The global power industry experienced a 60% decline in the number of renewable energy-related patent applications in Q4 2023 compared with the previous quarter. The total number of renewable energy-related grants dropped by 56% 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 renewable energy-related patent applications in the power industry was 9,989 in Q4 2023, versus 25,138 in the prior quarter.

The top five companies accounted for 8% of patenting activity

Analysis of patenting activity by companies shows that Contemporary Amperex Technology filed the most renewable energy patents within the power industry in Q4 2023. The company filed 256 renewable energy-related patents in the quarter, compared with 389 in the previous quarter. It was followed by Siemens with 206 renewable energy patent filings, General Electric (130 filings), and State Grid Corporation of China (119 filings) in Q4 2023.

Patenting activity was driven by China with a 52% share of total patent filings

The largest share of renewable energy related patent filings in the power industry in Q4 2023 was in China with 52%, followed by the US (13%) and Japan (5%). The share represented by China was 26% lower than the 78% 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.