The power industry is navigating a landscape of changing dynamics in renewable energy innovation. Despite a decline in patent applications, strategic deals and investments underscore the sector’s commitment to advancing sustainable technologies. These efforts highlight the industry’s ongoing dedication to driving progress in renewable energy innovation and fostering partnerships for a greener future. GlobalData’s renewable energy market report provides comprehensive analysis of the market. Buy the report here.
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This article presents a quarterly round-up of the latest trends in the power industry regarding renewable energy. It provides an overview of recent developments in renewable energy-related deals, talent acquisition, and patent filings within the power industry.
The industry experienced a 34% decline in the number of renewable energy-related patent applications in Q1 2024 compared with the previous quarter. On an annual basis, the number of renewable energy-related patent applications in the power industry witnessed a drop of 30% compared with Q1 2023.
Strategic deal trends in renewable energy in power industry
Power companies are not only focusing on innovation to enhance their patent portfolios but are also making strategic investments in renewable energy. These investments aim to secure lucrative deals with partners and position themselves at the forefront of industry advancements. Some of the recent deals underscore the importance of renewable energy in the power industry.
In Q1 2024, the number of renewable energy-related deals in the power industry declined by 30% compared with Q1 2023. On a quarterly basis, there was 10% drop in the number of deals in Q1 2024 compared with the previous quarter.
Impact on hiring
In terms of new job posting, in Q1 2024, the power industry experienced a 30% growth compared with the previous quarter. On an annual basis, job postings also declined by 30%. Notably, management occupations, with a share of 12%, emerged as the top renewable energy-related job roles within the power industry in Q1 2024, with new job postings rising by 15% quarter-on-quarter. Architecture and engineering occupations came in second with a share of 8% in Q1 2024, with new job postings dropping by 18% over the previous quarter. The other prominent renewable energy roles include installation, maintenance, and repair occupations with an 8% share in Q1 2024, and computer and mathematical occupations with a 7% share of new job postings.
Vestas Wind Systems, Siemens Gamesa Renewable Energy, NextEra Energy, Sunrun, and RWE are among the top companies leading in renewable energy hiring within the power industry.
Countries driving adoption of renewable energy in power industry
The US is the leading country in renewable energy adoption within the power industry, boasting the highest number of renewable energy-related patents, jobs, and deals. Meanwhile, China, the UK, India and Australia also maintain significant positions in renewable energy adoption within the power industry.
In conclusion, while there's been a decline in renewable energy-related patent applications and deals, the power industry continues to show resilience through strategic investments. Despite fluctuations, the sector's commitment to renewable energy innovation remains steadfast, as evidenced by sustained job growth and global adoption trends.
To further understand GlobalData's analysis on renewable energy in the power industry, buy the report 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 patent analytics tracks patent filings and grants across companies and themes. Proprietary databases on deals and job analytics are used to respectively monitor global deal activity and uncover insights from daily job postings to identify trends, company activities, and industry dynamics across different sectors globally.
