The global power industry experienced a 39% decline in the number of internet of things-related patent applications in Q1 2024 compared with the previous quarter. The total number of internet of things-related grants dropped by 4% in Q1 2024, according to GlobalData’s Patent Analytics. GlobalData’s databook Power: Patents Trends Q1 2024 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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Data Insights Power: Patents Trends Q1 2024

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Notably, the number of internet of things-related patent applications in the power industry was 223 in Q1 2024, versus 368 in the prior quarter.

The top five companies accounted for 39% 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 Q1 2024. The company filed 43 internet of things-related patents in the quarter, compared with 53 in the previous quarter. It was followed by China Southern Power Grid with 19 internet of things patent filings, Korea Institute of Industrial Technology (KITECH) (14 filings), and ABB (6 filings) in Q1 2024.

Patenting activity was driven by the US with a 39% share of total patent filings

The largest share of internet of things related patent filings in the power industry in Q1 2024 was in the US with 39%, followed by China (32%) and Japan (2%). The share represented by the US was 16% higher than the 22% share it accounted for in Q4 2023.

For further understanding of GlobalData's Power: Patents Trends Q1 2024, buy the databook here.

This content was updated on 18 April 2024

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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.