The power industry is undergoing significant shifts in renewable energy trends, marked by recent patents emphasizing innovation. While there’s a decline in quarterly patent applications, key companies persist in driving renewable energy deals. Globally, various nations actively contribute to the adoption of renewable energy within the power sector, influencing ongoing trends in job opportunities. GlobalData’s renewable energy in oil and gas thematic intelligence report highlights the various trends, analyses the solar, wind power, and biopower value chains and identifies top players across different segments. Buy the report here.
This article presents a quarterly round-up of the latest trends in the power industry regarding renewable energy. It provides an overview of recent developments in renewable energy-related deals, talent acquisition, and patent filings within the power industry.
Diverse applications of renewable energy in power industry
Power companies in the field of renewable energy, such as Siemens AG, General Electric Co, Hitachi Ltd, and Vestas Wind Systems AS, have recently acquired patents that showcase their commitment to innovation and improving their businesses. These patents cover a range of technologies and applications in the renewable energy sector.
Siemens AG has developed a method for operating wind turbines that optimizes their lifetime and energy production. By activating or deactivating different control features, the wind turbine's operating characteristics can be changed to achieve the desired optimization target.
General Electric Co has patented a system and method for controlling wind farm operation during a weak grid condition. This technology allows for the control of wind turbines that have not tripped, ensuring that their power output remains within a specified limit.
Hitachi Ltd has developed a vegetation management system that uses remote sensing data to classify and predict the growth of vegetation near facilities. This system helps in determining the contact risk between the vegetation and the facility, allowing for effective vegetation management.
Vestas Wind Systems AS has patented a lightning protection system for wind turbine blades. This system includes a down conductor cable with different electrical breakdown voltages and is positioned away from electrically conductive structural components, reducing the risk of lightning damage.
Additionally, Shenzhen Yingshikang Technology Ltd has developed a solar outdoor warm tent. This tent is made of composite plate materials with high impact resistance and thermal insulation properties, making it suitable for use in harsh outdoor environments.
These patents demonstrate how power companies are leveraging technology to enhance renewable energy technologies and applications. By implementing these innovations, these companies can improve the efficiency, reliability, and safety of their renewable energy systems.
The industry experienced a 55% decline in the number of renewable energy-related patent applications in Q3 2023 compared with the previous quarter. On an annual basis, the number of renewable energy-related patent applications in the power industry witnessed a drop of 41% compared with Q3 2022.
Strategic deal trends in renewable energy in power industry
Power companies are not only focusing on innovation to enhance their patent portfolios but are also making strategic investments in renewable energy. 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 renewable energy in the power industry.
In Q3 2023, the number of renewable energy-related deals in the power industry declined by 36% compared with Q3 2022. On a quarterly basis, there was 24% drop 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 24% drop compared with the previous quarter. On an annual basis, job postings also declined by 29%. Notably, management occupations, with a share of 14%, emerged as the top renewable energy-related job roles within the power industry in Q3 2023, with new job postings drop by 21% quarter-on-quarter. Architecture and engineering occupations came in second with a share of 10% in Q3 2023, with new job postings dropping by 8% over the previous quarter. The other prominent renewable energy roles include computer and mathematical occupations with an 8% share in Q3 2023, and installation, maintenance, and repair occupations with a 7% share of new job postings.
Countries driving adoption of renewable energy in power industry
The US is the leading country in renewable energy adoption within the power industry, boasting the highest number of renewable energy-related patents, jobs, and deals. Meanwhile, China, the UK, India and Germany also maintain significant positions in renewable energy adoption within the power industry.
In conclusion, the power industry is witnessing a surge in innovation through diverse patents, coupled with strategic deals shaping its renewable energy landscape. Simultaneously, job trends reflect the sector's adaptability, showcasing shifts in roles and a notable impact on hiring practices, reinforcing the industry's commitment to sustainable practices.
To further understand GlobalData's analysis on renewable energy in the power industry, buy the report here.