The global power industry experienced a 67% decline in the number of environmental sustainability-related patent applications in Q2 2023 compared with the previous quarter. The total number of environmental sustainability-related grants dropped by 73% in Q2 2023, according to GlobalData’s Patent Analytics. Environmental sustainability is a priority in many industries today including power sector. GlobalData’s ESG (Environmental, Social, and Governance) Top Trends by Sector – Thematic Research report assesses the impact of ESG by identifying key trends, company filings, and hiring pattern across 16 key sectors. Buy the report here.
Notably, the number of environmental sustainability-related patent applications in the power industry was 5,515 in Q2 2023, versus 16,593 in the prior quarter.
The top five companies accounted for 18% of patenting activity
Analysis of patenting activity by companies shows that State Grid Corporation of China filed the most environmental sustainability patents within the power industry in Q2 2023. The company filed 424 environmental sustainability-related patents in the quarter, compared with 665 in the previous quarter. It was followed by Contemporary Amperex Technology with 253 environmental sustainability patent filings, Xi'an Thermal Power Research Institute (139 filings), and Siemens (110 filings) in Q2 2023.
Patenting activity was driven by China with a 58% share of total patent filings
The largest share of environmental sustainability related patent filings in the power industry in Q2 2023 was in China with 58%, followed by the US (28%) and Japan (5%). The share represented by China was 0.99% higher than the 57% share it accounted for in Q1 2023.
To further understand GlobalData's analysis on ESG (Environmental, Social, and Governance) Top Trends by Sector - Thematic Research buy the report here.