The global oil & gas industry experienced a 1% rise in patent filings in Q2 2023 compared with the previous quarter. The total number of grants dropped by 6%, resulting in overall patent publications increasing by 1.3%, according to GlobalData’s Patent Analytics. GlobalData’s Oil and Gas Industry Annual Contracts Analysis report provides detailed comparative data on contract numbers and values, segmented by region, sector, and geography, and includes information on top contractors and issuers based on contract worth. Buy the report here.
Notably, the number of patent applications in the oil & gas industry was 37,414 in Q2 2023, versus 36,953 in the prior quarter. Filings were down 12% year-on-year and decrease 1% quarter-on-quarter. This compares to a 12% year-on-year decrease in patent grants and 1% rise in quarter-on-quarter.
Most patenting activity has been in the Printed Circuit Manufacturing sector, where the number of patents filed Q1 2023 was 623, a drop of 4% versus the previous quarter. The second-largest patent count was in Design & Manufacturing (612, down 15%) and then Semiconductors in third (567, down 10%).
The top five companies accounted for 16% of patenting activity
Analysis of patenting activity by companies shows that the largest number of patents filed over the last quarter was by China Petrochemical with 3,108, followed by LG with 943 and BASF with 782.
Patenting activity was driven by China with a 40% share of total patent filings
The largest share of patent filings in the oil & gas industry in Q2 2023 was in China with 40%, followed by the US (14%) and Japan (9%). The share represented by China was 10% higher than the 30% share it accounted for in Q1 2023.
For further understanding of GlobalData's Oil and Gas Industry Annual Contracts Analytics, 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.
