The global power industry experienced a 12% rise in the number of internet of things-related patent applications in Q1 2023 compared with the previous quarter. The total number of internet of things-related grants dropped by 64% in Q1 2023, according to GlobalData’s Patent Analytics. The growing application of Internet of Things will prove to have a transformative impact on the power sector. GlobalData’s Internet of Things (IoT) Market report helps keep abreast of the latest trends in Internet of Things, market opportunity forecast and the competitive landscape. Buy the report here.
Notably, the number of internet of things-related patent applications in the power industry was 64 in Q1 2023, versus 57 in the prior quarter.
The top five companies accounted for 30% of patenting activity
Analysis of patenting activity by companies shows that State Grid Corporation of China filed the most internet of things patents within the power industry in Q1 2023. The company filed 6 internet of things-related patents in the quarter, compared with 2 in the previous quarter. It was followed by Strong Force Iot Portfolio 2016 with 4 internet of things patent filings, Siemens (3 filings), and Itron (3 filings) in Q1 2023.
Patenting activity was driven by China with a 34% share of total patent filings
The largest share of internet of things related patent filings in the power industry in Q1 2023 was in China with 34%, followed by the US (16%) and Australia (8%). The share represented by China was 0.71% lower than the 35% share it accounted for in Q4 2022.
To further understand GlobalData's analysis on Internet of Things (IoT) Market Size, Share, Trends Analysis, and Segment Forecast 2021-2026 buy the report here.