The power sector is embracing smart grid technologies, leveraging recent patents to pioneer efficiency-enhancing solutions and reduce energy consumption. Acquiring these patents enables companies to streamline operations, cut costs, and foster sustainability. With strategic investments driving smart grid advancements, recent deals highlight a collaborative push toward innovation, underscoring the industry’s commitment to progress. GlobalData’s smart grid in power market report provides comprehensive analysis of the market. Buy the report here.
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This article presents a quarterly round-up of the latest trends in the power industry regarding smart grid. It provides an overview of recent developments in smart grid-related deals, talent acquisition, and patent filings within the power industry.
The industry experienced a 23% decline in the number of smart grid-related patent applications in Q1 2024 compared with the previous quarter. On an annual basis, the number of smart grid-related patent applications in the power industry witnessed a drop of 10% compared with Q1 2023.
Strategic deal trends in smart grid in power industry
Power companies are not only focusing on innovation to enhance their patent portfolios but are also making strategic investments in smart grid. 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 smart grid in the power industry.
In Q1 2024, the number of smart grid-related deals in the power industry declined by 66% compared with Q1 2023. On a quarterly basis, there was 10% drop in the number of deals in Q1 2024 compared with the previous quarter.
Impact on hiring
In terms of new job posting, in Q1 2024, the power industry experienced a 20% growth compared with the previous quarter. On an annual basis, job postings also declined by 45%. Notably, computer and mathematical occupations, with a share of 14%, emerged as the top smart grid-related job roles within the power industry in Q1 2024, with new job postings drop by 2% quarter-on-quarter. Management occupations came in second with a share of 9% in Q1 2024, with new job postings rising by 21% over the previous quarter. The other prominent smart grid roles include architecture and engineering occupations with a 7% share in Q1 2024, and installation, maintenance, and repair occupations with a 3% share of new job postings.
Landis+Gyr Group, Landis+Gyr, Electricite de France, EnBW Energie Baden-Wurttemberg, and Hitachi Energy are among the top companies leading in smart grid hiring within the power industry.
Countries driving adoption of smart grid in power industry
The US is the leading country in smart grid adoption within the power industry, boasting the highest number of smart grid-related patents, jobs, and deals. Meanwhile, China, India, the UK and Australia also maintain significant positions in smart grid adoption within the power industry.
In conclusion, the smart grid sector is evolving despite a decline in patent applications and strategic investments are driving innovation. While deal trends fluctuate, the industry's commitment to advancing smart grid technologies remains steadfast, fostering job growth and development.
To further understand GlobalData's analysis on smart grid 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.
