The global power industry experienced a 44% decline in the number of digitalization-related patent applications in Q2 2024 compared with the previous quarter. The total number of digitalization-related grants dropped by 2% in Q2 2024, according to GlobalData’s Patent Analytics. GlobalData’s databook Power: Patents Trends Q2 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 digitalization-related patent applications in the power industry was 677 in Q2 2024, versus 1,208 in the prior quarter.
The top five companies accounted for 45% of patenting activity
Analysis of patenting activity by companies shows that State Grid Corporation of China filed the most digitalization patents within the power industry in Q2 2024. The company filed 163 digitalization-related patents in the quarter, compared with 348 in the previous quarter. It was followed by China Southern Power Grid with 104 digitalization patent filings, Toyota Motor (15 filings), and Xi'an Thermal Power Research Institute (14 filings) in Q2 2024.
Patenting activity was driven by China with a 70% share of total patent filings
The largest share of digitalization related patent filings in the power industry in Q2 2024 was in China with 70%, followed by the US (11%) and Japan (2%). The share represented by China was 15% lower than the 85% share it accounted for in Q1 2024.
For further understanding of GlobalData's Power: Patents Trends Q2 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.
