The global power industry experienced a 49% decline in the number of cybersecurity-related patent applications in Q3 2023 compared with the previous quarter. The total number of cybersecurity-related grants dropped by 26% in Q3 2023, according to GlobalDataâ€™s Patent Analytics. GlobalData’s databook Power: Patents Trends Q3 2023 offers comprehensive insights into patenting trends, major players’ strategies, and geographical focus in the sector over the last three years. Buy the databook here.
Notably, the number of cybersecurity-related patent applications in the power industry was 438 in Q3 2023, versus 851 in the prior quarter.
The top five companies accounted for 44% of patenting activity
Analysis of patenting activity by companies shows that State Grid Corporation of China filed the most cybersecurity patents within the power industry in Q3 2023. The company filed 97 cybersecurity-related patents in the quarter, compared with 177 in the previous quarter. It was followed by China Southern Power Grid with 67 cybersecurity patent filings, Schneider Electric (10 filings), and Contemporary Amperex Technology (9 filings) in Q3 2023.
Patenting activity was driven by China with a 73% share of total patent filings
The largest share of cybersecurity related patent filings in the power industry in Q3 2023 was in China with 73%, followed by the US (10%) and South Korea (4%). The share represented by China was 8% lower than the 81% share it accounted for in Q2 2023.
For further understanding of GlobalData's Power: Patents Trends Q3 2023, buy the databook here.