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July 1, 2022updated 27 Jun 2022 10:32am

Smart materials innovation among offshore industry companies has dropped off in the last year

Analysis of patent filings shows a shrinking level of smart materials related applications in the industry over the past year

By Data Journalism Team

Research and innovation in smart materials in the offshore oil and gas industry operations and technologies sector has declined in the last year.

The most recent figures show that the number of smart materials related patent applications in the industry stood at 31 in the three months ending April – down from 51 over the same period in 2021.

Figures for patent grants related to smart materials followed a different pattern to filings – growing from 26 in the three months ending April 2021 to 27 in the same period in 2022.

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.

Smart materials 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. The figures also provide an insight into the largest innovators in the sector.

Saudi Arabian Oil Co was the top smart materials innovator in the offshore oil and gas industry operations and technologies sector in the latest quarter. The company, which has its headquarters in Saudi Arabia, filed 13 smart materials-related patents in the three months ending April. That was up from 10 over the same period in 2021.

It was followed by the US-based 3M with four smart materials patent applications, the US-based Halliburton (4 applications), and the US-based Honeywell International (4 applications).

Saudi Arabian Oil Co has recently ramped up R&D in smart materials. It saw growth of 23.1% in related patent applications in the three months ending April compared to the same period in 2021 - the highest percentage growth out of all companies tracked with more than 10 quarterly patents in the offshore oil and gas industry operations and technologies sector.

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