The power industry is experiencing groundbreaking advancements in energy storage patents from companies such as Contemporary Amperex Technology Ltd, General Motors Co, and Tesla Inc, focusing on battery safety and manufacturing processes. Despite a decrease in patent applications and deals, strategic investments highlight a commitment to innovation, with job roles in management, architecture and engineering, and computer and mathematical occupations gaining significance. GlobalData’s energy storage market report provides comprehensive analysis of the energy storage market. Buy the report here.
This article presents a quarterly round-up of the latest trends in the power industry regarding energy storage. It provides an overview of recent developments in energy storage-related deals, talent acquisition, and patent filings within the power industry.
Diverse applications of energy storage in power industry
Power companies like Contemporary Amperex Technology Ltd, General Motors Co, and Tesla Inc are leveraging new energy storage technologies through recent patents. These patents focus on innovations such as battery pack design, battery heating systems, and intermittently coated dry electrodes for energy storage devices. By acquiring these patents, power companies can benefit from improved battery safety, thermal control, and manufacturing processes. These technologies offer advancements in energy storage efficiency, performance, and reliability, ultimately leading to enhanced products and services for consumers. With a focus on innovation and improvement, these power companies are poised to lead the way in the development and implementation of cutting-edge energy storage solutions.
The industry experienced a 15% decline in the number of energy storage-related patent applications in Q4 2023 compared with the previous quarter. On an annual basis, the number of energy storage-related patent applications in the power industry witnessed a rise of 2% compared with Q4 2022.
Strategic deal trends in energy storage in power industry
Power companies are not only focusing on innovation to enhance their patent portfolios but are also making strategic investments in energy storage. These investments aim to secure lucrative deals with partners and position themselves at the forefront of industry advancements. Some of the recent deals underscore the importance of energy storage in the power industry.
In Q4 2023, the number of energy storage-related deals in the power industry declined by 39% compared with Q4 2022. On a quarterly basis, there was 9% drop in the number of deals in Q4 2023 compared with the previous quarter.
Impact on hiring
In terms of new job posting, in Q4 2023, the power industry experienced a 21% drop compared with the previous quarter. On an annual basis, job postings also declined by 24%. Notably, management occupations, with a share of 15%, emerged as the top energy storage-related job roles within the power industry in Q4 2023, with new job postings drop by 23% quarter-on-quarter. Architecture and engineering occupations came in second with a share of 13% in Q4 2023, with new job postings dropping by 3% over the previous quarter. The other prominent energy storage roles include computer and mathematical occupations with a 10% share in Q4 2023, and sales and related occupations with a 9% share of new job postings.
NextEra Energy, Sunrun, AES, Engie, and SolarEdge Technologies are among the top companies leading in energy storage hiring within the power industry.
Countries driving adoption of energy storage in power industry
China is the leading country in energy storage adoption within the power industry, boasting the highest number of energy storage-related patents, jobs, and deals. Meanwhile, the US, the UK, Canada and Australia also maintain significant positions in energy storage adoption within the power industry.
In conclusion, the power industry is navigating energy storage innovations, witnessing a decline in patent applications but pursuing strategic deals. Job postings reflect industry dynamics, emphasizing roles in management, architecture, engineering, computer, and sales occupations. The sector's commitment to cutting-edge solutions remains strong despite challenges.
To further understand GlobalData's analysis on energy storage in the power industry, buy the report here.
Premium Insights
From
The gold standard of business intelligence.
Blending expert knowledge with cutting-edge technology, GlobalData’s unrivalled proprietary data will enable you to decode what’s happening in your market. You can make better informed decisions and gain a future-proof advantage over your competitors.
GlobalData, the leading provider of industry intelligence, provided the underlying data, research, and analysis used to produce this article.
GlobalData patent analytics tracks patent filings and grants across companies and themes. Proprietary databases on deals and job analytics are used to respectively monitor global deal activity and uncover insights from daily job postings to identify trends, company activities, and industry dynamics across different sectors globally.
