The global oil & gas industry experienced a 55% decline in the number of energy transition-related patent applications in Q4 2023 compared with the previous quarter. The total number of energy transition-related grants dropped by 23% 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 transition-related patent applications in the oil & gas industry was 6,086 in Q4 2023, versus 13,615 in the prior quarter.
The top five companies accounted for 13% of patenting activity
Analysis of patenting activity by companies shows that LG filed the most energy transition patents within the oil & gas industry in Q4 2023. The company filed 248 energy transition-related patents in the quarter, compared with 288 in the previous quarter. It was followed by China Petrochemical with 187 energy transition patent filings, BASF (182 filings), and Toyota Motor (119 filings) in Q4 2023.
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Patenting activity was driven by China with a 28% share of total patent filings
The largest share of energy transition related patent filings in the oil & gas industry in Q4 2023 was in China with 28%, followed by the US (18%) and Japan (14%). The share represented by China was 28% lower than the 56% 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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