The power industry continues to be a hotbed of innovation, with activity driven by optimising operations, managing asset performance and engaging customers to lower energy costs, and growing importance of technologies such as smart grids, energy storage systems and grid modernisation. In the last three years alone, there have been over 439,000 patents filed and granted in the power industry, according to GlobalData’s report on Internet of Things in Power: Power grid monitoring system.
However, not all innovations are equal and nor do they follow a constant upward trend. Instead, their evolution takes the form of an S-shaped curve that reflects their typical lifecycle from early emergence to accelerating adoption, before finally stabilising and reaching maturity.
Identifying where a particular innovation is on this journey, especially those that are in the emerging and accelerating stages, is essential for understanding their current level of adoption and the likely future trajectory and impact they will have.
90+ innovations will shape the power industry
According to GlobalData’s Technology Foresights, which plots the S-curve for the power industry using innovation intensity models built on over 83,000 patents, there are 90+ innovation areas that will shape the future of the industry.
Within the emerging innovation stage, EV conductive charging, smart grid remote monitoring, and self-organising networks power optimisation are disruptive technologies that are in the early stages of application and should be tracked closely. Smart batteries, renewable energy integrated microgrids, and smart lighting system are some of the accelerating innovation areas, where adoption has been steadily increasing. Among maturing innovation areas are home automation network power management, and prepaid electricity metering, which are now well established in the industry.
Innovation S-curve for Internet of Things in the power industry
Power grid monitoring system is a key innovation area in Internet of Things
Power grid monitoring system refers to real-time monitoring of a complex electrical grid for power generation, distribution, consumption and load-balancing. The function also includes the ability to detect grid failures or outages, short circuits, transmission line and transformer parameters, and substation operations.
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 30+ companies, spanning technology vendors, established power companies, and up-and-coming start-ups engaged in the development and application of power grid monitoring system.
Key players in power grid monitoring system – a disruptive innovation in the power industry
‘Application diversity’ measures the number of different applications identified for each relevant patent and broadly splits companies into either ‘niche’ or ‘diversified’ innovators.
‘Geographic reach’ refers to the number of different countries each relevant patent is registered in and reflects the breadth of geographic application intended, ranging from ‘global’ to ‘local’.
Patent volumes related to power grid monitoring system
Source: GlobalData Patent Analytics
Electricite de France filed the highest number of patents between 2010 and 2021 in power grid monitoring system. EDF Group through its subsidiary EDF International Network has signed an agreement with Capgemini to combine their expertise, resources and geographical presence aimed to deliver smart metering project and smart grid initiatives worldwide.
To further understand how Internet of Things is disrupting the power industry, access GlobalData’s latest thematic research report on Internet of Things in Power (2021).