The global power industry experienced a 57% decline in the number of renewable energy-related patent applications in Q2 2023 compared with the previous quarter. The total number of renewable energy-related grants dropped by 71% in Q2 2023, according to GlobalData’s Patent Analytics. With the growing importance of renewable energy in the global energy mix, key oil and gas companies are competing to be best positioned to benefit from investments in renewable energy. GlobalData’s Renewable Energy in Oil and Gas Thematic Intelligence report highlights the various trends, analyses the solar, wind power, and biopower value chains and identifies top players across different segments. Buy the report here.
Notably, the number of renewable energy-related patent applications in the power industry was 4,882 in Q2 2023, versus 11,222 in the prior quarter.
The top five companies accounted for 15% of patenting activity
Analysis of patenting activity by companies shows that State Grid Corporation of China filed the most renewable energy patents within the power industry in Q2 2023. The company filed 382 renewable energy-related patents in the quarter, compared with 555 in the previous quarter. It was followed by Siemens with 113 renewable energy patent filings, China Southern Power Grid (94 filings), and General Electric (75 filings) in Q2 2023.
Patenting activity was driven by China with a 64% share of total patent filings
The largest share of renewable energy related patent filings in the power industry in Q2 2023 was in China with 64%, followed by the US (19%) and Japan (3%). The share represented by China was 1% higher than the 63% share it accounted for in Q1 2023.
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