteile der Drohneninspektion.“ENERTRAG Betrieb bietet Drohneninspektionen als Dienstleistung oder(ab 2023)auch in einem Lizenzmodell an.Wir haben die Potenziale er-kannt und freuen uns,bereits ab Ende 2022 eine optimierte Drohneninspektion anbieten zu knnen und ab 2023 dann auch ein Lizenzprodukt.“Matthes Schachtner,Leiter Technische Dienste bei ENERTRAG BetriebDrohne im Einsatz:Erste Praxiseinstze lieferten gute Ergebnisse.ENERTRAGBetriebGmbH,2022(Photo:JewgeniRoppel)50Windindustrie in DeutschlandINNOVATIVE PROJEKTE fr den deutschen WindmarktWindenergieanlagen sind tag-tglich der Natur ausgesetzt:Wind,Sonne,RegenundFrostfhrenaufdenMetalloberflchenfrheroderspterzuKorrosionsschden.Frlanglebige Stahltrme braucht es deshalb einenSchutzdasknnenumweltfreund-licheFolienoderLackierungensein.Reno-lit hat die Korrosionsschutzfolie Renolit CP entwickelt,umderWindbrancheeineffizi-entesWerkzeugandieHandzugeben,mitdersieihreAnlagenbesserschtzenkann.PerGesetzmssenWindenergieanlagenallevierJahreaufihreSicherheitgeprftwerden.ZudengrtenSchwachstellender Trme zhlen Verschraubungs-und FlanschbereichesowieSchweinhte.InsbesondereandenFlanschbereichenundBolzenistWassereintrittindenTurmmglicheinNhrbodenfrKorrosion.SchreitetdieFlanschkorrosionungehin-dertvoran,kanneszuSchdenandenBolzenfhren.EinBolzentauschkannda-beiKosteninHhevonbiszu35.000Euroverursachenundistdaherextremkosten-intensiv.InderRegelmssennacheinemGutachtenalleBolzengetauschtwerden.JebesserdieFlanschbereichealsoab-DerFolienspezialistRenolit hateineinnovativeHochleistungsfolieentwickelt,diefreffektivenLangzeitkorrosionsschutzanWindenergieanlagensorgtundzugleichStillstands-undWartungszeitenminimiert.NEUER KORROSIONSSCHUTZ FR WINDENERGIEANLAGENgedichtetsind,destonachhaltigerderKorrosionsschutz.DieTrmesindzwarabWerkmiteinerLackschichtversehen,jedochresultierenKorrosionsschdenhufigdaraus,dassbereitsbeimAufbauder Windenergieanlage Ldierungen an derBeschichtungentstehen,etwadurchAnstoenmiteinemWerkzeug.EskommtzuAbplatzungen,dieFeuchtigkeithltsichlngerimSpaltundarbeitetsichalsRostdurchsMetall.Soverursachenselbstkleine Schadstellen erhebliche Korro-sionsschden.ImschlimmstenFallistdieStandfestigkeitderAnlagegefhrdet.RENOLIT CP Applikation ProjektWindindustrie in DeutschlandAdvertorial51FazitRenolit CP wurde speziell fr den Einsatz an Windenergieanlagen entwickelt.Die Hoch-leistungsfolie schtzt den Stahl und die Metallbeschichtungen der Trme effi zient vor Korrosion und bietet eine umweltf reundliche Alternati ve zu Lackierungen.Bei der Ap-plikati on entstehen weder fl chti ge organische Verbindungen(VOC)noch wird Sonder-mll verursacht.Durch die hohen Qualittsstandards bei der Produkti on kann Renolit CP gem ISO 12944-9 CX-Zerti fi zierung mit einer Haltbarkeit von 10 Jahren angeboten werden.Renolit CP lsst sich auch vorbeugend anbringenabWerkoderwenndieAn-lagenochjungist.beralldort,woesSpaltegibt,lauertdieGefahrvonKor-rosion.GeradeindenFlanschbereichenbietetessichan,dieFolieprventi vzuapplizieren:DasverhindertmageblichdenWassereintritt.SolassensichhoheReparaturkosteneinsparen”,erklrtRalphGut,GeneralManagerbeiRenolit.Folie statt FarbeZur Validierung des Produkts wurde einunabhngigesPrfi nsti tutmitderaufwndigenKorrosionsprfungge-mCX-Standardbeauft ragt.DieEr-gebnissezeigen,dassRenolitCPeinerzerti fi ziertendreischichti genKorrosions-schutzlackierungebenbrti gist.DerVorteilderFolie:SielsstsichinnurwenigenArbeitsschritt enapplizieren.ProjektbersichtIniti atorRENOLIT SEDurchfhrungRENOLIT SE und WP Energy Zahlen,Daten,FaktenRENOLIT SE ist seit mehr als 75 Jahren am Markt und beschft igt rund 5.000 Mitarbeiter an mehr als 30 Produkti ons-standorten und Vertriebseinheiten in ber 20 Lndern.ProjektstatusabgeschlossenStandortWormsRENOLIT SEHorchheimer Strae 5067547 WormsTelefon 49 6241 303 0E-MWebwww.windservice-wp-renolit.deWP GroupErnst-Abbe-Strae 228816StuhrTelefon 49 421 69 69 75 00E-Mailinfowp-.deWebwww.wp-.deSieinteressierensichfrdasProjektundwollenerfahren,wieIhreGemeindeoderIhrUnternehmendavonprofi ti erenkann?SprechenSieunsan.UnserenKontaktfi ndenSieimFirmenprofi l auf S.171.Bei einer Lackierung sind fr den gleichen Schutz drei Schichten inklusive der jewei-ligenZwischentrocknungszeitnotwendig.Renolit CP dagegen kann direkt nach der Oberfl chenreinigung,demAuft ragenundderTrocknungsphasedesPrimersappliziertwerden.ZudemlsstsichdasMaterial durchgehend mit derselben Schichtdickeauft ragen,d.h.esentstehenkeineLacknasen.DanknureinmaligerTrocknungszeit des Primers kann Renolit CPalsoschnellerundwett erunabhngigerverarbeitetwerden.Dasermglichtfl exib-lereReparaturen,verringertdieSti llstands-zeitenderAnlagenundspartsomitKosten.Renolit CP ist seit 2020 erhltlich und wird vom Renolit Partner WP Energy vertrieben,derdieSchutzfolieauchandenWindkraft anlagenanbringt.RENOLIT CP Folienaufbau52Windindustrie in DeutschlandINNOVATIVE PROJEKTE fr den deutschen WindmarktAnrainerbeteiligung ist kein attraktivesThema,undberGeldzureden,missflltvielenundmachtmituntersogarrger.Aberindiesen Zeiten muss die Windindustrie beidesindenFokusnehmen.DiehohenMarktwerte seit Ende 2021 fhren zu ungeplantenZusatzeinnahmenbeidenProjekten,dieinvielenFllenaberauchdringendgebrauchtwerden.Mehrereschlechte Windjahre haben die Projektge-sellschaftengezeichnet.Seitdem hat sich das Bild vollstndig verndert:BeiVergtungenbiszuknapp28Cent/kWhlassensichauchschlechte-reMonateverkraftenunddieVerlustedervergangenen Jahre konnten teils ausgegli-chenwerden.Allerdings sind auch die Energiekosten fr Verbrauchermassivgestiegenundwerdenvoraussichtlichweitersteigen.FrStromwerden bei Neuabschluss eines Vertrages teilsmehrals50CentproKilowattstundeverlangt.Was kann nun ein Windparkbetreiber fr seine Anrainer tun?Sein Engagement weitervorantreibenunddieFrderunglokalerProjekteweitererhhen.DieMLK-GruppehatinengerZusammen-arbeitmitRegenerativeEnergienZernsee(REZ)indenvergangenenJahrenverschie-dene Beteiligungsmglichkeiten entwickelt undgetestet.DabeiwarenBeteiligungenber ein direktes Investment in einen Windparknichtbesonderserfolgreich.KrieginEuropaundmassiveKostensteigerungenbeiEnergie:InsolchenZeitenistdasEngagementderWindindustriegefordertsowohlbeimAusbauderregenerativenStromversorgungalsauchbeiderBeteiligungderAnrainer.IN KRISENZEITEN ENGAGEMENT VERSTRKENWennberhaupt,isteinsolchesEngage-mentnurwenigenmglich,unddieInvestoren mssen immerhin das Risiko tragen,dassihrEinsatzverlorengeht.AuchderVersuch,bereinCrowdfundingvorOrt Beteiligungen durch geringe Betrge zuermglichen,liefweitgehendinsLeere.AndershingegendieAnrainerstromtarife.Hier liefern kostromanbieter Anrainern StromausdenAnlagenvorOrt.Daskannwie in einem Projekt der MLK/REZ ein Stadtwerk sein oder auch ein bundesweit agierendesUnternehmenwieNaturstrom.BezugsberechtigtsindindenaktuellenProjektendiedirektenAnrainer.DervomVersorger angebotene Stromtarif wird dabeivomWindparkbezuschusst.WennderBerechtigtenkreiserweitertwerdensoll,mssenmehrereWindparkszusam-menarbeiten,umdieKostenzustemmen.Bei Zuschssen bis 200 Euro und etwa 100 Anrainern,diedenAnrainerstrominAnspruchnehmen,kommenproJahraufdieWindparksKosteninHhevon20.000Eurozu.ZustzlichsindKommunikations-undMarketingkostenzurechnen,dieinderInitialphasegleichfallsbei20.000Euroliegenknnen,danachaberaufeinenBruchteilabsinken.WennmitgrerenAbnehmerzahlenzurechnenist,ergibteinZusammenschlussmehrererWindparkbe-treiberSinn.Windindustrie in DeutschlandAdvertorial53ProjektbersichtInitiatorMLK Gruppe und Regenerative Energien Zernsee(REZ)ProjektskizzeSeit 2017 bieten Projekte der MLK-Gruppe kologische Anrainerstrom-produkte und Sparprodukte im Raum Prenzlau und bei Frankfurt/Oder an.Das Konzept soll auf weitere Standorte in NRW und Rheinland-Pfalz bertragen werden.Kooperationen mit anderen Be-treibern sind erwnscht.Die REZ hat bei diesen Projekten beratend,strukturie-rend und bei der operativen Umsetzung mitgearbeitet.MLK WindparksLichtenberger Weg 415236 Jacobsdorf OT SieversdorfTelefon 49(0)33608-179997Fax 49(0)33608-179998E-Mailinfomlk-consult.deWebwww.mlk-windparks.deRegenerative Energien Zernsee GmbH&Co.KG(REZ)Seesenerstrae101310709 Berlin Telefon 49(0)30224459830Fax 49(0)30224459831Emailzentralerez-windparks.deWebwww.rez-windparks.de Sie interessieren sich fr das Projekt und wollen erfahren,wieIhreGemeindeoderIhrUnternehmen davonprofitierenkann?SprechenSieunsan.UnserenKontaktfindenSieimFirmenprofil auf S.170(REZ)und 162(MLK).In der Region Jacobsdorf teilen sich zehn MLKWindparksdenAufwand,derdadurchfrjedeeinzelneGesellschaftfastvernachlssigbarwird.InderRegionPrenzlau haben MLK und Enertrag vor einigenJahrenvereinbart,ihreFrderungzukombinieren,wasdenHebelfrdieVerbraucher vor Ort nochmals deutlich verbesserthat.In Krisenzeiten wie heute rckt die Windindustrie ins Zentrum der Zukunftshoffnungen:Wir wollen zeigen,dass auf uns Verlass ist,auch und gerade fr unsere Nachbarn.“Heinrich Lohmann,Grnder und Geschftsfhrer der MLK GruppeGeradeunterdenheutigenBedingungenund den massiv steigenden Energiekosten kann eine solche Kostenteilung bei den derzeitgutenErlsendenAnreizgeben,zumindestzeitweisedieFrderungzuerhhen.DieMLKhatdiesenSchrittfrdiezweiteJahreshlfte2022getanunddieFrderunginJacobsdorfauf276EuroimJahrerhht.ImSozialtarif,derFamilienmitgeringemEinkommenundkinderreichenFamiliengewhrtwird,werdennochmals60Eurodraufgelegt.DieManahmeistvorerstbisEnde2023befristet.MitdiesenhohenFrderbetrgensindwenigstens die grten Hrten der Strompreiserhhungenzulindern.FreinevollstndigeKompensationmsstenBetrge von ber 500 Euro beigesteuert werden.AberselbstdannwirddasNiveauausdemJahr2021nichtmehrerreicht.54Windindustrie in DeutschlandINNOVATIVE PROJEKTE fr den deutschen WindmarktAufgrundderGreundschwerenZugnglichkeitvonWindkraftan-lagen gelten Drohnen bereits seit lngeremalshoffnungsvolleInnovationfrInspektionen.Bishermssendrohnen-basierteInspektionendurchprofessio-nellePilotendurchgefhrtwerden.DermanuelleFlugkannhierbeiteilweisesehrungenauwerden,dasvisuelleMate-rialistineinemsolchenFallschwierigauswertbarundnichtreproduzierbar.ZudemsinderfahreneDrohnenpiloteneinEngpassfrdenEinsatzeinerTechno-logie,diegrundstzlichskalierbarwre.TOPseven,einEntwicklervonKI-LsungenundSpezialsensorik,bietetnunerstmalsein vollstndiges digitales kosystem mit autonomfliegendenDrohnenan,welchesmittelsvisuellerundpatentierterberh-rungsloser Blitzschutzmessung sowie einer AnalysesoftwarenachkurzerSchulungden eigenstndigen Einsatz durch jeden Gutachter,BetreiberoderdemService-unternehmeneinerAnlageerlaubt.DabeiermglichtderautonomeFlugnichtnureinenskalierbarenEinsatzrahmen,sondernauchhoheErgebnisqualitt.DievonderTOPseven-SoftwaregesteuertenTOPseven stellt erstmals ein KI-basiertes digitales kosystem mit autonom fliegendenDrohnen,SpezialsensorikundAnalysesoftwarezurVerfgung,das jedemNutzereigenstndigeInspektionenmithchsterErgebnisqualitterlaubt.INSPEKTIONEN MIT AUTONOM FLIEGENDER DROHNEDrohnen bewegen sich mit genauer Przi-sion entlang einer Anlage und bersehen keineauchnochsogeringeAufflligkeit.DieKI-basierteSteuerungssoftware,dieweltweitpatentierteLsungfrdiebe-rhrungslose Blitzschutzmessung und die cloudbasierteAnwendungssoftwarefrWindkraftanlagenerlaubeneinenhochgra-digautomatisiertenEinsatz.VonderPla-nungeinesInspektionsflugsinderCloudberdessenoperativeDurchfhrungmitderautonomfliegendenDrohnebiszurAuswertungunddauerhaftenVerwaltungWindindustrie in DeutschlandAdvertorial55StandortTOP seven GmbH&Co.KGZentrale:Schiffbauerweg182319StarnbergTelefon 49815195966-0Niederlassung:WrttembergerStrae1326723 EmdenTelefon 494921917880-0 E-MailinfoTOPWebwww.TOPSie interessieren sich fr das Projekt und wollen erfahren,wieIhreGemeindeoderIhrUnternehmen davonprofitierenkann?SprechenSieunsan.UnserenKontaktfindenSieimFirmenprofil auf S.178.TOPseven verfolgt die drohnen-gesttzte Infrastrukturanalyse von Brcken,von Schiffen,von Windenergieanlagen.Wir nutzen dadurch Knstliche Intelligenz,Digitalisierung und Drohnen-technologie fr die Zukunft unserer Infrastrukturen.Das hat langfristig eine sehr positive Auswirkung,nicht nur fr Nie-dersachsen,sondern auch fr Deutschland.“Dr.Bernd Althusmann,Wirtschaftsminister des Landes NiedersachsenFazitDer automatisierte Prozess dieser innovativen Lsung untersttzt die Ablufe vor,whrend und nach der Inspektion einer Windenergieanlage.Der autonome Flug im Nahbereich erzeugt dabei hochprzises und vollstndiges visuelles und sensorisches Datenmaterial von Rotorblttern,Turm und Blitzschutz.Das digitale kosystem von TOPseven erlaubt Gutachtern,Betreibern und Serviceunternehmen damit die eigenstn-dige Inspektion und das Monitoring jeder Anlage ber ihren gesamten Lebenszyklus.der Ergebnisse untersttzt die TOPseven-LsungallePhaseneinerInspektion.Mehrnoch:DasSystembegleitetdenkomplet-ten Lebenszyklus einer Anlage ber alle InspektionenunderlaubtdasdauerhafteMonitoring von festgestellten Schden undderenEntwicklungvomTurmberdieRotorbltterbiszumBlitzschutz.Das drohnenbasierte System von TOPseven wird inzwischen weltweit von zahlreichen Kunden erfolgreich eingesetzt.UnserZielistes,auchschwerzugng-liche Infrastrukturen jeder Art regelmig undvollstndiginspizierbarzumachen,umSchadensentwicklungenfrhzeitigzuerkennenundeinzudmmen,Scha-denshhenund-folgenzuminimieren,Ausfallzeiten zu vermeiden und die Lebensdauerzuerhhen.DieWeiter-entwicklung der Technologie wird vom LandNiedersachsenmitknappfnfMillionenEurogefrdert.WirentwickelnunsereTechnologiedurchgehendweiter.Ein erstes konkretes Ergebnis dieser Weiterentwicklung ist eine neue KI-ge-steuerteHochleistungskamera,dienochimHerbst2022verfgbarseinwird.56Windindustrie in DeutschlandINNOVATIVE PROJEKTEfr den deutschen WindmarktDas Deutsche Zentrum fr Luft -und Raumfahrt(DLR)forscht keineswegs nur anFlugobjekten.AuchbenachbarteBereichewieWindstrmung,VernetzungundKnstlicheIntelligenzsindTeilseinerTti gkeit.ImGebietderWindenergiearbeitetdasDLRderzeitanRotorbltt ern,StrmungsphnomenensowiederUmwandlungvonWindinWrme.FORSCHUNG IN DEUTSCHLAND:WIE DER WIND NOCH EFFIZIENTER GENUTZT WERDEN KANN1|EINBLICKE INS NERVENSYSTEM DER ROTORBLTTER EnerconRotorbltt ergehrenzudenKernkom-ponenteneinerWindenergieanlage.UmdieseinZukunft effi zienterzubetreiben,braucht es noch grere und gleich-zeiti gleichtereBltt er.FrdenWind-energie-ForschungsparkWiValdi(WindValidati on)desDeutschenZentrumsfrLuft-undRaumfahrt(DLR)inKrum-mendeichwurden2022Rotorbltt ermitrund1.500Sensorengeferti gt.VonDie Sensoren kann man sich wie das menschliche Nervensystem vorstellen:Sie sammeln Informationen,berwachen und geben Hinweise,wo ein Problem auftauchen knnte.“Dr.-Ing.Yves Govers vom DLR-Insti tut fr Aeroelasti kFrdenDLR-Forschungspark Windenergie wurden sechs Rotorbltt ermit1.500Senso-renausgestatt et.SoknnenSchwingung,Belastung,Aero-dynamikundStati kderAnlagenimBetriebuntersuchtwerden.ProjektbersichtDurchfhrungKurz vor der Umsetzung/Umsetzung hat begonnenStandortKrummendeichDeutsches Zentrum fr Luft -und Raumfahrt(DLR)Insti tut fr Aeroelasti kDr.-Ing.YvesGoversGruppenleiterAeroelasti scheSystemidenti fi kati onBunsenstr.1037073Gtti ngenTelefon 49551709-2288E-Mailyves.goversdlr.deWebwww.dlr.de/aederBlatt spitzebiszurBlatt wurzelstehtnunmodernsteMesstechnikbereit.Schwingungen,Materialbelastung,Stabilitt:umfassende Daten fr bessere Simulati on und Konstrukti onImInnerenderRotorbltt ersindelektri-scheundopti scheSensorenverbaut.SiemessenzumBeispieldieBeschleunigunganunterschiedlichenStellenderBltt erSensoren und Kabel innerhalb eines der Test-Rotorbltter.EnerconWindindustrie in Deutschland57AusdenInstitutenFazitGroe und leichte Rotorbltter werden sehr elastisch und flexibel.Sie biegen sich unter Windlast durch.Diese neuen technischen Herausforderungen will das DLR mithilfe solcher Sensoren umfassend testen und analysieren.Wind ist nicht einfach nur Wind sonderneinkompliziertesGebildeausturbulentenStruk-turen.ImProjektESTABLIS-UASerforscht das DLR Strmungs-phnomenemithilfeeinesDrohnenschwarms.2|WINDSTRMUNGEN MESSEN MIT DROHNENSCHWARM“und ermglichen so Aussagen ber das Schwingungsverhalten.DasSchwingungs-verhalten und damit auch die Material-belastung konnten im Betrieb bisher kaumerfasstwerden.Hierwerdenwirmit unserer umfassenden Sensorik wert-volleDatensammeln.“,beschreibtYvesGoversvomDLR-InstitutfrAeroelastik.NachderProduktionderRotorbltterinPortugal im Sommer 2022 haben die RotorblttereinenzweimonatigenAufenthaltbeimFraunhofer-InstitutfrWindenergiesysteme(IWES)zuumfassen-denMaterialtests,bevoresimHerbstimDLR-ForschungsparkmitdemPraxistestweitergeht.ImHinblickaufdieEnergiewendespieltdas Verstndnis der turbulenten Wind-struktureneinewichtigeRolle.SoknnenwirdieLastenverstehen,denenWindtur-binen in ihrem Lebenszyklus ausgesetzt sind,undprognostizieren,welcheLeistungsieinsEnergienetzeinspeisen“,sagtProjektleiterDr.NormanWildmannvonDLR-InstitutfrPhysikderAtmosphre.Bis zu 100 Drohnen heben fr das Projekt ESTABLIS-UAS(Exposingspatio-temporalStructuresofTurbulenceintheAtmosphe-ric Boundary Layer with In-Situ measure-mentsbyafleetofUnmannedAerialSystems)ineinerfestgelegtenFormationDie Rotorbltter fr das Projekt wurden in Portugal gefertigt und nach Deutschland verschifft.EnerconMessungen zu Strmungsphnomenen an einer Windenergieanlage.DLR(CC BY-NC-ND 3.0vomBodenab.SiemessenWindeigen-schaften,TemperaturundLuftfeuchtigkeitmithoherAuflsung.Versuche auch im Windkanal und im Forschungspark WindenergieWindkraftanlagenerzeugenaucheigeneWirbel.DieDLRwilldeshalbeinModellentwickeln,welchesdieAuswirkungenaufdieAnlageninderzweitenoderdrittenReihedeutlichmacht.NebendenMessungenanWindkraftanlagenselbstsindExperimenteimWindkanalderUniversittOldenburgundimDLR-For-schungsparkWindenergieKrummendeichgeplant.Letztlichentstehteinumfassen-des Modell fr die Darstellung der turbulentenStrmung.Die ESTABLIS-UAS-Messungen fllen eine Beobachtungslcke zwischen sehr kleinen,lokalen Prozessen in Bodennhe und groskalierten Beobachtungen durch Fernerkundung,Forschungsflugzeuge und Satelliten.“Prof.Markus Rapp,Leiter des Instituts fr Physik der Atmosphre,Oberpfaffenhofen58Windindustrie in DeutschlandINNOVATIVE PROJEKTEfr den deutschen WindmarktWindrder knnen nicht nur Stromerzeugen.DasDLR zeigt miteinemProjekt,wieWind-energie direkt in Wrme umgewandeltwerdenkann.3|SO WIRD WIND ZU KLIMAFREUNDLICHER WRMEModelle fr die atmosphrische Grenz-schicht ergnzen das Wissen aus der Fern-erkundungStrmungen knnen sich stark unterschei-den.MancheWirbelsindwenigeMillimeterklein,anderebereinenKilometergro.Physikalische Modelle fr die unterste SchichtderAtmosphre,dievomBodenbisinetwa2000MeterHhereicht,sindbislangnoch nicht sehr genau:Wirbel aus zusam-men

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  • RBL 集团:建立利益相关者对未来价值增长的信心 (2023)(engelsk 版)(10 sider).pdf

    在增值未来中建立利益相关者信任 RBL2 方法概述 客户价值和投资者信心发生了什么变化:全球供应链工作 个性化 混合工作 预期变化 一线领导者 心理健康风险管理 COVID-19 毒物政策 技术发展 内乱战略Revitalization Climate Change 专业发展 治理的复杂性和不确定性 创建正确的文化 驾驭悖论 敬业度和保留度 多元化、公平、包容3 无形资产架构 当您根据未来需求调整战略时,RBL 可以帮助您提高投资者和客户对未来的信心。在所有行业中,收益约占市值的一半。另一半是无形价值,定义为投资者对组织未来前景的信心。无形资产 RBL 架构的变化市场评估为如何管理和提高投资者和客户信心提供了指导。兑现承诺、有说服力的战略以及技术和文化能力的发展可以建立信任,增加市场价值。12 根据新战略投资于技术能力给定期望的客户和员工体验的文化 对未来的信心 文化能力 4 市场背景 商业和商业战略 特征能力(技术和文化) 结构 过程 支持系统 人/文化 公司和功能适应和能力改进 当功能启动时 阶段 1 阶段 2公司品牌 RBL 计划开发独特的技术和文化能力,这些能力与建立投资者信心和增加公司价值的战略相关联 5. 第 1 步。描述公司的业务战略和品牌以定义所需的能力。您的战略必须指导如何以及在何处重点建设核心技术和文化能力,以增强投资者、客户和员工对未来的信心。 6第 2 步。了解最重要的工作并确定其优先级。识别和优化多个关键工作流程,这些流程会产生影响并帮助您在市场中获胜 工作表和工作类型 7。第 3 步。确保经理和员工提供所需的客户体验,由内而外”公司品牌塑造经理如何建立领导参与的组织能力员工提供所需的客户体验。这种明确的一致性建立了与客户和投资者的信任。组织在客户心中灌输信心,这就是为什么投资者在过去四个月的转换速度比有记录的金融历史上任何时候都快。 RBL 可以帮助您评估当前的绩效、能力和无形资产,并使您的管理团队与公司范围内的角色保持一致。在围绕其业务模型的基础上,推动增长需要战略能力、强大的品牌形象、客户价值主张和管理差异化。与 RBL 合作的客户诊断如何增加他们的估值收益:他们的业务在客户和投资者眼中创造了价值。调整所需的能力、增长方向、客户价值主张和企业形象品牌以创造价值 评估现有流程中的差距和交付价值所需的能力。更好地了解经理必须做什么才能满足客户和投资者的期望。 PROCESSBENEFITS9RBL 帮助业务用户实现关键业务成果 使客户/投资者/外部利益相关者与业务战略保持一致 调整资源以优化运营(按职能或地理位置) 通过员工通过高绩效文化向客户交付强大的品牌承诺 特定技术和文化的声誉支持我们希望取悦客户体验的方式的能力。员工、投资者和客户都被我们在以正确方式交付正确结果方面的领导地位所享有的声誉所吸引。管理。人力资源。人力资源贡献适应内部和外部利益相关者并影响结果。以 Trusted Society 商业观点看待人和组织挑战如何影响投资者、客户和员工。让我们开始与投资者和客户就未来建立信任展开对话。联系我们

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  • 麦肯锡:移动出行的未来 2022:从炒作到现实(Engelsk 版)(15 sider).pdf

    March 2023Automotive&Assembly PracticeFuture mobility 2022:Hype transitions into realityProgress continued on many mobility fronts,even as challenges mounted.by Kersten Heineke and Timo MllerIn 2022,mobility was.on the move.This was a year of transition,which included some leaps forward and some retrenchments.A few indicators of disruption became quite visibleeven part of daily life.More and more electric vehicles(EVs)can now be seen cruising down the roads.Newly installed charging points are popping up in many countries.Novel business models(for instance,cars as a subscription service or as a direct-to-consumer product)have blossomed.In city centers,car use has come under increasing scrutiny from government authorities,and micromobility options,such as electric scooters,are increasing.As for other realms of mobility,2022 was a year for realignment.Investments in air mobility failed to equal 2021s record,though many players are advancing their technologies and inching closer to regulatory approval.The fanfare around autonomous drivingonce the subject of record-breaking funding announcements,seemingly on a weekly basishas apparently subsided.But leading entrants are making tremendous technological progress,scaling their operations across multiple cities,and laying a path toward greater customer acceptance.The automotive sector faced significant headwinds,generated in large part by geopolitical issues and macroeconomic uncertainty.Many automakers have handled this difficult environment with aplomb,building resilience in the expectation of a challenging near-term future.Some suppliers are suffering because of supply chain challenges and the contraction of the internal-combustion-engine market,but pockets of growth remain for those that can act boldly.In this article,we shed light on the most important developments of the past 12 months and use the lenses of technology,customer sentiment,and the regulatory and operating environments to envision what those developments could mean in the year to come.Consumer psychologys influence on mobilityA panoply of consumer archetypesor personashas been emerging and will play a role in shaping mobilitys future(Exhibit 1).Some personas will become more widespread over time.Others will fade or evolve.In urban areas,non-car-centric personas are poised to proliferate.Members of this group will probably sell their current cars without replacing them,or at least drive those cars much less often,reducing the frequency of replacement and thus spending on vehicles.Sometimes decisions will reflect“eco-hyperawareness.”Sometimes theyll result in larger part from concerns about the rising cost of car ownership.Leading autonomous-driving entrants are making tremendous technological progress,scaling their operations across multiple cities,and laying a path toward greater customer acceptance.2Future mobility 2022:Hype transitions into realityMicromobility enthusiasts enjoy zipping around town on e-bikes and stand-up electric scooters,aka e-kickscooters.These consumers tend to use and own different types of micromobility vehicles.The“multimodal urbanist”persona is partial to a sort of portfolio play,believing theres a proper form factor for any given travel purpose.Car-centric consumer personas will endure,but their definition of“car”might expand to include emissions-free models.They might also begin to supplement car usage with other types of mobility more often.Micromobility evolves,minimobility enters the sceneBefore the COVID-19 pandemic,funding levels in the shared-micromobility industry(primarily electric bicycles,mopeds,and e-kickscooters)Exhibit 1McKinsey&CompanyWhere the mobility landscape is headed in the next 10 years,by driver archetype,%Shifting consumer personas will determine the shape of mobilitys future.Note:Figures may not sum to 100%,because of rounding.Source:McKinsey Center for Future Mobility;McKinsey analysisCar fanaticMy car gives me freedomand I drive for funI need to get from A to Bas cheaply as possibleI rely on the known anddont like to change myestablished mobility behaviorI still need a car but activelyseek to reduce my tripsand consider moresustainable optionsI use whatever is availableto get me from A to B asconveniently as possibleI need a car to master myeveryday life but couldconsider swapping forother optionsI actively seek to be emission-free in my mobilityI ride a bicycle or a kickscooterto get around town I am always among the frstto try new mobility ofersCost-constrainedtravelerMobilitytraditionalistObjectivelycar-dependenttravelerEco-conscious carcomplementorMultimodalurbanistNet-zeroenthusiastMicromobilityenthusiastMobility innovationpioneerTodayIn 10 years8971322095820131726685513Future mobility 2022:Hype transitions into realitysoared in line with growing ridership.From 2015 to 2019,almost$7 billion was invested in this market.Funding contracted sharply in 2020,to roughly$800 million,but the industry soon resumed its growth trajectory,with capital flows rising again in concert.In 2021,micromobility players attracted approximately$2.9 billion in new investment,primarily for e-kickscooters.In 2023,we expect that investments in the privately held ecosystem supporting e-bikes will proceed apace but project that micromobility investors,in general,will sharpen their focus on profitability.This could further the industrys ongoing consolidation.Meanwhile,investment flows might continue to shift away from Asia and toward Europe(Exhibit 2).Another mobility segment has gained traction below the surface.Minimobility options,which include three-and four-wheeled EVs that can fit one or two people,sit in the space between cars and bicycles.These vehicles have an average weight from 100 to 500 kilograms(about 220 to 1,100 pounds)when unoccupied.Depending on the vehicle type and local regulations,their maximum speed varies from 25 to 90 kilometers(about 15.5 to 56 miles an hour).If interest continues to rise,and regulators are on board,the minimobility segment could reach a total addressable market of$100 billion annually across China,Europe,and North America by 2030.In a 2021 McKinsey survey of 26,000 people across eight countries,more than 30 percent of the respondents stated that they were likely or very likely to consider using a minimobility vehicle as one of their future mobility options.Viewpoints varied dramatically by geographic region,however(Exhibit3).Autonomous vehicles:The rise of the robo-taxi and robo-shuttleIn 2022,the fortunes of various robo-taxi and robo-shuttle players diverged:some discontinued development,while others announced aggressive efforts to scale up their businesses.Strategic investors swallowed smaller players in transactions that were primarily intended for“acquihires.”Exhibit 2McKinsey&CompanyShare of publicly disclosed investments into micromobility companies,by region,1%Europe surpasses Asia in levels of micromobility investment.1Figures may not sum to 100%,because of rounding.The geographic split is based on the money invested in companies headquartered in diferent regions,not the source of investment.Source:McKinsey Center for Future Mobility 201822North AmericaAsiaEuropeTotal investment,$billion8.44.53.92018192020223429372812604249104Future mobility 2022:Hype transitions into realityWe expect consolidation to continue in 2023especially for smaller and lagging competitorswhich will ultimately strengthen the marketplace.Outside China,we project that only two to four players will eventually provide fully autonomous robo-taxi and robo-shuttle technology.Consumers could benefit from per-mile costs lower than those of other transportation options in coming years(Exhibit 4).Robo-taxis might be favored in the United States.Europe will more likely favor robo-shuttles,which could steal significant modal mix share from private vehicles,so that cities and citizens can reclaim space from private cars.Air mobility continues to attract fundingUrban and advanced air mobilitya segment that includes electric vertical takeoff and landing(eVTOL)aircraftenjoyed record funding in 2021:roughly$6.9 billion in new investments.Funding cooled in 2022,partly as a result of macroeconomic conditions,but remained well ahead of its prepandemic pace(Exhibit 5).Leading eVTOL players are following aggressive time lines,hoping to achieve important certifications by the mid-2020s.Meanwhile,Exhibit 3McKinsey&CompanyConsideration of minimobility usage and impliedprivate-vehicle replacement,%of respondentsConsideration of private-vehicle replacement globally,%of respondentsMore than 30 percent of surveyed global consumers indicated they would use a minimobility vehicle in their future mobility mix.AustraliaBrazilChinaGermanyItalyJapanSouth KoreaUSGlobal average171469521930573211111519662920512524502638353535261756312346NotlikelyRatherlikelyLikely3554Yes,I would replace myprivate vehicle completelyNo,but I would consider getting a minimobility vehicle as an extension to my private vehicle for selected tripsNo,I would not consider replacing my private vehicle with a minimobility vehicleQuestion:How likely are you to consider using a minimobility vehicle as part of your future mobility mix?Question:Would you consider eventually replacing your private vehicle entirely with a minimobility vehicle?Source:McKinsey ACES survey,2021(n=26,000)5Future mobility 2022:Hype transitions into realityincumbents are trying to catch up:72 percent of the largest 25 aircraft OEMs and 64 percent of the largest 25 suppliers now participate in some type of advanced air mobility activity.The upcoming year will pose a crucial test for entrants that wish to stay on path for near-term flight certification.Exhibit 4McKinsey&CompanyEnd customer cost,$per mile on relative basisLower rangeUpper range1Depending on car type for 10,000 miles per year.2Estimation based on a 5-mile trip with a 5-minute waiting time in Dallas and Los Angeles.3Estimation based on a 5-mile,15-minute trip in Dallas and New York.4Assuming 3 passengers on average and 10ditional miles.Source:McKinsey Center for Future Mobility;Uber fare data;US Department of Transportation mileage dataMobility costs could decline in the coming decade as pooled robo-shuttles emerge at scale.0123456701234567PrivatecarTaxiPersonalride-hailingPooledride-hailingPublictransitRobo-taxi(not pooled)Robo-shuttles(pooled)Today2030 The upcoming year will pose a crucial test for advanced air mobility entrants that wish to stay on path for near-term flight certification.6Future mobility 2022:Hype transitions into realityEV uptake differs by region and segmentA successful net-zero transition will require dramatically increased EV sales in coming decades(Exhibit 6).Recent trends have included some regional divergences in EV adoption rates.Last year,uptake rose by about 80 percent in China and by about 40 percent in the United States(compared with 2021).But Europe remains roughly at 2021 levels.The slowdown reflects declining subsidies,high prices for electricity,and the rising cost of raw materialsup 120 percent for lithium,to give one example.If conditions dont change,EV sales in the European Union could continue to slow.So could overall car sales,as individual mobility becomes more and more expensive for many Europeans.Meanwhile,in the United States,long-term uptake could be accelerated by recently legislated subsidies that support EV purchasing,battery cell production,and the build-out of charging infrastructure.With a continued generous regulatory push,the United States could reach EV penetration on par with European levels.An EV adoption divide has also begun to emerge between segments.Buyers in the premium segment are less price sensitive and more likely to charge electric vehicles at home.Premium OEMs are also setting ambitious EV targets.As a result,the premium segment is two years ahead of the volume segment in the pace of electrification.Exhibit 5McKinsey&CompanyTotal disclosed funding,as of June 30,2022 1Includes venture capital,disclosed R&D(including$1.5 billion from Hyundai in 2020),private investment in public equity,and funding from special purpose acquisition companies.Year based on transaction announcement date.2Electric vertical takeof and landing aircraft.Source:CB Insights;PitchBook;S&P Global;McKinsey analysisFunding for future air mobility has accelerated signifcantly in recent years.30201020130.1397812161969811060.10.20.20.60.61.03.06.92022H120132022H120132022H12.2040506070Value of deals,$billionNumber of dealsAverage deal size,$millionPassenger eVTOL2Surveillance/cargo droneSupersonicSustainable aviationFuture airmobility ecosystem7Future mobility 2022:Hype transitions into realityBatteries remain in high demandAs a result of increased EV production,demand for batteries is surgingand further acceleration is expected(Exhibit 7).To provide commensurate supply,more and larger battery factories will be needed around the world.So far,announcements about future battery supply capabilities roughly match expected demand.But we project that a significant portion of announced future supply will not materialize in a timely manner,so shortages will probably occur.Regional mismatches in supply and demand could create additional bottlenecks.Despite rising local demand,China will probably continue to have significant excessive production capacity,for instance,while Europe and North America might not be able to meet their own local demand for cell production.The US Inflation Reduction Act,with its subsidies for battery makers,has made North American production a more appealing option.Further regional regulatory announcements could reshape the attractiveness of battery production in other locales,such as Europe.To support the scale-up,battery manufacturers will need to secure additional manufacturing equipment and raw materials.This could pose challenges.Australia and Chile,for example,now produce about 70 percent of the worlds supply of lithiumwhich could be a limiting factor.Supply chain snags,and shortages of raw materials such as nickel,could also influence shifts in favored battery chemistry.Exhibit 6McKinsey&CompanyMobility 2022Exhibit 6 of 12By 2035,the largest automotive markets in China,the European Union,and the United States will be fully electric.BEV,FCEV,and PHEV sales as a share of new passenger vehicle sales,%by scenarioBEV,FCEV,and PHEV sales as a share of new passenger vehicle sales,%by country/regionBattery electric vehicle.Fuel cell electric vehicle.Plug-in hybrid electric vehicle.Source:McKinsey Center for Future MobilityUSEUChina020406080100020406080100CurrenttrajectoryFurtheraccelerationAchievedcommitments202020252030203520202025203020358Future mobility 2022:Hype transitions into realityEventually,the battery market could be even more dramatically disrupted by developments in next-generation batteries(for example,silicon anode and solid-state varieties),as well as new technologies,such as sodium ion.Europe must ramp up the charging infrastructureWith more EVs on roads in Europe,it will need a major build-out of its EV-charging infrastructure.A recent analysis suggests that in even the most conservative scenario,the EU-27 will require at least 3.4 million operational public-charging points by 2030a significant step up from the estimated 375,000 charging stations in 2021(Exhibit 8).Extensive utility grid upgrades will be necessary to distribute electricity to these new charging stations.Higher renewable-energy production capacity will be needed to supply those grids with clean power.In all,the build-out of Europes EV-charging infrastructure might cumulatively cost upward of 240 billion by 2030.Exhibit 7McKinsey&CompanyMobility 2022Exhibit 7 of 12By 2030,40 percent of global battery demand could come from Chinaevenly split between the top two battery chemistries.Demand for lithium-ion batteries,201530,gigawatt-hours(GWh)Breakdown of demand,2030,GWh01,00020152020202520302,0003,0004,00001,0002,0003,0004,000Consumer electronicsGrid storageMobilityannually 32%By geographyBy chemistryRest ofworldUSEUChinaOtherLithium cobalt oxideNickel cobaltaluminumNickelmanganesecobaltLithium ironphosphate9Future mobility 2022:Hype transitions into realitySemiconductor shortages persistDemand for automotive semiconductors continues to outpace supply,but the gap varies by node size(Exhibit 9).For nodes greater than 90 nanometers(nm),which are in high demand by the automotive industry,the shortage is likely to persist because mature nodes have low profit margins.Some customers value the low price points for these nodes and have little incentive to migrate to smaller ones.For wafers from 22 to 65 nm,the shortage will not be fully resolved over the short to medium term but may lessen if(as expected)semiconductor companies increase supply.Overall,however,it is difficult to predict the size of the demandsupply gap for specific products that use smaller nodes,because of the high heterogeneity of device types and technologies.Semiconductor shortages will probably persist until 2026,given the long lead times for chip manufacturing.To mitigate chip supply issues,OEMs can take several steps,including these:establishing control rooms that combine staff from procurement,supply chain management,and sales to help ensure that near-term supplies of semiconductors dont drop to unacceptable levelsExhibit 8McKinsey&CompanyMobility 2022Exhibit 8 of 12Target rate refects utilization-oriented scenario described in the European Automobile Manufacturers Association(ACEA)report.2Alternating current.3Direct current.4There are 470 weeks left until the end of 2030 and some 3 million public-charging points to be installed.Source:European Alternative Fuels Observatory;national transport and mobility organizations;McKinsey analysisThe pace of public-charger installations in Europe must quadruple by 2025.Installed public-charging points for electric vehicles(EVs),number of installations per weekAverage acceleration of weekly EV-charging infrastructure rollout needed by mid-2020s to reach required number of public AC2 and DC3 charging points41,600 per week is current rate of installation of new charging points6,000 per week is target rate for installation of new charging points420212025203010,50010Future mobility 2022:Hype transitions into reality charting clear technology road maps that more precisely define future semiconductor needs(for next-generation products,among other things)jointly investing with suppliers in projects to improve capacityThe growing importance of softwareAutomotive companies and their suppliers continue to invest heavily in software.By 2030,the global automotive software and electronics market is expected to reach$462 billiona 5.5 percent CAGR from 2019 to 2030(Exhibit 10).In contrast,the overall automotive market for passenger cars and light commercial vehicles is projected to grow at a compound annual rate of only 1 percent during the same period.This divergence,reflecting a significant shift in the future of mobility,has been propelled by the expansion of urban access restrictions,Exhibit 9McKinsey&CompanyMobility 2022Exhibit 9 of 122128173510078732547849552616562172A combination of structural issues and crisis reactions has led to semiconductor shortages across all industries.Global semiconductor demand and supply,2022,300-millimeter equivalent,million wafers per yearShare of global semiconductor demand,by node size,2021,%Note:Figures may not sum to 100%,because of rounding.1Supply is installed capacity in million 300-millimeter(mm)-equivalent wafers;demand foundation is conversion of million square inches into million 300-mm-equivalent wafers.Source:Omdia Semiconductor Silicon Demand Forecast Tool(Q1 2022);SEMI World Fab Forecast(Mar 2022);McKinsey analysisDemandSupplycapacityForecastdemand90 nanometer(nm)Node size:2265 nm IncreasedstocklevelCrisisreaction Over-orderingCAGR analysis,202125,1mandSupplyDiference14 nmNode size:2265 nm90 nm98157 2541Allindustries,%of totaldemandAutomotive industry,%of automotivedemandShortage11Future mobility 2022:Hype transitions into realitysuch as bans on internal-combustion-engine vehicles in city centers;the rising adoption of nonownership models,including car sharing and micromobility;and disruptive technologies,such as urban autonomous driving.In this environment,automotive companies look to software and electronics as the next frontier for transforming the industry.Ongoing pressure on automotive suppliersOver the past four years,as players across the automotive value chain increased their margins,the profitability of automotive suppliers fell by half.In 2022,the margin pressures for automotive suppliers accelerated for various reasons,including shortages of semiconductors and energy,increasing costs for raw materials and freight,supply base consolidation,shrinking demand,Exhibit 10McKinsey&CompanyMobility 2022Exhibit 10 of 12The automotive software and electronics market is expected to grow at 5.5 percent per year through 2030.Note:This is a forecast for light vehicles,including passenger cars and light commercial vehicles.1 Electrical and electronic components.2Electronic control units and domain control units.Hardware only.3Includes onboard charger,direct current(DC)/DC converter,and high-voltage inverter.Source:McKinsey Center for Future Mobility Automotive software and E/E1 market by components,$billionSoftware(functions,operating system,middleware)Integration,verifcation,and validation servicesECUs/DCUs2SensorsPower electronics(excluding battery cells)3Other electronic components(wiring harness,displays,speakers,board net)Vehicle production,million vehiclesCAGR 201930, 191122352686105193950462 5.5352257 9.2 9.7 4.8 6.3 23.1 2.2144471263114246332612 1.3%per annum20252030201920252030899310212Future mobility 2022:Hype transitions into realityand the volatility(sometimes daily)of automotive production volumes(Exhibit 11).In 2023,we project that margin pressures will continue because of ongoing macroeconomic,geopolitical,and technological disruptions.Increases in the cost of labor and energy could add to the squeeze.Automotive suppliers will need to focus on keeping their costs in check.Possible cost reduction measures include the following:ensuring that OEMs provide strong support(through,for example,indexation,raw-material clauses,or direct or directed buy programs)to compensate for price increases revising OEM contracts and booking longer-term commitments to stabilize volumes adapting portfolios and canceling smaller,unprofitable programs rightsizing footprints and overhead costsWe also project that suppliers of components for internal-combustion-engine vehicles will experience future consolidation as production of those vehicles declines.Demand for zero-emissions trucksFor electric light commercial vehicles,hockey stick growth in demand could outstrip supply.In this market,many companies are looking for zero-emissions delivery vehicles because of various factors:more stringent decarbonization regulations in both the United States and Europe,at the national and the city levels environmental,social,and governance accounting standards(which expand accountability across the value chain)for Scope 3 emissions the desire to take advantage of emerging low-cost financing to reduce the costs of a transition to zero-emissions vehiclesExhibit 11McKinsey&CompanyWeb 2023Mobility 2022Exhibit 11 of 12 Hit to cost base by supplier type,%of afected suppliersUtility,gas,and electricity shortages and cost infationFreight costs,volume fuctuation,foreign exchange efectsRaw material cost infation Semiconductor shortagesSignifcant hit Hit No hit5046415814265915155035Represents approximately more than 5 percentage points of EBIT.Represents approximately 1 to 5 percentage points of EBIT.Source:CLEPA and McKinsey Pulse Check SurveyAutomotive suppliers are facing price increases that create margin pressures.13Future mobility 2022:Hype transitions into reality greater corporate commitments to ambitious emissions reduction targets in response to rising consumer demand for more sustainable products fluctuating energy prices and a general decline in the cost of battery packs,both of which are pushing the total cost of ownership toward parityeven today,in certain use casesbetween zero-emissions vehicles and their diesel-powered counterparts(Exhibit 12)In 2022,mobility shifted away from major new announcements and concepts and toward a sharpened focus on implementation and scaling.Traditional OEMs and tier-one suppliers remained Exhibit 12McKinsey&CompanyWeb 2023Mobility 2022Exhibit 12 of 12Fluctuating energy prices and general declines in the cost of battery packs are pushing the total cost of ownership of zero-emissions vehicles toward parity.Total cost of ownership(TCO)parity point with diesel trucks in Europe,yearsOn-demand long-haul HDT 20222032 20222032 20222032 Weight40 tonsRange800 kmAnnual mileage175,000 kmOn-demand long-haul HDT Regional distribution HDT Weight40 tonsRange500 kmAnnual mileage125,000 kmWeight18 tonsRange300 kmAnnual mileage60,000 kmBEVFCEVParity withincentivesParity withoutincentives10vantageNote:TCO model assumes the following cost levels for heavy-duty,long-haul,line-haul truck in Europe in 2030:up-front vehicle costs.1Battery electric vehicle.2Fuel cell electric vehicle.3TCO breakeven including Germany-like incentives,subsidy covering 80%of up-front cost gap with diesel(currently valid until 2024)and 100%discount on tolls.TCO breakeven with diesel in European markets.Heavy-duty trucks.Source:McKinsey Center for Future Mobility14Future mobility 2022:Hype transitions into realitypreoccupied with the short-term effects of supply chain issues and the transition to electric vehicles.Disruptors marched aheadbut faced increasing consolidation.Meanwhile,regulators continued to pressure players to decarbonize more quickly.Cities ramped up their urban-mobility initiatives.And consumer interest in sustainable(and shared)mobility accelerated further and will almost certainly continue to accelerate.The industry landscape will have a very different shape beyond 2030.But the next 18 to 24 months could indicate who the winners on the other side of that transformation might be.Scan Download PersonalizeFind more content like this on the McKinsey Insights AppDesigned by McKinsey Global PublishingCopyright 2023 McKinsey&Company.All rights reserved.Kersten Heineke is a partner in McKinseys Frankfurt office,and Timo Mller is a partner in the Cologne office.The authors wish to thank Susanne Birkhold,Saral Chauhan,Julian Conzade,Michael Guggenheimer,Antonia Gutzler,Martin Hattrup-Silberberg,Benedikt Kloss,Nicolas Laverty,Felix Rupalla,Patrick Schaufuss,and Alexandre van de Rijt for their contributions to this article.Additionally,the authors wish to thank all members of the McKinsey Center for Future Mobility team for their research activities in 2022.15Future mobility 2022:Hype transitions into reality

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    Cisco Cybersecurity Readiness IndexMarch 2023Resilience in a Hybrid WorldExecutive Summary 3Benchmarking Readiness 6Protecting Identity 8Protecting Devices 10Protecting Networks 12Protecting Application Workloads 14Protecting Data 16Industry and Size Matters 18Conclusion 20About the Research 21Contents2Cisco Cybersecurity Readiness IndexResilience in a Hybrid WorldIn a post COVID world,the requirements of cybersecurity have changed as the landscape for businesses has been spun on its head.Organizations have moved from an operating model that was largely static where people operated from single devices from one location,connecting to a static network to a hybrid world in which we increasingly operate from multiple devices in multiple locations,connecting to multiple networks.While there is broad consensus that the move to hybrid is here to stay,its long-term success hinges greatly on organizations ability to safeguard themselves against new and rapidly evolving threats.Set against this,we wanted to understand how ready organizations around the world are to meet these modern security challenges.To do this,we developed the Cisco Cybersecurity Readiness Index.It categorizes companies into four stages of readiness:from Beginner,to Formative,Progressive,and finally Mature,based on their preparedness across five key pillars and the state of deployment of 19 security solutions within those.More details on the scoring methodology can be found in the following section.The Global Cybersecurity Readiness GapThe results are stark:according to the index,a mere 15%of organizations globally are deemed to have a mature A mere 15%of organizations globally are deemed to have a mature level of preparedness to handle the security risks of our hybrid world.Executive Summary3Cisco Cybersecurity Readiness IndexResilience in a Hybrid Worldlevel of preparedness to handle the security risks of our hybrid world.This is despite most companies being aware that the threat is real.Four out of five(82%)security leaders we spoke to globally believe cybersecurity incidents are likely to disrupt their businesses over the next 12 to 24 months.And the consequences of not being prepared have never been greater.Almost 60%of respondents said they had experienced some kind of cybersecurity incident in the last 12 months.The incidents cost 71%of organizations affected at least US$100,000,with 41%saying the overall cost was US$500,000 or more.We have an alarming cybersecurity readiness gap,and its only going to widen if global business and security leaders dont pivot quickly.Mapping Readiness Around the WorldAs you might expect,there are variations in private company cybersecurity readiness across markets,but not in the way we might ordinarily expect.In our index,private sector companies in less developed nations outperform their peers in wealthier countries by a considerable margin,especially in Asia-Pacific and the Americas.In the Americas,Brazil stands out as the country where companies are most ready to tackle todays security challenges,with 26%of companies considered in a mature stage of preparedness.Meanwhile,companies in Canada(9%in Mature stage),the USA(13%in Mature stage)and Mexico(12%in Mature stage)demonstrate low levels of readiness compared to the global average.In Asia-Pacific,organizations in Indonesia(39%in Mature stage),the Philippines,and Thailand(27ch in Mature stage)top the chart both regionally and globally.On the other hand,companies in richer countries like Japan(5%in Mature stage)and South Korea(7%in Mature stage)are languishing at the bottom.This variance could be largely explained by the fact that companies in emerging markets started their digitization journeys more recently compared to their peers in developed markets.That means many of these companies do not have legacy systems holding them back,making it relatively easier to deploy and integrate security solutions across their entire IT infrastructure.While awareness of security risks and their impact on business has never been higher,this finding highlights that tech debt continues to be a major driver of the readiness gap.This trend is not seen across Europe,though,where companies are lagging the global average on readiness.Almost 60%of respondents said they had experienced some kind of cybersecurity incident in the last 12 months.Markets most mature in their overall cybersecurity readiness39&%IndonesiaThe PhilippinesThailandBrazilMature stage4Cisco Cybersecurity Readiness IndexResilience in a Hybrid WorldIn almost all countries less than 10%of companies are deemed mature enough to tackle todays cybersecurity issues.The UK and Germany are two exceptions,with 17%and 11%companies in a mature state of readiness respectively.Readiness by Size and IndustryReadiness varies across company sizes in an interesting way.The data shows that globally mid-sized firms of between 250 and 1,000 employees are best prepared,with over 19%of such firms at a mature stage of overall readiness compared to 17%of larger businesses(1,000 employees).This suggests that while larger organizations may have bigger budgets,they typically require more complex deployments,which can take longer to implement.Smaller organizations are the least well-prepared with just 10ing mature in their readiness.While this is not surprising,it is an area of concern,as small companies falling below this security poverty line bring wide-reaching externalities theyre increasingly part of supply chains of larger organizations,making them an attractive target for malicious actors.In todays hyper-connected world,it is critical to ensure there are no weak links that bad actors can exploit.Of course,readiness is also dependent on the type of industry in which our respondents work in.Those in sectors with the most to lose tend to have more companies in the Mature state of readiness,including healthcare(18%)and financial services(19%).However,it is retail,with 21%of organizations in the Mature category,that comes out on top.This likely reflects the substantial number of cyberattacks this industry has faced over the years,as bad actors regularly target the personal and financial data held by these organizations.Closing the Cybersecurity Readiness Gap Our Global Security Resilience ImperativeWhile the cybersecurity readiness gap may be alarmingly large,businesses are not standing still.Security leaders are aware of the risks and are keen to invest in their cybersecurity readiness:86%of organizations have plans to increase their cybersecurity budget by more than 10%over the next 12 months.It is crucial that these budget increases are delivered sooner rather than later.Given the environment that businesses operate in and the current readiness gap,a 12-month wait is far too long.As these companies invest in their cybersecurity readiness,confidence in their ability to stay resilient will improve.Of the companies that were ranked Mature,53%said they were very confident in the ability to stay resilient against potential cyberattacks in the next 12 to 24 months.On the other hand,only 30%of companies in the Beginner stage and 34%in the Formative stage said the same.But as they deploy budgets,companies do need to think about security differently.Because threats are everywhere,stand-alone security strategies are no longer effective;they focus too much on threat prevention,create siloes that can be exploited,and dont account for the full business impact.What organizations need is security resilience,where security is foundational to business strategy and is collectively prioritized throughout the organization,allowing companies to better anticipate threats and bounce back faster when a threat becomes real.Most organizations are already thinking about resilience in their financial,operational,organizational,and supply chain functions.Security resilience cuts across all of them.Resilience is about verifying threats,understanding connections across the organization,and seeing the full context of any situation so teams can prioritize and ensure their next action is the best one.For business leaders to build secure and resilient organizations,they must establish a baseline of how ready they are across the five major security pillars.The maturity of security infrastructure,particularly in relation to local and global peers,will help organizations identify what areas they are strong in and where they can best prioritize resources to improve their ability to be resilient.Our hope is that this Cybersecurity Readiness Index will act as a wake-up call for senior business leaders.Closing the cybersecurity readiness gap must become a global imperative.We cannot afford to fall further behind as the shift to hybrid continues to accelerate.The impact on businesses,customers and society will only increase amid an explosion of hybrid threat vectors and an increasingly complex threat landscape.While some progress has been made,not enough firms are cybersecurity-ready to take on the challenges that our hybrid world has created.5Cisco Cybersecurity Readiness IndexResilience in a Hybrid WorldWhile most of us are broadly aware of the increased security risks brought about by the move to hybrid working,what isnt widely understood is how ready organizations are to face those risks.Ciscos Cybersecurity Readiness Index is a new way of assessing how ready businesses are.It is sourced from a double-blind survey of 6,700 private sector cybersecurity leaders in 27 global markets.The index is based on five pillars:Identity,Devices,Network,Application Workloads,and Data.From within those pillars,we examined 19 different solutions required to address them.We asked respondents whether their companies had solutions in place to meet the challenges of each pillar,and how far along they were towards full deployment.The data was then organized and categorized into a state of readiness,where respondents were ranked from Beginner,to Formative,Progressive,and finally Mature based on the weighted scores of each pillar reflecting their importance:network(25%);identity(20%);devices(20%);data(20%);and application workloads(15%).A fuller explanation of the methodology can be found at the end of this report.Benchmarking Readiness Identity In the hybrid work environment,it is critical for companies to be able to verify the identity of everyone who tries to access network resources and information.One can argue that this is the first line of defence from a security perspective.DevicesThere are two aspects to this.First are the devices that employees use to log on to a company network.These can be both official and personal.Second are other devices within the infrastructure ranging from security cameras to smart printers,which are all connected to the network.Companies need capabilities to verify these devices and protect them from being accessed by bad actors.NetworkIn todays way of working,the network lies at the heart of a comprehensive approach to security given that people,devices,data,and applications all move across it.Safeguarding the network from malicious actors,insider threats,and third-party risks is critical to the viability of the company.Application WorkloadsAs companies move some or all of their operations to the cloud,they are also experiencing a shift in the way they manage and deploy applications.From containerization to serverless architectures,and microservices,protecting application workloads is crucial in todays digital landscape.Attacks against these platforms and services can lead to sensitive data breaches,loss of productivity,and irreparable damage to an organizations reputation.DataOften described as new currency,data has emerged as one of the most valuable assets for businesses.It is critical for organizations to protect data from unauthorized access,use,disclosure,disruption,modification,or destruction.With the increasing amount of sensitive information being stored and shared electronically,robust security capabilities and measures are foundational to achieving this protection.6Cisco Cybersecurity Readiness IndexResilience in a Hybrid WorldBased on the overall score,organizations are categorized into one of four stages of readiness:Beginner(Less than 10):Organizations at the initial stages of deployment of solutions.Formative(11 44):Organizations that have some level of deployment but performing below average on cybersecurity readiness.Progressive(45 75):Organizations with considerable level of deployment and performing above average on cybersecurity readiness.Mature(76 and higher):Organizations that have achieved advanced stages of deployment and are most ready to address security risks.Looking at the overall picture,nearly half of our respondents(47%)and their organizations fall into the Formative category,where they have taken some of the much-needed steps to protect themselves but cannot be classified as ready to meet the challenges of our new hybrid world.Progressives form the next largest cohort at 30%.Only 15ll into the Mature category,with a high level of readiness.Less than one in ten(8%)are in the Beginner category,representing the first step on the readiness ladder.This report represents the first study of its kind and provides a comprehensive cybersecurity readiness assessment for companies across 27 markets globally.Nearly half of our respondents(47%)and their organizations fall into the Formative category,where they have taken some of the much-needed steps to protect themselves but cannot be classified as ready to meet the challenges of our new hybrid world.Overall cybersecurity readiness of organizations globally150G%8%MatureProgressiveFormativeBeginner7Cisco Cybersecurity Readiness IndexResilience in a Hybrid WorldTraditionally,cybersecurity operations focus on creating a strong perimeter to keep out threats.The assumption being that anyone who was inside the wire was authorized to be there.However,in the hybrid working model,data can be spread across limitless services,devices,applications,and users,making traditional perimeter approaches inadequate.This calls for a new security strategy where no-one and nothing is trusted until their identity has been proactively verified.Our research underlines the challenge:a quarter(24%)of all respondents ranked Identity Management as the number one risk for cyberattacks.For years,companies have relied on identity management solutions like Data Stores,which are a storage of things like identity of a person,their username,and their password.A person uses these to login,and if they match,they are granted entry.However,as companies have moved to remote and hybrid work arrangements,many have started to add a second layer of verification.These are Integrated Identity and Access Management(IAM)solutions,such as Multifactor Authentication,where even when a user enters the right username and password combination,they are then given a second prompt to prove that they are who they say they are.Given that identity management is ranked by our respondents as the number one risk,it is no surprise that 95%have implemented some kind of identity management solution,with IAM proving most popular,with two-thirds saying they have deployed these solutions.Some companies are adding yet another layer of security to identity management Privileged Access Management.This is where,even after the first two layers of identity verification,access is granted based on pre-assigned privileges,such as the users role within the company,the Protecting Identity8Cisco Cybersecurity Readiness IndexResilience in a Hybrid WorldCisco Cybersecurity Readiness IndexResilience in a Hybrid World8device they are using to log in,and the location they are logging in from.The good news is that for all the identity management solutions Traditional Data Stores,IAM and Privileged Access Management our respondents are well progressed with most having fully deployed whichever solution they have decided to use.However,it is of concern that for those that have not yet rolled out identity solutions,more than two thirds(69%)said they have no intention to do so.For those that do intend to roll out identity solutions,most will take from one to as many as five years to complete their implementation.Overall,companies need to step up further to meet the challenge of identity verification.Despite the clear threat presented by identity management,most of our respondents are at the Formative(38%)or Beginner(20%)stage.Only 20ll into the Mature category,with a further 22%in the Progressive segment.Surprisingly it is markets that are bigger and more mature that lag with the Netherlands(31%),France(35%)and Japan(50%)showing the highest percentage of Beginners.Given that identity management is ranked by our respondents as the number one risk,it is no surprise that 95%have implemented some kind of identity management solution,with Integrated Identity and Access Management proving most popular.Readiness to protect identity208 %MatureProgressiveFormativeBeginner9Cisco Cybersecurity Readiness IndexResilience in a Hybrid WorldLong gone are the days when employees accessed a corporate network from a single desktop PC.The need to access data on the move and in a variety of forms has created an explosion in the number of devices employees use.The pandemic has also added to the list of devices we all use regularly with cameras and microphones,for example,helping make video conferencing a better experience.However,employee devices are not the only things accessing networks and data.Everything from soil moisture detectors to plant machinery,and even door security systems are connected to corporate networks,providing important and insightful data.Whatever the device,it needs to be protected.We have seen significant data breaches in the past originating from unprotected devices.Protecting DevicesFor our respondents,protecting devices ranks third out of five in their list of risk potential,behind identity management and the network itself.It also seems to be less challenging for most with it ranking third on their list for difficulty.Three quarters(73%)of our respondents have chosen to use enhanced anti-virus solutions as their key solution to protect devices.Building protections into the operating system,such as host controls,is another way organizations are protecting their devices,with 65%saying they have deployed this type of solution.Endpoint protection platforms firewalls,malware,and process visibility etc.rank third in the solutions companies have deployed.However,there are two key trends to take note of.Firstly,the scale of deployment is partial.This is why,despite a high number of respondents saying they have these 10Cisco Cybersecurity Readiness IndexResilience in a Hybrid Worldsolutions in their posture,more than half(56%)of the companies are either at the very start of their journey,or only a short way down the path.The second is that among those who do not have these solutions in their posture,device management does not seem to rank high in the list of cybersecurity priorities.Two thirds of these respondents said their organization has no plans at all to deploy a solution.This shows that there is considerable work for many to do to ensure that devices do not become the vulnerable point in their cybersecurity strategy.Japan is languishing at the bottom of the readiness league table with 56%of its companies falling into the Beginner category.New Zealand(45%)and South Korea(48%)do not fare much better and companies in all three countries should take note of the potential risks they run if they do not accelerate their device security strategy.The risks are particularly acute in Japan with 80%of companies still not planning to do so for at least 12 months and many(60%)are still to secure the budget for these programs.By contrast,Indonesia is a long way in front of the readiness stakes with three out of five companies(59%)falling into the Mature category.Brazil(45%)and South Africa(44%)are other notable performers.Despite a high number of respondents saying they have these solutions in their posture,more than half(56%)of the companies are either at the very start of their journey,or only a short way down the path.Readiness to protect devices31(%MatureProgressiveFormativeBeginner11Cisco Cybersecurity Readiness IndexResilience in a Hybrid WorldGlobally,cyberattacks are on the rise.From telecoms to technology organizations and retailers,attacks have left networks vulnerable to exploitation.The result:billions of data sets have been exposed across the world.At the last count,there had been more than 4,000 publicly disclosed data breaches1 in the first three quarters of 2022 alone a significant increase on the previous year.And the likelihood is that this is just the tip of the iceberg with thousands more data breaches taking place in less well-known organizations.Todays hybrid working environment calls for flexibility not only in the number and type of devices that employees use,but also in where they log in from,and where the data they need to access is stored and processed.The growth of cloud strategies a bedrock of hybrid working means that employees need to be able to roam across multiple networks throughout their day,rendering the network more vulnerable to cyberattacks.Fortunately,our respondents recognize the risk;network protection ranks second in the list of their top five priorities.Most have opted to use firewalls with built-in Intrusion Prevention Systems(IPS).More than two-thirds(69%)of firms in our survey said they had deployed this capability,with network segmentation policies based on identity ranking number two(61%said they have deployed this),and Network Behavior Anomaly detection tools close behind at 60%.Packet Capture and Sensor Tools,though,come a distant fourth at 31%.However,the issue is that the scale of deployment is not keeping pace.Of those companies that have firewalls with built-in IPS,only 56%have fully deployed,and only 64%of companies have fully deployed network segmentation policies.Protecting Networks1.https:/ Cybersecurity Readiness IndexResilience in a Hybrid WorldCisco Cybersecurity Readiness IndexResilience in a Hybrid World12Regardless of where companies sit in their deployment,and which technology they use,there are some very real issues highlighted by our index which shows that despite companies rating network protection as their number two priority,most(56%)are either in the Formative or Beginner category and just 19%sit in the Mature category the most advanced state of readiness.This should be a clear signal to CISOs,CTOs and even CEOs that more work needs to be done to ensure organizations are better prepared to protect their networks.Despite companies rating network protection as their number two priority,most(56%)are either in the Formative or Beginner category and just 19%sit in the Mature category.Readiness to protect networks19%F%MatureProgressiveFormativeBeginnerThe problem is most acute in Japan where 82%of businesses fall into the least prepared categories.Hong Kong and Italy are not too far behind with 72%in the Formative or Beginner classification.By contrast,some of the less developed nations in our research are most ready to protect their network.Perhaps this stems from the recognition that failing to protect their networks presents an existential threat.Whatever the trigger,though,Indonesia tops the readiness rankings with seven in ten(69%)falling into the top two categories.Thailand is second best prepared with six in ten(60%)ready to meet the threat.One of the things that companies need to consider is that as business models move from static to dynamic,and hybrid work becomes the norm,network security must keep up.They need to look at novel approaches such as Secure Access Service Edge(SASE)to be adequately prepared to tackle the risks these shifts present.SASE combines traditional network security functions with software-defined wide-area networking(SD-WAN)capabilities.It allows organizations to provide secure and reliable access to cloud-based applications and services for remote workers,regardless of their location.SASE also allows organizations to implement security policies that are specific to the user,device,and application,rather than just the network.The survey did show positive signs that companies are likely to continue to improve on this front.Among the companies that are still deploying network security solutions,half(50%)said they are planning to roll them out within the next 12 months.13Cisco Cybersecurity Readiness IndexResilience in a Hybrid WorldAs we have already seen,the move to hybrid work and the proliferation of devices has made cybersecurity exponentially more complex.This,however,is only part of the story in our post-COVID world.Businesses have come to rely heavily on applications,particularly so over the past couple of years.With the increased expectations that end users now have for always-on,secure,and exceptional experiences,organizations are under pressure to accelerate their digital transformation projects.Hundreds of thousands of organizations across the world are building,modernizing,and deploying all types of business-critical applications including traditional/on-premises,as well as modern,distributed cloud-native solutions.In recent years,the pace of growth for applications has been phenomenal,and it will increase exponentially in the coming years.International Data Corporation(IDC)projects Protecting Application Workloadsthat 750 million cloud-native applications will be created globally by 20252.While this has great benefits,it does present a new layer of risk for companies.The shift to modern,distributed applications can leave organizations more vulnerable due to an ever-expanding attack surface.According to latest research by Cisco AppDynamics,78%of IT professionals globally feel that their organization is vulnerable to a multi-staged security attack that would affect the full application stack over the next 12 months3.Security teams have had to introduce a range of tools to their armories to protect against the additional threats presented in this more dynamic environment.2.https:/ Cybersecurity Readiness IndexResilience in a Hybrid WorldRespondents to our survey have recognized the challenge,and 97%have deployed some kind of solution to protect application workloads.66%have opted to use a host software firewall but endpoint protection was a close second with 64%of organizations choosing this to protect themselves.Less popular are application-centric protection tools(55%),and data loss prevention software(DLP)with just over a third choosing this route(34%),and visibility and forensic tools ranked fifth.While host software firewalls proved to be the number one choice for most firms,only two-thirds(67%)have fully deployed the solution.Much of the rest are in the middle of deployment with 6%saying they have either just started deployment,or not yet begun.Deployment of endpoint protection tools is even further behind with a little over half(57%)fully deployed and 35%presently deploying.The good news for nervous CEOs and those responsible for governance is that most respondents(88%)plan to deploy application protection solutions within 24 months.Although there are a worrying number of laggards with 12%expecting it will take three to five years,a substantial number of the delayed deployments are hamstrung by budgets,with only just over a third(39%)having agreed or allocated the necessary funds.Less good news for worried CEOs is that,looking across all our respondents,two-thirds(65%)fall into the Formative or Beginner category of readiness.This means their organizations are either low(14%)or below average(51%)performers when it comes to readiness to protect an organizations application infrastructure.In short,it means that while 97%of respondents have rolled out application protection solutions,most are not yet ready to meet the challenges ahead.Sadly,Japan again leads the way in countries less prepared to meet the challenge in this area of cybersecurity with half of respondents(47%)falling into the Formative category and a huge 39%in the Beginner grouping.While Hong Kong and France fare better,they still rank 26th and 25th respectively in terms of readiness to repel attacks on application workloads.81%of Hong Kongs respondents fall into the bottom half of preparedness while more than seven out of ten(77%)of organizations in France are low or below average performers.As companies plan to take the next steps in readiness on this front,they should keep in mind that speed and coordination are paramount when dealing with application security risks.Bad actors can take advantage of gaps and delays between siloed security and application teams,resulting in costly and damaging consequences.While 97%of respondents have rolled out application protection solutions,most are not yet ready to meet the challenges ahead.Readiness to protect application workloads12#Q%MatureProgressiveFormativeBeginner15Cisco Cybersecurity Readiness IndexResilience in a Hybrid WorldBillions of datasets were stolen as a result of cybersecurity breaches in 2022,according to industry estimates.For many affected,these hacks are an inconvenience resulting in wasted time changing personal details,passwords and so on.For businesses,the impact of data leaks can be highly significant.Not only do firms spend significant time on resolving the breach and enacting disaster recovery plans,but there are also major implications once the initial crisis is over.Regulators often want to understand the full extent of the incident and there can be punitive fines for firms that have not taken the right steps.Brand reputation can take years to recover for firms that have not acted properly to put in place expected cybersecurity mitigation programmes.Our respondents seem to understand these implications and 98%say their organizations have solutions in place to protect data properly.Most have chosen either to encrypt Protecting Datadata or to ensure that they are able to backup and recover lost data.More than two-thirds of firms(67%)have chosen these solutions for this pillar of protection.Identification and classification with data leak protection is applied by 55%of organizations,while host IPS and protection tools provide a way forward for 41%.The good news,bearing in mind the consequences of lost data,is that 94%have either fully or partially deployed encryption tools which is the number one choice of most firms while 92%have either completed or are on the road to completing the rollout of backup and recovery tools.Identification and classification with DLP are a little behind on deployment,with just 55%fully deployed,while that number is 61%for host IPS and protection tools.16Cisco Cybersecurity Readiness IndexResilience in a Hybrid WorldCisco Cybersecurity Readiness IndexResilience in a Hybrid World16There is evidence that teams at many organizations still believe they need to do more to protect data with most that have not yet deployed solutions saying that they are planning rollouts.Of these,backup and recovery tools are the most popular with nearly half(48%)of the stragglers planning to deploy this solution.There are some challenges over timelines,however,with 57%of respondents likely to wait more than 12 months before beginning their deployments.This stems from a lack of budgets with more than half(56%)not yet having agreed funding.The critical nature of data protection explains why the Mature and Progressive categories account for half(50%)of the respondents in our survey,a significantly higher proportion than we saw for device protection readiness,for example.As we look at the readiness data by country,Indonesia again leads the way in preparedness with 72%of allrespondents in this market falling into either the Mature orProgressive stage.Not far behind is Brazil with just over two-thirds of respondents(68%)in either the high or above average performance category.South Africa is in third with 65%of respondents falling into the top two groups.At the other end of the readiness index is Japan with 77%of its respondents underperforming.South Korea is not far behind also with 74%in the bottom two categories.The critical nature of data protection explains why the Mature and Progressive categories account for half(50%)of the respondents in our survey.Readiness to protect data22(%MatureProgressiveFormativeBeginner17Cisco Cybersecurity Readiness IndexResilience in a Hybrid WorldAs we look at the industries that are most ready for the challenges ahead,they tend to be dominated by those with most to lose from cybersecurity incidents,and most to gain from keeping threats at bay.Healthcare,with the enormous challenge of keeping patient records safe,has the third highest number of organizations in the Mature category(18%)while Financial Services comes in second at 19%.Retail comes out top with 21%of organizations in the Mature category.Industry and Size MattersRetail comes out top with 21%of organizations in the Mature category.This reflects the cybersecurity challenges the industry has seen over the last several years,and the pressure regulators are applying to keep financial and personal data safe.If we look at each of the five pillars of security protection,some other industries stand out in their readiness to protect specific areas of their operations.Travel Services is the most progressed among all industries in the protection of data,with 26%of organizations in the Mature category a necessary step given the large amount of personal information they process each day for customers taking flights and booking accommodation.It is also the second most advanced in the protection of devices after Retail,followed by Manufacturing which comes in third with 35%of organizations at the Mature stage.This could be attributed to the large number of IoT devices deployed in these industries.Surprisingly,Restaurant Services shows a high level of readiness when it comes to identity management,coming in at second place with 25%of organizations at the Mature 18Cisco Cybersecurity Readiness IndexResilience in a Hybrid Worldstage,just after Retail.This reflects the business models of many casual dining chains which require restaurant managers at multiple locations to order through a central system,as well as report takings and manage staff.At the other end of the scale is Transportation where a little over 16%of organizations fall into the Beginner category.This is somewhat surprising given it forms part of a countrys critical infrastructure but reflects the numerous legacy systems that tend to characterize this industry.The Media and Communications sector ranks 17th on the readiness index(second to last),with 15%in the Beginner category.Given the power of media in todays world and the need to protect populations from bad actors,this is unexpected.We know media organizations are targeted,a recent example being the ransomware attack against the UKs Guardian in late December,2022.As we might expect there are differences in readiness depending on the size of the organization.Surprisingly,it is the mid-sized companies those of between 250 and 1,000 employees that are best prepared with more organizations Surprisingly,it is the mid-sized companies those of between 250 and 1,000 employees that are best prepared with more organizations in the Mature category(19%)than their larger competitors.Industries most mature in their overall cybersecurity readinessMature stageIndustries at the start of their cybersecurity journeyBeginner stage21%Retail16%Transportation19%Financial Services16%Media and Communications18%Healthcare13%Personal Careand Servicesin the Mature category(19%)than their larger competitors,and more in the Progressive category(31%)too.These organizations are in the sweet spot.Large enough to be able to commit the budgets needed to get themselves ready to fend off cybersecurity attacks and agile enough to be able to deploy without the bureaucracy of larger businesses.It goes without saying,unfortunately,that smaller organizations those of up to 250 employees tend to be less ready with more than 50%of their respondents dropping into the underperforming,Formative category.Whats more,small organizations show a greater disparity between the two ends of the readiness spectrum.There are more Beginners than Mature organizations among smaller organizations in four out of the five pillars of security readiness.This is in contrast to larger organizations,which have more respondents at the Mature stage than the Beginner stage across almost all five pillars of security protection.In particular,while organizations of all sizes are most progressed in device protection,almost one third of smaller organizations(32%)are in the Beginner category,significantly more than those that are mature(27%).The disparity could be due to the diversity among companies of this size,which may comprise family businesses,professional services firms,tech start-ups and more-all with varying levels of knowhow.With small and medium enterprises representing about 90%of businesses and more than 50%of employment worldwide4,more support is needed to help them ramp up their security readiness.4.Small and Medium Enterprises(SME)Finance,World Bank19Cisco Cybersecurity Readiness IndexResilience in a Hybrid WorldThe five pillars of security all need to be protected and they need to work in harmony or else organizations face the risk of presenting a target of opportunity to bad actors.ConclusionThose charged with protecting their organizations are faced with a myriad of new challenges brought about by the once-in-a-generation effects of the global pandemic.Despite its immediate effect on the world of work being largely complete,the effects on IT infrastructure are still being felt and nowhere more so than in the offices of CISOs who are faced with a complex web of problems.In todays business environment,significant thought and effort needs to be given to how to protect identities,devices,network,data,and applications that operate dynamically.The five pillars of security all need to be protected and they need to work in harmony or else organizations face the risk of presenting a target of opportunity to bad actors.Our report finds that in all five areas,businesses across the world are making progress albeit some industries are further ahead than others.Progress is not even across all five pillars.Identity Management recognized as the most critical area by our respondents still has room for improvement,with close to three in five respondents(58%)finding themselves in either the Formative or Beginner category.Nevertheless,95%are at least at some stage of deployment with a solution.Efforts to protect the network a particularly significant area given it is the backbone of all IT infrastructures faces a similar situation with over half(56%)of respondents at the lower end of the readiness spectrum.That indicates many are in the early stages of deploying solutions although the good news is that half of our respondents(50%)plan to finalize deployments within the next 12 months.Protection of devices is the most advanced of all five pillars,with almost a third of organizations(31%)falling into the highest performing category of readiness.As with identity management and the network,the challenge is deployment,with more than half(56%)of companies at either the Formative or Beginner stage.On the bright side,though,88%of organizations that have not yet deployed solutions plan to do so within the next two years.Looking at how organizations protect application workloads,97%have deployed some kind of solution with most opting to use a host software firewall.This pillar is the least well advanced-nearly two-thirds(64%)fall into the Formative or Beginner stage of readiness.This means they are either Beginners(14%)or below average(51%)performers when it comes to readiness to protect an organizations application infrastructure.When it comes to protecting data,98%of respondents told us they have solutions in place.Most(67%)have chosen to encrypt data or ensure that they are able to backup and recover lost data.A large majority(94%)have either partially or fully deployed these solutions.These positive responses are also reflected in the readiness index where Mature and Progressive categories account for exactly half(50%)of the respondents in our survey.The picture,then,is largely positive.In critical areas,significant steps have been taken to secure organizations against cybersecurity threats.However,organizations around the world and perhaps governments need to recognize that there is a long way to go.Deployments of some solutions,particularly those for identity,devices and networks,are not being rolled out as quickly as they could,leaving some organizations vulnerable to attack.When the consequences of cyberattack are so clear to see,readiness must be a priority for all organizations and deployment of solutions needs to be accelerated.20Cisco Cybersecurity Readiness IndexResilience in a Hybrid WorldThe Cybersecurity Readiness Index is sourced from a double-blind survey of 6,700 private sector cybersecurity leaders.The organizations cover 27 territories in North America,Latin America,EMEA and Asia-Pacific:Australia,Brazil,Canada,China,France,Germany,Hong Kong SAR,India,Indonesia,Italy,Japan,Malaysia,Mexico,Netherlands,New Zealand,Philippines,Poland,Singapore,South Africa,South Korea,Spain,Switzerland,Taiwan,Thailand,UK,USA and Vietnam.The index is based on five pillars:Identity,Devices,Network,Application Workloads,and Data.From within those pillars,we examined 19 different solutions required to address them.Respondents were asked to indicate which of these they had deployed,the stage of deployment,and if these solutions were not already deployed then what budgets had been approved,and the intended timeline of deployment.Each solution was assigned an individual weightage based on its relative importance to helping safeguard the applicable pillar.The scores for each organization were then derived based on the stage of deployment of various solutions under each of the five pillars,with partially deployed solutions assigned a 50%weighting and fully deployed solutions weighted at 100%.The scores for each pillar were then combined and weighted to arrive at an overall cybersecurity readiness score for each organization.The importance of each pillar was weighted as network(25%);identity(20%);devices(20%);data(20%);and application workloads(15%).The respondents are drawn from 18 industries:business services;construction;education;engingeering,design,architecture;financial services;healthcare;manufacturing;media&communicationsnatural resources;personal care&servicesreal estate;restaurant services;retail;technology services;transportation;travel services;wholesale and others.The research was carried out between August and September 2022 using online and telephone interviews.About the Research IdentityCapability WeightageTraditional data stores like AD 30%Integrated IAM solution 60%Privileged Access Management 10%Pillar weightage:20vicesCapability WeightageBuilt-in protections in the OS such as AV and host controls 10%Anti-virus with some enhanced features 20%End-point protection platform(Firewall,malware,USB controls,process viability)70%Pillar weightage:20%NetworkCapability WeightageNetwork segmentation policies based on identity 40%Firewalls with built-in IPS 25%Network behavior anomaly detections tools 25%Packet capture and sensor tools 10%Pillar weightage:25%Application WorkloadsCapability WeightageHost software firewall 15%Endpoint protection capabilities 35%DLP 10%Application centric protection tools 20%Visibility and forensic tools 20%Pillar weightage:15taCapability WeightageEncryption tools 10%Identification and classification with DLP 20ckup and recovery 50%Host IPS&protection tools 20%Pillar weightage:20%Measuring Security Readiness weightages21Cisco Cybersecurity Readiness IndexResilience in a Hybrid WorldAmericas HeadquartersCisco Systems,Inc.San Jose,CACisco has more than 200 offices worldwide.Addresses,phone numbers,and fax numbers are listed on the Cisco Website at https:/ and the Cisco logo are trademarks of registered trademarks of Cisco and/or its affiliates in the U.S.and other countries.To view a list of Cisco trademarks,go to trademarks mentioned are the property of their respective owners.To use of the word partner does not imply a partnership relationship between Cisco and any other company.(1110R)Asia Pacific HeadquartersCisco Systems(USA)Pte.Ltd.SingaporeEurope HeadquartersCisco Systems International BV AmsterdamThe Netherlands

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  • Social Insider:2022 年时尚名人社交媒体行业报告(英文版)(18 页).pdf

    时尚影响者社交媒体行业报告日期范围:2022 年 1 月 1 日至 2022 年 12 月 31 日示例:时尚行业明星的全球社交内幕数据发现对 Facebook、Instagram 和 Twitter 上每种类型的内容都重要的分析指标。所有平台上时尚影响者行业的内容。然而,Instagram 轮播仍然是最吸引人的媒体类型。另一方面,Instagram 互动罕见地增加了 59.75。跨平台平均帖子交互日期范围:2022 年 1 月 1 日至 2022 年 12 月 31 日示例:时尚明星行业时尚影响者类别的全球社交内幕数据共享:38.48% 图片 26.64% 视频 21.37% 相册%状态 12,220 Facebook 链接 12.28% 状态 Facebook Facebook 帖子类型日期范围:2022 年 1 月 1 日 - 2022 年 12 月 31 日 2022 - 2022 年 12 月 31 日示例:时尚行业明星的全球社交内幕数据。 Instagram 帖子类型 在过去 12 个月中,时尚影响者类别中的品牌分享了: 36.19% 照片 31.05 Rouseller 28.11% 曲目 4.63% 视频 Instagram 上内容的变化日期范围:2022 年 1 月 1 日至 2022 年 12 月 31 日 Social Insider 样本: 全球新闻数据 行业 时尚明星 过去 12 个月的 Twitter 帖子类型,时尚影响者类别中共享的品牌: 59.31% 状态 17.60% 图片 17.18% 链接 5 .89% 的视频喜欢 Twitter 上的内容多样性 Facebook 有机类型后绩效 0. 36% 的平均参与率专辑的帖子 专辑在全球 Facebook 上的有机表现方面表现最佳。相册 (0.36%) 其次是图像,其参与率为 0.28%。 2022 年 1 月至 2022 年 12 月 31 日示例:时尚明星行业的 Social Insider 全球数据 0.95% 平均参与率平均参与率为 0.75% 的轮播相册帖子。 Instagram Post Performance 日期范围:2022 年 1 月 1 日至 2022 年 12 月 31 日示例:针对 Instagram 帖子类型的行业时尚明星有机表现的全球社交内幕数据 0.42% 平均参与率在 Twitter Global 上的有机照片性能帖子中,照片表现最好,平均参与率为 0.42%,比第二大帖子类型图像高 1%。时尚明星行业 Twitter 帖子类型的有机表现 Facebook、Instagram 和 Twitter 上的平均参与率和参与率分布。综合参与度数据显示,与时尚影响者相关的品牌在 Instagram 上建立了更大的利基市场。另一方面,与时尚影响者相关的帖子在 Twitter 上被分享得更多。有机参与平均参与率所有平台上的帖子 0.79% 平均参与率平均参与率为 0.79% fashion.Instagram 最具吸引力平台日期范围:2022 年 1 月 1 日 - 2022 年 12 月 31 日示例:Social Insider 全球时尚明星行业数据 0.24% AVERAGE。参与率FACEBOOK 上的帖子 Facebook 上所有时间的参与率 Facebook 参与率分布 从 2022 年 2 月到 2022 年 7 月,平均每次参与率Facebook 上的帖子保持不变。 2022 年 9 月可以看到显着增长,平均参与率时尚影响者行业的帖子高于所有人的平均参与率 (0.16%)。日期范围:2022 年 1 月 1 日至 2022 年 12 月 31 日 示例:时尚明星行业的 Social Insider 全球数据 日期范围:2022 年 1 月 1 日至 2022 年 12 月 31 日 示例:时尚明星行业的 Social Insider 全球数据 0.79% 平均参与率 PER . INSTAGRAM 上的帖子 随着时间的推移 Instagram 上的参与率 Instagram 参与率分布 2 月至 6 月 自 2022 年以来,平均参与率Instagram 上的帖子试图保持不变。尽管 2022 年 1 月可以看到显着增长,但平均参与率时尚影响者行业的帖子低于所有行业的平均参与率 (0.88%)。日期范围:2022年1月1日-2022年12月31日推特上的帖子保持不变。 2022 年 8 月可以看到显着增长,平均参与率时尚影响者行业的职位参与率高于所有行业的平均参与率 (0.03%)。每周发布和 6.41 个 Twitter 帖子。 Twitter 上的帖子频率日期范围:2022 年 1 月 1 日至 2022 年 12 月 31 日示例:时尚明星行业的 Socialinsider 全球数据使用 Socialinsider 改进您的社交媒体策略竞争对手研究和社交媒体分析的一站式商店随时可以在社交媒体上下载报告媒体 查看社交网络上特定帖子的服务 预订演示 Facebook 参与率帖子(关注者)Facebook 参与率帖子的计算方法是帖子的反应、评论和分享的总和除以该帖子页面的粉丝总数。结果乘以 100。 每个帖子的 Instagram 参与率(关注者) 每个帖子的 Instagram 参与率计算为帖子的点赞和评论总和除以个人资料拥有的关注者总数。 .然后将结果乘以 100。Twitter 参与率帖子(按关注者) 每个 Twitter 参与率到达率的计算方法是推文收到的点赞和转推总和除以收到的关注者总数。有个人资料 然后将结果乘以 100。平均每个帖子day 平均发布的帖子数量所选时间段内的日期。这是通过将帖子总数除以所选时间间隔内的天数来计算的。交互次数在选定时间段内发布的帖子收到的交互次数(评论、反应、分享)。按类型分类的帖子页面或个人资料在选定时间段内发送的帖子类型(照片、相册、视频、链接、状态、事件、轮播)。方法论平台配置文件数量消息数量437,00062,074,000127,00019,453,000204,00068,009,000方法

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    Name: Barbera Armstrong

    Birthday: 1992-09-12

    Address: Suite 993 99852 Daugherty Causeway, Ritchiehaven, VT 49630

    Phone: +5026838435397

    Job: National Engineer

    Hobby: Listening to music, Board games, Photography, Ice skating, LARPing, Kite flying, Rugby

    Introduction: My name is Barbera Armstrong, I am a lovely, delightful, cooperative, funny, enchanting, vivacious, tender person who loves writing and wants to share my knowledge and understanding with you.