The global power industry experienced a 12% decline in the number of future of work-related patent applications in Q1 2024 compared with the previous quarter. The total number of future of work-related grants dropped by 3% 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 future of work-related patent applications in the power industry was 4,028 in Q1 2024, versus 4,568 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 future of work patents within the power industry in Q1 2024. The company filed 294 future of work-related patents in the quarter, compared with 251 in the previous quarter. It was followed by China Southern Power Grid with 196 future of work patent filings, Schneider Electric (78 filings), and Huawei Investment (72 filings) in Q1 2024.
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Patenting activity was driven by China with a 48% share of total patent filings
The largest share of future of work related patent filings in the power industry in Q1 2024 was in China with 48%, followed by the US (15%) and Japan (4%). The share represented by China was 16% lower than the 65% 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.
