The global power industry experienced a 48% decline in the number of internet of things-related patent applications in Q2 2024 compared with the previous quarter. The total number of internet of things-related grants dropped by 25% 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 internet of things-related patent applications in the power industry was 205 in Q2 2024, versus 398 in the prior quarter.
The top five companies accounted for 19% 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 Q2 2024. The company filed 9 internet of things-related patents in the quarter, compared with 68 in the previous quarter. It was followed by Schneider Electric with 8 internet of things patent filings, China Southern Power Grid (8 filings), and Honeywell International (7 filings) in Q2 2024.
Patenting activity was driven by the US with a 38% share of total patent filings
The largest share of internet of things related patent filings in the power industry in Q2 2024 was in the US with 38%, followed by China (29%) and Australia (5%). The share represented by the US was 20% higher than the 18% 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.
