The global oil & gas industry experienced a 9% decline in the number of renewable energy-related patent applications in Q1 2023 compared with the previous quarter. The total number of renewable energy-related grants dropped by 21% in Q1 2023, according to GlobalData’s Patent Analytics. With the growing importance of renewable energy in the global energy mix, key oil and gas companies are competing to be best positioned to benefit from investments in renewable energy. GlobalData’s Renewable Energy in Oil and Gas Thematic Intelligence report highlights the various trends, analyses the solar, wind power, and biopower value chains and identifies top players across different segments. Buy the report here.
Notably, the number of renewable energy-related patent applications in the oil & gas industry was 2,372 in Q1 2023, versus 2,594 in the prior quarter.
The top five companies accounted for 8% of patenting activity
Analysis of patenting activity by companies shows that Toyota Motor filed the most renewable energy patents within the oil & gas industry in Q1 2023. The company filed 46 renewable energy-related patents in the quarter, compared with 28 in the previous quarter. It was followed by Air Liquide with 42 renewable energy patent filings, China Petrochemical (37 filings), and LG (28 filings) in Q1 2023.
Patenting activity was driven by China with a 34% share of total patent filings
The largest share of renewable energy related patent filings in the oil & gas industry in Q1 2023 was in China with 34%, followed by Japan (12%) and South Korea (10%). The share represented by China was 9% lower than the 43% share it accounted for in Q4 2022.
For further understanding of GlobalData's Renewable Energy in Oil and Gas – Thematic Intelligence 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’s Patent Analytics tracks patent filings and grants from official offices around the world. Textual 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.
