Research and innovation in internet of things (IoT) in the power industry operations and technologies sector has declined in the last year.
The most recent figures show that the number of IoT patent applications in the industry stood at 43 in the three months ending December – down from 84 over the same period in 2020.
Figures for patent grants related to IoT followed a similar pattern to filings – shrinking from 63 in the three months ending December 2020 to 30 in 2021.
The figures are compiled by GlobalData, which tracks patent filings and grants from official offices around the world. Using textual analysis, as well as official patent classifications, these patents are grouped into key thematic areas, and linked to key companies across various industries.
IoT is one of the key areas tracked by GlobalData. It has been identified as being a key disruptive force facing companies in the coming years, and is one of the areas that companies investing resources in now are expected to reap rewards from.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData
The figures also provide an insight into the largest innovators in the sector.
Honeywell International Inc was the top IoT innovator in the power industry operations and technologies sector in the last quarter. The company, which has its headquarters in the US, filed 21 IoT-related patents in the three months ending December. That was up from nine over the same period in 2020.
It was followed by the Germany-based Siemens AG with 14 IoT patent applications, the US-based 3M Co (12 applications), and South Korea-based Korea Electric Power Corp (10 applications).
Honeywell International Inc has recently ramped up R&D in IoT. It saw growth of 57.1% in related patent applications in the three months ending December compared to the same period in 2020 – the highest percentage growth out of all companies tracked with more than 10 quarterly patents in the power industry operations and technologies sector.