The transformative power of IoT technology is increasingly evident as it revolutionizes the dynamics of the power sector. This evolution is marked by a surge in innovative patents that not only bolster technological advancements but also redefine the parameters of energy efficiency. Simultaneously, strategic deals, investments, and job market shifts underscore the profound integration of the internet of things into the core of the power domain. The impact of IoT extends beyond the power sector, influencing various industries. GlobalData’s internet of things (IoT) market report helps keep abreast of the latest trends in IoT, market opportunity forecast and the competitive landscape. 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
The transformative influence of IoT technology is reshaping the power sector, evident in the surge of innovative patents. Notably, "Systems and methods for point to-point wireless power transmission for beam riding, power and data distribution sharing, wirelessly powered mobile systems" promises enhanced mobility and functionality through wireless power transmission between unmanned systems. Another patent, "Energy storage device and supercapacitor," introduces an asymmetric nanocomposite supercapacitor utilizing monoclinic tungsten oxide nanoplates and carbonaceous materials, enhancing energy storage capabilities for power companies. Additionally, "Limiting cellular network influence on latency in an industrial automation system" addresses latency concerns in industrial automation, allowing wireless communication devices to detach and attach to different base stations, reducing latency and enhancing automation efficiency.
The patent titled "Power management server and power management method" introduces a power management system that autonomously controls power storage apparatuses in multiple facilities, optimizing power usage and adjusting power storage based on demand. Furthermore, "Methods and systems for a data marketplace in a fluid conveyance device environment" presents a self-organizing data marketplace for fluid conveyance devices in industrial environments. This marketplace collects and stores detection values from these devices, enabling power companies to analyze and interpret data, make informed decisions, and optimize operations.
Overall, these power companies are leveraging the latest IoT technologies and applications to enhance their businesses. The acquired patents provide them with advancements in wireless power transmission, energy storage, latency reduction, power management, and data analysis. By implementing these technologies, power companies can improve efficiency, optimize operations, and make data-driven decisions in their IoT systems.
The industry experienced a 54% decline in the number of IoT-related patent applications in Q3 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 51% compared with Q3 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 Q3 2023, the number of IoT-related deals in the power industry declined by 28% compared with Q3 2022. On a quarterly basis, there was 13% increase in the number of deals in Q3 2023 compared with the previous quarter.
Impact on hiring
In terms of new job posting, in Q3 2023, the power industry experienced a 26% drop compared with the previous quarter. On an annual basis, job postings also grew by 55%. Notably, computer and mathematical occupations, with a share of 16%, emerged as the top IoT-related job roles within the power industry in Q3 2023, with new job postings drop by 30% quarter-on-quarter. Management occupations came in second with a share of 14% in Q3 2023, with new job postings dropping by 17% over the previous quarter. The other prominent IoT roles include architecture and engineering occupations with a 7% share in Q3 2023, and sales and related occupations with a 6% share of new job postings.
Siemens, Schneider Electric, Itron, Engie, and Octopus Energy 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, the US, Germany, Switzerland and the UK also maintain significant positions in IoT adoption within the power industry.
In conclusion, the power industry's embrace of IoT is evident in the surge of patents, strategic deals, and evolving job dynamics, marking a transformative era where technological advancements redefine the sector's landscape. From wireless power transmission to talent acquisition, these initiatives underscore IoT's pivotal role in shaping the future of power.
To further understand GlobalData's analysis on internet of things in the power industry, buy the report here.