The global power industry experienced a 47% decline in the number of environmental sustainability-related patent applications in Q1 2024 compared with the previous quarter. The total number of environmental sustainability-related grants dropped by 35% in Q1 2024, according to GlobalData’s Patent Analytics. GlobalData’s databook Power: Patents Trends Q1 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 environmental sustainability-related patent applications in the power industry was 10,364 in Q1 2024, versus 19,630 in the prior quarter.
The top five companies accounted for 13% of patenting activity
Analysis of patenting activity by companies shows that Contemporary Amperex Technology filed the most environmental sustainability patents within the power industry in Q1 2024. The company filed 495 environmental sustainability-related patents in the quarter, compared with 932 in the previous quarter. It was followed by State Grid Corporation of China with 302 environmental sustainability patent filings, Samsung SDI (171 filings), and Toyota Motor (169 filings) in Q1 2024.
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Patenting activity was driven by China with a 38% share of total patent filings
The largest share of environmental sustainability related patent filings in the power industry in Q1 2024 was in China with 38%, followed by the US (18%) and Japan (9%). The share represented by China was 74% lower than the 112% share it accounted for in Q4 2023.
For further understanding of GlobalData's Power: Patents Trends Q1 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.
