Patent applications related to IoT witnessed 7% average annual decline in the power industry since 2021 

The global power industry experienced a -14% annual average growth rate (AAGR) in the number of IoT-related patent applications between 2021 and 2023. The total number of IoT-related grants decreased by an AAGR of 8% during the same period, according to GlobalData's patent analytics database. 

Notably, the number of IoT-related patent applications in the power industry was 7,444 since 2021, while 6,419 applications were granted. 

Analysis of patent applications by assignee shows that State Grid Corporation of China filed the most IoT patents within the power industry since 2021. The company filed 641 IoT-related patents since 2021. 

It was followed by China Southern Power Grid (133 applications), Schneider Electric (105 applications), ABB (90 applications) and Universal Display (85 applications). 

Analysis of patent grants by assignee shows that State Grid Corporation of China was granted 1,004 patents related to IoT within the power industry since 2021. It was followed by China Southern Power Grid (311 grants), ABB (187 grants), Schneider Electric (121 grants) and Universal Display (76 grants).

The largest share of IoT-related patent publications in the power industry since 2021 was held by China with 62%, followed by the US (21%) and South Korea (5%).

GlobalData, the leading provider of industry intelligence, provided the underlying data, research, and analysis used to produce this article.  

GlobalData’s Patents Analytics tracks patent filings and grants from official patent offices around the world. Proprietary analysis and official patent classifications are used to group patents into key thematic areas and link them to specific companies across the world’s largest industries