No UK companies have made the Top 100 Global Innovators list established annually by Thomson Reuters to identify trends in industry innovations.
This year's ranking is as usual dominated by Asian companies even though Europe as a whole has strengthened its position with 20 organisations making the list, 10 of them being French.
The UK has been absent from the list in previous years as well, which Thomson Reuters attributes to the country’s low GDP expenditure on research and development. While the UK invests only 1.63 per cent of its GDP into research and development, some of the most innovative nations, such as Japan, invest well over 3 per cent.
China surprisingly also failed to make the list this year after its debut appearance in 2014. Thomson Reuters acknowledged that while China continues to evolve its intellectual property infrastructure with record-breaking numbers of domestic patents, it still lags behind in attaining global patents.
The report also revealed significant shifts in which sectors are currently the most innovative. The traditionally dominating semiconductor industry appeared to have lost momentum, which Thomson Reuters attributes to the utilisation of new technologies to enhance speed and functionality of computers.
Instead, the chemical sector doubled its representation in the list, mostly due to drug development, food chemistry and industrial solvents industries.
Oil and gas companies, which were not represented in 2014, made the list this year thanks to advances in fracking and renewable energy technologies.
Amazon also made the list for the first time this year thanks to its data centre innovations, new gadgets, payment methods and systems.
Top 100 Global Innovators list is based on an analysis of overall patent volume, patent-grant success rates, global reach and invention influence as evidenced by citations.