株式会社グローバルインフォメーション
TEL: 044-952-0102
市場調査レポート

キャリアニュートラルネットワーク事業者 (CNNO):市場レビュー

Carrier-Neutral Network Operators - 4Q18 Market Review: CNNOs now operate 613 Data Centers, 2.4 million Cell Towers, and over 487K Route Miles of Fiber

発行 MTN Consulting, LLC 商品コード 757460
出版日 ページ情報 英文
即納可能
価格
本日の銀行送金レート: 1USD=109.06円で換算しております。
Back to Top
キャリアニュートラルネットワーク事業者 (CNNO):市場レビュー Carrier-Neutral Network Operators - 4Q18 Market Review: CNNOs now operate 613 Data Centers, 2.4 million Cell Towers, and over 487K Route Miles of Fiber
出版日: 2019年04月29日 ページ情報: 英文
概要

当レポートでは、キャリアニュートラルネットワーク事業者 (CNNO) の動向を四半期ごとに調査し、収益、純PP&E、OPEX・CAPEX、純利益・純利益率などの各種財務データ、CNNOタイプ・企業など各種区分別の内訳などをまとめています。

目次

  • 概要
  • 分析
  • 2018年第3四半期の主要統計
  • 部門別分析
  • 企業別分析
  • KPI:企業別
  • 為替レート

収益:CNNOタイプ別

  • 収益:CNNOタイプ別
  • CAPEX:CNNOタイプ別
  • 資本集約度:CNNOタイプ別
  • CAPEX & 買収費用
  • 純PP&E:CNNOタイプ別
  • データセンター&賃貸可能スペースの成長
  • データセンターあたりのNRSF
  • 収益:企業・市場区分別
  • 純PP&E:企業・市場区分別
  • データセンターCNNO:賃貸可能面積
  • データセンターCNNO:データセンター数
  • タワーCNNO:企業別タワー数
  • タワーCNNO:従業員数
  • 収益・キャッシュフローの推移
  • フリーキャッシュフロー・手許現金の推移
  • 収益・資本集約度の推移
  • OPEX・CAPEXの推移
  • 負債・資本の推移
  • ROE・ROAの推移
  • 純PP&Eの推移:CNNO区分
  • 純PP&E:年間成長率の推移
  • 純PP&E:企業別
    • タワー区分
    • データセンター区分
  • 純利益率:CNNOタイプ別
  • 純利益:CNNOタイプ別
  • フリーキャッシュフロー/収益:CNNOタイプ別
目次
Product Code: GNI-29042019-1

Carrier-neutral providers of network infrastructure are playing a crucial role in the development of the telecom sector. From US$17.6 Billion ($B) in revenues in 2011, CNNOs recorded $ 58.6B in 2018; the growth rate in the last three years has averaged 20.2%. Since 2011, the sector's data centers under management have more than doubled, to 613 facilities; fiber route miles have almost tripled, and the cell tower count increased over 10x to 2.4 million.

Much of the CNNO sector's growth has been acquisition-induced. During 2011-18, acquisitions burned nearly as much cash as capex in the sector. CNNO capex in the 2011-18 period totaled $ 111.50B, versus $ 104.6B for M&A spending slowed to a trickle in 2018, and CNNO revenue growth in 2018 was relatively flat. Year over year growth was just 9% in 2018. Growth in the data center segment remained strong in 2018, but the tower & bandwidth segments both slowed.

Other findings from our 4Q18 analysis include:

  • Capital spending among CNNOs remains high as a % revenues. In 4Q18, CNNO capex of $6.0B was 40% of revenues. Most CNNO capex is for the purchase of property and related construction costs, with telecom equipment t& software taking up a small percentage. Some CNNOs are deploying more intelligence in their networks and evolving business models, though, such as Crown Castle, NBN and Zayo.
  • CNNOs have low employee costs (or high revenues per employee), but high capital costs. Most CNNOs reap benefits from REIT classification, but they still have huge debt loads. As of September 2018, CNNOs had a total of $135.1B in debt, and just $6.0B in cash & investments. Gauging their ability to manage this debt & raise new funds for expansion is essential to tracking the sector.
  • The number of data centers operated by CNNOs globally is now 613, up from 590 at-year-end 2017. Few would be classified as "hyperscale" or "webscale" data centers, but this asset base is still significant. The CNNO data center segment has been driven by the growth of cloud & mobile computing, IoT, and increased telco & webscale reliance on carrier-neutral players to complement their networks.
  • CNNOs' tower count as of December 2018 was roughly 2.4 million, including China Tower. Many telcos have spun off tower assets over the years, leaving most towers now in independent hands. 5G is driving a need for new construction.
  • In the bandwidth segment, CNNOs now operate over 487K route miles of fiber, used mainly for wholesale or similar services.

We expect CNNOs with a proven track record of acquisitions to continue looking for multi-billion dollar asset deals for the next several years. We also expect CNNOs to function as market consolidators when the next market downturn hits. The larger CNNOs will push the envelope on their business model as they grow, adding services on top of their infrastructure and building further to the edge of the network. Top-line growth will tick up again with M&A deals, and the continued growth of new build CNNO networks such as NBN Australia.

Table of Contents

Index

  • ABSTRACT
  • ANALYSIS
  • KEY STATS THROUGH 4Q18
  • SEGMENT DRILLDOWNS
  • COMPANY DRILLDOWNS
  • KPIs BY COMPANY
  • EXCHANGE RATES
  • ABOUT
Back to Top