The power industry continues to be a hotbed of patent innovation. Activity is driven by energy demand, renewable integration, and the need for grid stability and resilience, and growing importance of technologies such as price elasticity, weather and demand response/load analysis, and renewable generation predictive modeling. In the last three years alone, there have been over 656,000 patents filed and granted in the power industry, according to GlobalData’s report on Artificial intelligence in power: electric load forecasting. Buy the report here.
According to GlobalData’s Technology Foresights, which uses over 70,000 patents to analyze innovation intensity for the power industry, there are 40+ innovation areas that will shape the future of the industry.
Electric load forecasting is a key innovation area in artificial intelligence
Electric load forecasting refers to the process of estimating the future electricity demand based on historical and probabilistic data. It involves analyzing patterns, trends, and factors that influence electricity consumption in order to make predictions for long-term planning and short-term operational decisions. The goal of load forecasting is to provide accurate information for electricity suppliers, grid operators, and energy planners to efficiently manage and optimize the generation, transmission and distribution of electricity. Load forecasting minimizes utility risk by predicting future consumption of commodities transmitted or delivered by the utility. It plays a fundamental role in economic planning of new generating capacity and transmission networks.
GlobalData’s analysis also uncovers the companies at the forefront of each innovation area and assesses the potential reach and impact of their patenting activity across different applications and geographies. According to GlobalData, there are 150+ companies, spanning technology vendors, established power companies, and up-and-coming start-ups engaged in the development and application of electric load forecasting.
Key players in electric load forecasting – a disruptive innovation in the power industry
‘Application diversity’ measures the number of applications identified for each patent. It broadly splits companies into either ‘niche’ or ‘diversified’ innovators.
‘Geographic reach’ refers to the number of countries each patent is registered in. It reflects the breadth of geographic application intended, ranging from ‘global’ to ‘local’.
Patent volumes related to electric load forecasting
|Company||Total patents (2010 - 2022)||Premium intelligence on the world's largest companies|
|State Grid Corporation of China||1014||Unlock Company Profile|
|China Southern Power Grid Co Ltd||351||Unlock Company Profile|
|NARI Technology Co Ltd||43||Unlock Company Profile|
|State Grid Information and Telecommunication Co Ltd||37||Unlock Company Profile|
|China General Nuclear Power Corp||35||Unlock Company Profile|
|NARI Group Corp||27||Unlock Company Profile|
|Sony Group Corp||24||Unlock Company Profile|
|State Grid Shanghai Municipal Electric Power Company||22||Unlock Company Profile|
|Korea Electric Power Corp||20||Unlock Company Profile|
|Zhejiang Huayun Information Technology Co Ltd||14||Unlock Company Profile|
|Clean Power Research LLC||13||Unlock Company Profile|
|ABB Ltd||13||Unlock Company Profile|
|Hitachi Ltd||13||Unlock Company Profile|
|Uni-President Enterprises Corp||11||Unlock Company Profile|
|State Grid Hebei Electric Power Supply Co Ltd||11||Unlock Company Profile|
|State Grid NARI Nanjing Control System Co Ltd||11||Unlock Company Profile|
|Foshan Power Supply Bureau Guangdong Power Grid Corporation||9||Unlock Company Profile|
|Vestas Wind Systems AS||9||Unlock Company Profile|
|China Huaneng Group Co Ltd||8||Unlock Company Profile|
|State Grid Jibei Electric Power Co Ltd||8||Unlock Company Profile|
|Veolia Environnement SA||7||Unlock Company Profile|
|China Three Gorges Corp||7||Unlock Company Profile|
|Great Power Science and Technology Stock Co Ltd State Grid Information & Telecommunication Corporation||7||Unlock Company Profile|
|Green Running Ltd||7||Unlock Company Profile|
|International Business Machines Corp||6||Unlock Company Profile|
|Beijing Kedong Electric Control System Co., Ltd.||6||Unlock Company Profile|
|Accenture Plc||5||Unlock Company Profile|
|Itron Inc||5||Unlock Company Profile|
|Jiangsu Fangtian Power Technology Co Ltd||5||Unlock Company Profile|
|Nanjing Nari-Relays Engineering Technology Co., Ltd.||5||Unlock Company Profile|
|Xinjiang Goldwind Science & Technology Co Ltd||5||Unlock Company Profile|
|Electricite de France SA||5||Unlock Company Profile|
|Zhuhai Power Supply Bureau Guangdong Power Grid Co Ltd||4||Unlock Company Profile|
|Powerchina Huadong Engineering Corp||4||Unlock Company Profile|
|National ICT Australia Limited||4||Unlock Company Profile|
|State Grid Energy Saving Service Ltd||4||Unlock Company Profile|
|China General Nuclear Power Corp||4||Unlock Company Profile|
|Nari Relays Electric Co Ltd||4||Unlock Company Profile|
|China National Nuclear Corp||4||Unlock Company Profile|
|Hangzhou Power Supply Company State Grid Zhejiang Electric Power Co Ltd||4||Unlock Company Profile|
|China Huadian Corp Ltd||4||Unlock Company Profile|
|XJ Electric Co., Ltd||3||Unlock Company Profile|
|Heyuan Power Supply Bureau Guangdong Power Grid Co Ltd||3||Unlock Company Profile|
|Jiangsu Electric Power Information Technology Co Ltd||3||Unlock Company Profile|
|Centre National de la Recherche Scientifique||3||Unlock Company Profile|
|Huizhou Power Supply Bureau Guangdong Power Grid Co Ltd||3||Unlock Company Profile|
|Xuji Group Corporation||3||Unlock Company Profile|
|State Grid Xin Yuan Co Ltd||3||Unlock Company Profile|
|Taian Power Supply Company Of State Grid Shandong Electric Power Company||3||Unlock Company Profile|
|China Datang Corp||3||Unlock Company Profile|
Source: GlobalData Patent Analytics
State Grid Corporation of China (SGCC) is one of the leading patent filers in electric load forecasting. The company’s core business includes the construction and operation of power grids. It focuses on research and development of ultra-high voltage (UHV) transmission and smart grid technologies. SGCC owns proprietary intellectual property rights and promotes the export of technology and related equipment. It also operates large-scale commercial UHV projects. SGCC supplies power to municipalities, provinces, and autonomous regions, servicing most of the territory in China. Some other key patent filers include China Southern Power Grid, NARI Technology, and State Grid Information and Telecommunication.
In terms of application diversity, National ICT Australia leads the pack, while IBM and Itron stood in the second and third positions, respectively. By means of geographic reach, Sony Group held the top position, followed by Vestas Wind Systems and Veolia Environnement.
To further understand the key themes and technologies disrupting the power industry, access GlobalData’s latest thematic research report on Artificial intelligence (AI) in Power.