In the ever-evolving power industry, the Internet of Things (IoT) is playing a pivotal role as power companies leverage cutting-edge technologies to enhance their operations. From wireless power transmission to innovative virtual testing systems, this industry is witnessing transformative advancements. Additionally, trends in IoT-related deals and hiring reveal the strategic investments and growth opportunities within this dynamic sector. GlobalData’s Internet of Things (IoT) Market report helps keep abreast of the latest trends in Internet of Things, 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

Power companies operating within the Internet of Things (IoT) sphere are at the forefront of technological innovation, utilizing novel methods to enhance their operations. Among these advancements is the utilization of electromagnetic waves to wirelessly provide power to electronic devices. Energous Corporation holds a patent for a system that comprises a wireless-power transmitter and a security camera featuring a wireless-power receiver. This innovative technology converts radio frequency signals into usable power, guaranteeing a continuous power supply, even if the camera relocates relative to the transmitter. Another noteworthy patent, by Smart Resilin Ltd, centers on flexible electronic devices. They have developed a film composed of cellulose nanocrystals and resilin-CBD protein, preserving optical and electrical properties even under bending or twisting conditions. State Farm Mutual Automobile Insurance Co contributes to IoT progress with a patent for a virtual testing system, which assesses and identifies malfunctions within simulated environments and test data. Hyundai Mobis Co Ltd brings further innovation with patents for microscopic and macroscopic alignment methods for wireless EV charging, enhancing power companies' IoT capabilities and fostering operational improvements and innovative solutions for their customers.

The industry experienced a 45% decline in the number of IoT-related patent applications in Q2 2023 compared with the previous quarter. On an annual basis, the number of IoT-related patent applications in the power industry witnessed a rise of 27% compared with Q2 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 Q2 2023, the number of IoT-related deals in the power industry declined by 12% compared with Q2 2022. On a quarterly basis, there was 17% drop in the number of deals in Q2 2023 compared with the previous quarter.

Impact on hiring

In terms of new job posting, in Q2 2023, the power industry experienced a 5% growth compared with the previous quarter. On an annual basis, job postings also grew by 144%. Notably, computer and mathematical occupations, with a share of 17%, emerged as the top IoT-related job roles within the power industry in Q2 2023, with new job postings rising by 13% quarter-on-quarter. Management occupations came in second with a share of 13% in Q2 2023, with new job postings dropping by 0.15% over the previous quarter. The other prominent IoT roles include architecture and engineering occupations with an 8% share in Q2 2023, and sales and related occupations with a 6% share of new job postings.

Schneider Electric, Siemens, Enel, E.ON, and Itron are among the top companies leading in IoT hiring within the power industry.

Countries driving adoption of internet of things in power industry

The US is the leading country in IoT adoption within the power industry, boasting the highest number of IoT-related patents, jobs, and deals. Meanwhile, China, Germany, the UK and Spain also maintain significant positions in IoT adoption within the power industry.

In summary, the power industry experienced a temporary decline in IoT-related patent applications but saw strong annual growth. Strategic deals in IoT decreased slightly, though job postings showed consistent growth. Computer and mathematical occupations dominated IoT-related hiring while leading companies included Schneider Electric, Siemens, Enel, E.ON, and Itron.

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.