In the dynamic landscape of the power industry, Smart Grid technologies are at the forefront, driving innovation and efficiency. While patent applications and deals faced a decline in Q4 2023, the increased focus on strategic investments and hiring reflects a commitment to advancing sustainable and intelligent power systems, with the US leading the charge in global smart grid adoption.GlobalData’s smart grid market report provides comprehensive analysis of the smart grid market. Buy the report here.
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.
Diverse applications of smart grid in power industry
Power companies are leveraging new smart grid technologies through recent patents to innovate and improve their businesses. These patents include innovations such as enabling shared infrastructure for customized data streams, low-power centralized data collection for improved battery life, adjusting power consumption based on agreements, utility-scale renewable peaker plants with solar PV and energy storage, and photovoltaic systems with energy storage. By acquiring these patents, power companies can benefit from enhanced efficiency, reduced energy consumption, and improved control over power systems. These technologies offer opportunities for companies to optimize their operations, reduce costs, and contribute to a more sustainable energy future through the implementation of advanced smart grid solutions.
The industry experienced a 68% decline in the number of smart grid-related patent applications in Q4 2023 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 40% compared with Q4 2022.
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 Q4 2023, the number of smart grid-related deals in the power industry declined by 69% compared with Q4 2022. On a quarterly basis, there was 25% increase 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 23% drop 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 Q4 2023, with new job postings drop by 39% quarter-on-quarter. Management occupations came in second with a share of 10% in Q4 2023, with new job postings dropping by 22% over the previous quarter. The other prominent smart grid roles include architecture and engineering occupations with a 10% share in Q4 2023, and installation, maintenance, and repair occupations with a 4% share of new job postings.
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, France, the UK and India also maintain significant positions in smart grid adoption within the power industry.
Amidst a decline in smart grid-related patents and deals, the power industry continues to navigate challenges, emphasizing strategic investments and talent acquisition. As companies strive for innovation in smart grid technologies, the global landscape, led by the US, showcases ongoing efforts to optimize operations, reduce costs, and advance sustainability for a smarter energy future.
To further understand GlobalData's analysis on smart grid in the power industry, buy the report here.