The oil & gas industry continues to be a hotbed of patent innovation. Activity is driven by rising energy demand, and decarbonization pressures, and growing importance of technologies such as low-carbon liquefaction and regasification. In the last three years alone, there have been over 523,000 patents filed and granted in the oil & gas industry, according to GlobalData’s report on Energy storage in oil & gas: pressurized LNG transport. Buy the report here.
According to GlobalData’s Technology Foresights, which uses over 196,000 patents to analyze innovation intensity for the oil & gas industry, there are 60+ innovation areas that will shape the future of the industry.
Pressurized LNG transport is a key emerging innovation area in energy storage
Pressurized LNG transport refers to the transportation of liquefied natural gas (LNG) using pressurized containers or tanks. The method involves storing LNG in containers or tanks under high pressure, which helps to maintain the LNG in its liquid state. Pressurized LNG transport is commonly used in various applications, such as fueling ships, marine structures, and LNG storage and supply systems.
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 20+ companies, spanning technology vendors, established oil & gas companies, and up-and-coming start-ups engaged in the development and application of pressurized LNG transport.
Key players in pressurized LNG transport – a disruptive innovation in the oil & gas 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 pressurized LNG transport
Source: GlobalData Patent Analytics
Korea Development Bank is one of the leading patent filers in pressurized LNG transport. The bank finances low-carbon projects such as LNG tankers as part of its sustainable bond framework. Some other key patent filers in the space include Hyundai Heavy, Kawasaki Heavy, and Wartsila.
In terms of application diversity, GAS Entec leads the pack, while TotalEnergies and Korea Development Bank stood in the second and third positions, respectively. GAS Entec is a South Korean shipbuilding company, which specializes in designing and building LNG-to-power projects, LNG bunker vessels, small-scale LNG floating terminals, and floating storage and regasification unit (FSRU) projects.
By means of geographic reach, Excelerate Energy held the top position, followed by Kawasaki Heavy Industries and Kobe Steel. Based in the US, Excelerate Energy specializes in integrated LNG solutions as well as regasification infrastructure. It has participated in liquefaction and regasification operations across the Americas, Europe, Asia, and the Middle East.
Advancements in the pressurized LNG transport will help LNG tankers minimize emissions as well as improve profitability. The participants in the LNG financing, construction, and operations value chain are likely to pursue decarbonization through technology development.
To further understand the key themes and technologies disrupting the oil & gas industry, access GlobalData’s latest thematic research report on Oil & Gas.