The power industry continues to be a hotbed of innovation, with activity driven by optimising operations, managing asset performance and lowering energy costs, and growing importance of technologies such as battery energy storage systems (BESS), smart grids and advanced metering infrastructure. In the last three years alone, there have been over 439,000 patents filed and granted in the power industry, according to GlobalData’s report on Internet of Things in Power: Remote metering smart grids.
However, not all innovations are equal and nor do they follow a constant upward trend. Instead, their evolution takes the form of an S-shaped curve that reflects their typical lifecycle from early emergence to accelerating adoption, before finally stabilising and reaching maturity.
Identifying where a particular innovation is on this journey, especially those that are in the emerging and accelerating stages, is essential for understanding their current level of adoption and the likely future trajectory and impact they will have.
90+ innovations will shape the power industry
According to GlobalData’s Technology Foresights, which plots the S-curve for the power industry using innovation intensity models built on over 83,000 patents, there are 90+ innovation areas that will shape the future of the industry.
Within the emerging innovation stage, EV conductive charging, smart grid remote monitoring, and self-organising networks power optimisation are disruptive technologies that are in the early stages of application and should be tracked closely. Smart batteries, renewable energy integrated microgrids, and smart lighting system are some of the accelerating innovation areas, where adoption has been steadily increasing. Among maturing innovation areas are home automation network power management and prepaid electricity metering, which are now well established in the industry.
Innovation S-curve for Internet of Things in the power industry
Remote metering smart grids is a key innovation area in Internet of Things
A smart grid is a modern electric grid with two-way flow of electricity and data between power utilities and consumers. Remote metering facilitates viewing of metered and monitored data from a remote location and allows continuous monitoring of all consumers associated with it.
GlobalData’s analysis also uncovers the companies at the forefront of each innovation area and assesses the potential reach and impact of their patenting activity across different applications and geographies. According to GlobalData, there are 20+ companies, spanning technology vendors, established power companies, and up-and-coming start-ups engaged in the development and application of remote metering smart grids.
Key players in remote metering smart grids – a disruptive innovation in the power industry
‘Application diversity’ measures the number of different applications identified for each relevant patent and broadly splits companies into either ‘niche’ or ‘diversified’ innovators.
‘Geographic reach’ refers to the number of different countries each relevant patent is registered in and reflects the breadth of geographic application intended, ranging from ‘global’ to ‘local’.
Electricite de France (EDF ) is a leading patent filter and is working with technological leaders such as Dell, GE , CISCO and IBM to maximise the environmental benefits of smart grid technology in many real-world situations. In October 2018, the company won an order with state-owned company EESL (Energy Efficiency Services) for installation of 5 million smart meters in the Bihar state of India.
Enel Group owns Gridspertise , which provides cutting-edge sustainable solutions for the transformation of electricity distribution networks in metering and grid edge digitalisation, networks infrastructure digitalisation, field operations digitalisation.
Mitsubishi Electric is another leading patent filer. In September 2021, the company acquired UK-based Smarter Grid Solutions (SGS ), a company that delivers products to manage power grids and market participation in energy systems with high volumes of distributed, clean and flexible energy assets.
To further understand how Internet of Things is disrupting the power industry, access GlobalData’s latest thematic research report on Internet of Things in Power (2021).