The global power industry experienced a 24% decline in patent filings in Q3 2024 compared with the previous quarter. The total number of grants dropped by 17%, resulting in overall patent publications decreasing by 24.0%, 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 patent applications in the power industry was 30,455 in Q3 2024, versus 40,094 in the prior quarter. Filings were down 40% year-on-year and decrease 24% quarter-on-quarter. This compares to a 40% year-on-year decrease in patent grants and 24% decline in quarter-on-quarter.
Most patenting activity has been in the Transmission & Distribution sector, where the number of patents filed Q2 2024 was 6564, a drop of 40% versus the previous quarter. The second-largest patent count was in Solar PV (4584, down 31%) and then Energy Storage in third (4440, down 30%).
The top five companies accounted for 27% of patenting activity
Analysis of patenting activity by companies shows that the largest number of patents filed over the last quarter was by State Grid Corporation of China with 3,573, followed by China Southern Power Grid with 2,283 and Contemporary Amperex Technology with 1,018.
Patenting activity was driven by China with a 48% share of total patent filings
The largest share of patent filings in the power industry in Q3 2024 was in China with 48%, followed by the US (11%) and Japan (4%). The share represented by China was 14% lower than the 62% 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.
