Hydrogen technologies are increasingly pivotal in the power industry, with companies focusing on innovative advancements in hydrogen storage, production, and integration with renewable energy sources. Strategic investments and hiring trends underscore the growing emphasis on hydrogen, as companies seek to enhance operational efficiency and sustainability while positioning themselves at the forefront of this clean energy revolution. GlobalData’s hydrogen 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 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 are advancing their hydrogen technologies through innovative patents aimed at enhancing hydrogen storage and production processes. Notably, Hydrogenious LOHC Technologies GmbH has developed a method to assess the condition of hydrogen carrier materials, improving efficiency in cyclic storage. Iogen Corp's patent focuses on optimizing biogas-to-fuel conversion, which can complement hydrogen production. Proterial Ltd has introduced advanced hydrogen storage materials suitable for low temperatures, enhancing storage capabilities. Additionally, Ohmium International Inc. is integrating weather sensing with solar energy systems to optimize hydrogen production from renewable sources. These advancements will enable companies to improve operational efficiency, reduce costs, and enhance the sustainability of hydrogen as a clean energy solution.
The industry experienced a 43% decline in the number of hydrogen-related patent applications in Q2 2024 compared with the previous quarter. On an annual basis, the number of hydrogen-related patent applications in the power industry witnessed a drop of 3% compared with Q2 2023.
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 Q2 2024, the number of hydrogen-related deals in the power industry declined by 26% compared with Q2 2023. On a quarterly basis, there was 37% 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 2% drop compared with the previous quarter. On an annual basis, job postings also declined by 16%. Notably, installation, maintenance, and repair occupations, with a share of 24%, emerged as the top hydrogen-related job roles within the power industry in Q2 2024, with new job postings rising by 157% quarter-on-quarter. Management occupations came in second with a share of 13% in Q2 2024, with new job postings dropping by 22% over the previous quarter. The other prominent hydrogen roles include architecture and engineering occupations with a 9% share in Q2 2024, and computer and mathematical occupations with a 5% share of new job postings.
Plug Power, Renew Energy Global, Energias de Portugal, Green Hydrogen Systems, and Worley 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, Australia, China and Germany also maintain significant positions in hydrogen adoption within the power industry.
In conclusion, the power industry's focus on hydrogen is evident through innovative patents, strategic investments, and targeted hiring. Despite fluctuations in patent applications and deal activity, companies are advancing hydrogen technologies and expanding their workforce to solidify hydrogen's role as a sustainable and efficient energy solution. The US, along with key global players, continues to lead in hydrogen adoption, driving the industry's evolution toward a cleaner energy future.
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.
