The global power industry experienced a 59% decline in the number of internet of things-related patent applications in Q4 2023 compared with the previous quarter. The total number of internet of things-related grants dropped by 27% 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 internet of things-related patent applications in the power industry was 219 in Q4 2023, versus 534 in the prior quarter.

The top five companies accounted for 21% of patenting activity

Analysis of patenting activity by companies shows that Schneider Electric filed the most internet of things patents within the power industry in Q4 2023. The company filed 16 internet of things-related patents in the quarter, compared with 12 in the previous quarter. It was followed by State Grid Corporation of China with 10 internet of things patent filings, Eaton Corporation (8 filings), and China Southern Power Grid (7 filings) in Q4 2023.

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 Q4 2023 was in the US with 39%, followed by China (33%) and Japan (2%). The share represented by the US was 24% higher than the 15% share it accounted for in Q3 2023.

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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.