The global power industry experienced a 54% decline in the number of internet of things-related patent applications in Q3 2023 compared with the previous quarter. The total number of internet of things-related grants dropped by 51% 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 internet of things-related patent applications in the power industry was 203 in Q3 2023, versus 439 in the prior quarter.
The top five companies accounted for 19% of patenting activity
Analysis of patenting activity by companies shows that State Grid Corporation of China filed the most internet of things patents within the power industry in Q3 2023. The company filed 11 internet of things-related patents in the quarter, compared with 69 in the previous quarter. It was followed by China Southern Power Grid with 10 internet of things patent filings, ABB (9 filings), and Schneider Electric (7 filings) in Q3 2023.
Patenting activity was driven by China with a 48% share of total patent filings
The largest share of internet of things related patent filings in the power industry in Q3 2023 was in China with 48%, followed by the US (27%) and South Korea (4%). The share represented by China was 23% lower than the 71% share it accounted for in Q2 2023.
For further understanding of GlobalData's Power: Patents Trends Q3 2023, buy the databook here.