In the realm of power industry trends, hydrogen takes center stage, with companies capitalizing on patents for innovative applications and sustainable practices. Despite a decline in hydrogen-related patent applications, strategic deals and diverse job postings indicate a continued commitment to advancing hydrogen technologies globally. GlobalData’s hydrogen market report provides comprehensive analysis of the hydrogen market. Buy the report here.
This article presents a quarterly round-up of the latest trends in the power industry regarding hydrogen. It provides an overview of recent developments in hydrogen-related deals, talent acquisition, and patent filings within the power industry.
Diverse applications of hydrogen in power industry
Power companies like STENA POWER & LNG SOLUTIONS AS and Cummins Inc are leveraging new hydrogen technologies through recent patents to innovate and improve their businesses. These patents include systems for offshore production of fuel using ammonia and hydrogen, electrolyzers for energy systems, and a hydrogen-cooled environmental control system. By utilizing raw materials like seawater and electricity from offshore wind turbines, these companies can produce hydrogen for various applications, such as blending with liquefied natural gas to create a new fuel source. This innovation not only enhances energy production efficiency but also promotes the use of renewable resources in the hydrogen production process. Acquiring these patents will enable companies to stay at the forefront of hydrogen technology advancements and drive sustainable practices in the power industry.
The industry experienced a 51% decline in the number of hydrogen-related patent applications in Q4 2023 compared with the previous quarter. On an annual basis, the number of hydrogen-related patent applications in the power industry witnessed a drop of 35% compared with Q4 2022.
Strategic deal trends in hydrogen in power industry
Power companies are not only focusing on innovation to enhance their patent portfolios but are also making strategic investments in hydrogen. 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 hydrogen in the power industry.
In Q4 2023, the number of hydrogen-related deals in the power industry declined by 64% compared with Q4 2022. On a quarterly basis, there was 10% 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 26% drop compared with the previous quarter. On an annual basis, job postings also declined by 37%. Notably, installation, maintenance, and repair occupations, with a share of 19%, emerged as the top hydrogen-related job roles within the power industry in Q4 2023, with new job postings drop by 1% quarter-on-quarter. Management occupations came in second with a share of 19% in Q4 2023, with new job postings dropping by 14% over the previous quarter. The other prominent hydrogen roles include architecture and engineering occupations with a 16% share in Q4 2023, and business and financial operations occupations with a 7% share of new job postings.
Plug Power, Engie, SSE, Green Hydrogen Systems, and Uniper Technologies are among the top companies leading in hydrogen hiring within the power industry.
Countries driving adoption of hydrogen in power industry
The US is the leading country in hydrogen adoption within the power industry, boasting the highest number of hydrogen-related patents, jobs, and deals. Meanwhile, the UK, Canada, China and Ireland also maintain significant positions in hydrogen adoption within the power industry.
In the dynamic landscape of the power industry, companies are actively pursuing hydrogen innovations through strategic deals and a diverse range of job postings. The global leadership of the US and other countries underscores a collective commitment to advancing hydrogen adoption and fostering sustainability in power solutions.
To further understand GlobalData's analysis on hydrogen 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.
