The global oil & gas industry experienced a 31% decline in the number of energy storage-related patent applications in Q4 2023 compared with the previous quarter. The total number of energy storage-related grants dropped by 5% in Q4 2023, according to GlobalData’s Patent Analytics. GlobalData’s databook Oil & Gas: Patents Trends Q4 2023 offers comprehensive insights into patenting trends, major players’ strategies, and geographical focus in the sector over the last three years. Buy the databook here.
Notably, the number of energy storage-related patent applications in the oil & gas industry was 109 in Q4 2023, versus 158 in the prior quarter.
The top five companies accounted for 29% of patenting activity
Analysis of patenting activity by companies shows that LG filed the most energy storage patents within the oil & gas industry in Q4 2023. The company filed 17 energy storage-related patents in the quarter, compared with 27 in the previous quarter. It was followed by W. L. Gore & Associates with 4 energy storage patent filings, Arkema (4 filings), and Porsche Automobil Holding (4 filings) in Q4 2023.
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Patenting activity was driven by the US with a 21% share of total patent filings
The largest share of energy storage related patent filings in the oil & gas industry in Q4 2023 was in the US with 21%, followed by China (19%) and Japan (17%). The share represented by the US was 3% higher than the 18% share it accounted for in Q3 2023.
For further understanding of GlobalData's Oil & Gas: Patents Trends Q4 2023, buy the databook here.
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