The global power industry experienced a 32% decline in patent filings in Q4 2023 compared with the previous quarter. The total number of grants dropped by 46%, resulting in overall patent publications decreasing by 32.0%, 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 patent applications in the power industry was 33,711 in Q4 2023, versus 49,602 in the prior quarter. Filings were down 14% year-on-year and decrease 32% quarter-on-quarter. This compares to a 14% year-on-year decrease in patent grants and 32% decline in quarter-on-quarter.
Most patenting activity has been in the Transmission & Distribution sector, where the number of patents filed Q3 2023 was 8467, a drop of 41% versus the previous quarter. The second-largest patent count was in Solar PV (5035, down 49%) and then Energy Storage in third (4459, down 44%).
The top five companies accounted for 26% 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 4,041, followed by China Southern Power Grid with 2,905 and Contemporary Amperex Technology with 788.
Patenting activity was driven by China with a 59% share of total patent filings
The largest share of patent filings in the power industry in Q4 2023 was in China with 59%, followed by the US (10%) and Japan (5%). The share represented by China was 11% lower than the 69% 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.
