Amid the transformative wave of Internet of Things (IoT) integration in the power sector, companies are strategically investing and acquiring patents to pioneer innovations, despite a recent decline in patent applications. Top players globally, led by China, are shaping the industry landscape, emphasizing the pivotal role of IoT in advancing monitoring, automation, and security within the power domain. The impact of IoT extends beyond the power sector, influencing various industries. GlobalData’s Internet of Things market report provides comprehensive analysis of the IoT market. Buy the report here.
This article presents a quarterly round-up of the latest trends in the power industry regarding IoT. It provides an overview of recent developments in IoT-related deals, talent acquisition, and patent filings within the power industry.
Diverse applications of Internet of Things in power industry
Power companies are leveraging new Internet of Things (IoT) technologies through recent patents to innovate and improve their businesses. For example, Senseware Inc's patent enables customized data streams for different parties at monitored locations, enhancing tracking capabilities. Intel Corp's patent focuses on dynamically managing resources in accelerators, optimizing workload execution. Passivelogic, Inc's patent introduces distributed building automation controllers for efficient space management. Wolfspeed Inc's patent enhances security in lighting fixtures through pre-installed credentials. Eaton Corporation Plc's patent offers fuse monitoring systems for improved electrical safety. Acquirers of these patents can benefit from advanced IoT solutions for enhanced monitoring, resource management, security, and automation in their operations, leading to increased efficiency and effectiveness in their power-related activities.
The industry experienced a 59% decline in the number of IoT-related patent applications in Q4 2023 compared with the previous quarter. On an annual basis, the number of IoT-related patent applications in the power industry witnessed a drop of 27% compared with Q4 2022.
Strategic deal trends in Internet of Things in power industry
Power companies are not only focusing on innovation to enhance their patent portfolios but are also making strategic investments in IoT. 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 IoT in the power industry.
In Q4 2023, the number of IoT-related deals in the power industry declined by 75% compared with Q4 2022. On a quarterly basis, there was 58% 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 43% drop compared with the previous quarter. On an annual basis, job postings also declined by 23%. Notably, computer and mathematical occupations, with a share of 22%, emerged as the top IoT-related job roles within the power industry in Q4 2023, with new job postings drop by 35% quarter-on-quarter. Management occupations came in second with a share of 13% in Q4 2023, with new job postings dropping by 44% over the previous quarter. The other prominent IoT roles include architecture and engineering occupations with an 11% share in Q4 2023, and sales and related occupations with a 5% share of new job postings.
Siemens, E.ON, Schneider Electric, Octopus Renewables Infrastructure Trust, and Zodiac Pool Systems are among the top companies leading in IoT hiring within the power industry.
Countries driving adoption of Internet of Things in power industry
China is the leading country in IoT adoption within the power industry, boasting the highest number of IoT-related patents, jobs, and deals. Meanwhile, India, Australia, Norway and the US also maintain significant positions in IoT adoption within the power industry.
While IoT patent applications and deals in the power industry experienced a decline, the surge in talent acquisition underscores a continued emphasis on harnessing IoT's potential. As China leads the charge in adoption, global players are poised to drive innovation, enhancing monitoring, resource management, and safety across power operations.
To further understand GlobalData's analysis on Internet of Things 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.
