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May 6, 2022updated 09 May 2022 11:49am

Power industry companies are increasingly innovating in fintech

Analysis of patent filings shows a growing level of fintech related applications in the industry over the past year

By Data Journalism Team

Research and innovation in fintech in the power industry operations and technologies sector is on the rise. The most recent figures show that the number of fintech-related patent applications in the industry stood at 54 in the three months ending March – up from 52 over the same period in 2021.

Figures for patent grants related to fintech followed a similar pattern to filings – growing from 14 in the three months ending March 2021 to 21 in the same period in 2022.

The figures are compiled by GlobalData, which tracks patent filings and grants from official offices around the world. Using textual analysis, as well as official patent classifications, these patents are grouped into key thematic areas, and linked to key companies across various industries.

Fintech is one of the key areas tracked by GlobalData. It has been identified as being a key disruptive force facing companies in the coming years, and is one of the areas that companies investing resources in now are expected to reap rewards from. The figures also provide an insight into the largest innovators in the sector.

Siemens was the top fintech innovator in the power industry operations and technologies sector in the latest quarter. The company, which has its headquarters in Germany, filed 32 fintech-related patents in the three months ending March. That was up from 28 over the same period in 2021.

It was followed by the Germany-based E.ON with 13 fintech patent applications, Japan-based Fuji Electric Co Ltd (7 applications), and the US-based Honeywell International (3 applications).

E.ON has recently ramped up R&D in fintech. It saw growth of 100% in related patent applications in the three months ending March compared to the same period in 2021 – the highest percentage growth out of all companies tracked, with more than 10 quarterly patents in the power industry operations and technologies sector.

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