Smart grids are transforming the power industry through technological innovation and strategic partnerships. Recent developments highlight a surge in patents, showcasing advancements in various smart grid applications. Despite declines in deals and job postings, industry leaders remain actively engaged, contributing to the global adoption of smart grid technologies. GlobalData’s smart grid in power – thematic research covers key trends, detailed value chain analysis of the smart grid industry, and the competitive landscape. 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 in the field of smart grid are leveraging new technologies and applications to innovate and improve their businesses. These technologies are reflected in the latest patents acquired by these companies. Notably, patents such as "Computing system implementing a driver selection process based on device location" introduce geofencing systems for streamlined transport services. Simultaneously, "Building load modification responsive to utility grid events using robotic process automation" employs automation to dynamically adjust electrical loads during grid events, enhancing overall operational efficiency.
The patent titled "Charging stations for bikes and e-scooters" addresses the growing demand for electric vehicle infrastructure with a compact, data-capable design, featuring innovative elements like motorized conveyors and horizontal bars. Furthermore, the technology in "Deterioration state estimation device for anode-free lithium battery" ensures precise estimation of battery health, contributing to enhanced reliability in power systems. Lastly, "Appliance load manager that cycles an air conditioner to reduce peak demand" introduces consumer-level energy efficiency. These patents collectively showcase the industry's dedication to pioneering technologies, providing detailed solutions that improve reliability, sustainability, and efficiency in smart grid systems.
By acquiring these patents, power companies can benefit from improved driver selection processes, automated load management, efficient charging stations, accurate battery deterioration estimation, and energy-efficient appliance operation. These technologies enhance the capabilities of smart grid systems and contribute to the overall improvement of power company operations.
The industry experienced a 55% decline in the number of smart grid-related patent applications in Q3 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 32% compared with Q3 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 Q3 2023, the number of smart grid-related deals in the power industry declined by 78% compared with Q3 2022. On a quarterly basis, there was 63% 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 30% drop compared with the previous quarter. On an annual basis, job postings also declined by 32%. Notably, computer and mathematical occupations, with a share of 17%, emerged as the top smart grid-related job roles within the power industry in Q3 2023, with new job postings drop by 20% quarter-on-quarter. Management occupations came in second with a share of 9% in Q3 2023, with new job postings dropping by 46% over the previous quarter. The other prominent smart grid roles include architecture and engineering occupations with an 8% share in Q3 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 Switzerland also maintain significant positions in smart grid adoption within the power industry.
In conclusion, the power industry's smart grid landscape sees a rise in patents, strategic deals, and evolving job dynamics. Despite declines in patent applications and deals, the sector remains committed to talent acquisition, driving advancements for enhanced reliability and sustainability in global power operations.
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