The global power industry experienced a 53% decline in the number of internet of things-related patent applications in Q3 2024 compared with the previous quarter. The total number of internet of things-related grants rose by 2% in Q3 2024, according to GlobalData’s Patent Analytics. GlobalData’s databook Power: Patents Trends Q3 2024 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 203 in Q3 2024, versus 434 in the prior quarter.
The top five companies accounted for 25% of patenting activity
Analysis of patenting activity by companies shows that State Grid Corporation of China filed the most internet of things patents within the power industry in Q3 2024. The company filed 19 internet of things-related patents in the quarter, compared with 53 in the previous quarter. It was followed by Korea Institute of Industrial Technology (KITECH) with 14 internet of things patent filings, Schneider Electric (7 filings), and Eaton Corporation (6 filings) in Q3 2024.
Patenting activity was driven by China with a 36% share of total patent filings
The largest share of internet of things related patent filings in the power industry in Q3 2024 was in China with 36%, followed by the US (26%) and Australia (2%). The share represented by China was 23% lower than the 59% share it accounted for in Q2 2024.
For further understanding of GlobalData's Power: Patents Trends Q3 2024, buy the databook here.
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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.
