The global oil & gas industry experienced a 34% decline in the number of renewable energy-related patent applications in Q2 2024 compared with the previous quarter. The total number of renewable energy-related grants dropped by 12% in Q2 2024, according to GlobalData’s Patent Analytics. GlobalData’s databook Oil & Gas: Patents Trends Q2 2024 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 renewable energy-related patent applications in the oil & gas industry was 2,218 in Q2 2024, versus 3,374 in the prior quarter.
The top five companies accounted for 12% of patenting activity
Analysis of patenting activity by companies shows that LG Chem filed the most renewable energy patents within the oil & gas industry in Q2 2024. The company filed 62 renewable energy-related patents in the quarter, compared with 46 in the previous quarter. It was followed by Air Liquide with 55 renewable energy patent filings, China Petrochemical (49 filings), and Hyundai Motor (48 filings) in Q2 2024.
Patenting activity was driven by China with a 26% share of total patent filings
The largest share of renewable energy related patent filings in the oil & gas industry in Q2 2024 was in China with 26%, followed by the US (16%) and Japan (7%). The share represented by China was 16% lower than the 42% share it accounted for in Q1 2024.
For further understanding of GlobalData's Oil & Gas: Patents Trends Q2 2024, buy the databook here.
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