Power industry operations and technologies multinationals are far less likely to establish subsidiaries in Asia-Pacific than the average multinational company (MNC), according to analysis of GlobalData’s exclusively compiled subsidiary database.

Investment Monitor’s MNC subsidiary database contains information for 2,188 of the world’s top companies by revenue. Of these MNCs, 103 are in the power industry operations and technologies sector, representing 4.7% of the companies in our database.

These power industry MNCs are less likely than average to establish subsidiaries in Asia-Pacific (16.5% versus 21.4%) and are more likely to establish them in North America (32.6% versus 27.8%).

Overall, the 103 power industry MNCs in our database operate 12,830 subsidiaries. This comes to an average of 124.6 subsidiaries per company, compared with an average of 99 for the entire database of 2,188 companies. It should be noted, however, that the number of subsidiaries is by no means evenly distributed within the sector.

The most common number of subsidiaries for an MNC in the sector (the mode) is 20, while the median comes in at 46, indicating that the simple average is skewed heavily by the bigger parent companies.

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Siemens-power-mncs-658×370.jpg” alt=”siemens-power-mncs” width=”658″ height=”370″ /> Siemens has the highest number of subsidiaries among power industry MNCs with 1,054, the tenth-largest number overall. (Photo by Christof Stache/AFP via Getty Images)

Where does Siemens establish subsidiaries?

Germany-based Siemens has the largest number of subsidiaries among the power industry MNCs within our database with 1,054. This means it ranks in tenth place across our entire database when measured by the total number of subsidiaries.

Siemens’ subsidiaries are distributed across the world with 45.5% of the total located in western Europe, the highest for any region. Some 140 of Siemens’ subsidiaries are located in its home country of Germany, while India is the second most popular destination with 72.

After Siemens, Enel has the second-largest number of subsidiaries within the power industry MNCs in the database with 840, while E.ON is third with 763 and AES Corp is fourth with 742.

Overall, 5,311 of the subsidiaries owned by the power industry operations and technologies MNCs in the database are located in the same country as the parent company was headquartered. This means that MNCs in the sector are less likely than average to have a preference for domestic subsidiaries at 41.4%, with the figure for the entire database standing at 45.7%.


GlobalData has compiled a list of top MNCs based on revenue. Any top companies that did not have a subsidiary were removed from the list. The latest company annual reports (2019 and 2020, where available) and websites were analysed for a total of 2,188 companies.

For a subsidiary to be included, the parent company had to have a majority ownership/control in the subsidiary. Affiliates, associates, joint operations and joint ventures were included as long as the ownership criteria was met. Subsidiary information was captured at a country level. Country names were standardised. In total, 216,898 subsidiaries were captured.

This article originally appeared in Power Technology.