The global power industry experienced a 50% decline in the number of digitalization-related patent applications in Q4 2023 compared with the previous quarter. The total number of digitalization-related grants dropped by 7% in Q4 2023, according to GlobalData’s Patent Analytics. GlobalData’s databook Power: Patents Trends Q4 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.
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Notably, the number of digitalization-related patent applications in the power industry was 774 in Q4 2023, versus 1,538 in the prior quarter.
The top five companies accounted for 53% of patenting activity
Analysis of patenting activity by companies shows that State Grid Corporation of China filed the most digitalization patents within the power industry in Q4 2023. The company filed 204 digitalization-related patents in the quarter, compared with 299 in the previous quarter. It was followed by China Southern Power Grid with 158 digitalization patent filings, Xi'an Thermal Power Research Institute (24 filings), and China Three Gorges (17 filings) in Q4 2023.
Patenting activity was driven by China with a 74% share of total patent filings
The largest share of digitalization related patent filings in the power industry in Q4 2023 was in China with 74%, followed by the US (11%) and Japan (1%). The share represented by China was 11% lower than the 85% share it accounted for in Q3 2023.
For further understanding of GlobalData's Power: Patents Trends Q4 2023, buy the databook here.
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GlobalData, the leading provider of industry intelligence, provided the underlying data, research, and analysis used to produce this article.
GlobalData’s Patent Analytics tracks patent filings and grants from official offices around the world. Textual analysis and official patent classifications are used to group patents into key thematic areas and link them to specific companies across the world’s largest industries.
