Energy storage technologies are increasingly vital in the power industry, with companies driving innovation, strategic deals, and targeted hiring to enhance battery performance, efficiency, and sustainability. Patents from leaders like Contemporary Amperex Technology and Samsung SDI highlight significant advancements in energy storage, positioning these companies to meet rising energy demands and remain competitive.GlobalData’s energy storage market report provides comprehensive analysis of the 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 are advancing their energy storage capabilities through innovative patent developments, enhancing their operational efficiency and product offerings. Notably, Contemporary Amperex Technology Co Ltd has introduced a jelly-roll electrode assembly and a battery design that accommodates expansion, improving battery longevity and performance. Their liquid cooling system for batteries ensures optimal temperature management, reducing the risk of overheating. Additionally, Samsung SDI Co Ltd's new positive active material for lithium batteries enhances energy density and efficiency. These advancements not only promise to improve energy storage solutions but also position these companies to meet growing energy demands sustainably, ultimately benefiting their market competitiveness and customer satisfaction.
The industry experienced a 16% decline in the number of energy storage-related patent applications in Q2 2024 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 6% compared with Q2 2023.
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 Q2 2024, the number of energy storage-related deals in the power industry declined by 6% compared with Q2 2023. On a quarterly basis, there was 25% increase in the number of deals in Q2 2024 compared with the previous quarter.
Impact on hiring
In terms of new job posting, in Q2 2024, the power industry experienced a 1% growth compared with the previous quarter. On an annual basis, job postings also declined by 11%. Notably, management occupations, with a share of 13%, emerged as the top energy storage-related job roles within the power industry in Q2 2024, with new job postings rising by 11% quarter-on-quarter. Installation, maintenance, and repair occupations came in second with a share of 9% in Q2 2024, with new job postings rising by 30% over the previous quarter. The other prominent energy storage roles include computer and mathematical occupations with a 7% share in Q2 2024, and architecture and engineering occupations with a 7% share of new job postings.
Sunrun, NextEra Energy, Trojan Battery, SolarEdge Technologies, and AES are among the top companies leading in energy storage hiring within the power industry.
Countries driving adoption of energy storage in power industry
The US 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, China, the UK, Australia and Canada also maintain significant positions in energy storage adoption within the power industry.
In conclusion, strategic investments and targeted hiring further emphasize the growing importance of energy storage in the industry. As key markets like the US, China, and the UK lead adoption, energy storage continues to play a crucial role in shaping the future of the power sector.
To further understand GlobalData's analysis on energy storage in the power industry, buy the report 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 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.
