The global power industry experienced a 12% decline in patent filings in Q1 2024 compared with the previous quarter. The total number of grants dropped by 20%, resulting in overall patent publications decreasing by 12.7%, 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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Notably, the number of patent applications in the power industry was 34,877 in Q1 2024, versus 39,967 in the prior quarter. Filings were down 11% year-on-year and decrease 12% quarter-on-quarter. This compares to an 11% year-on-year decrease in patent grants and 12% decline in quarter-on-quarter.
Most patenting activity has been in the Transmission & Distribution sector, where the number of patents filed Q4 2023 was 9753, a drop of 6% versus the previous quarter. The second-largest patent count was in Energy Infrastructure (5034, down 4%) and then Solar PV in third (4591, down 33%).
The top five companies accounted for 30% of patenting activity
Analysis of patenting activity by companies shows that the largest number of patents filed over the last quarter was by State Grid Corporation of China with 5,350, followed by China Southern Power Grid with 3,316 and Contemporary Amperex Technology with 758.
Patenting activity was driven by China with a 60% share of total patent filings
The largest share of patent filings in the power industry in Q1 2024 was in China with 60%, followed by the US (8%) and Japan (5%). The share represented by China was 3% lower than the 64% share it accounted for in Q4 2023.
For further understanding of GlobalData's Power: Patents Trends Q1 2024, 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.
