The global oil & gas industry experienced a 23% decline in the number of renewable energy-related patent applications in Q2 2023 compared with the previous quarter. The total number of renewable energy-related grants dropped by 13% in Q2 2023, according to GlobalData’s Patent Analytics. With the growing importance of renewable energy in the global energy mix, key oil and gas companies are competing to be best positioned to benefit from investments in renewable energy. GlobalData’s Renewable Energy in Oil and Gas Thematic Intelligence report highlights the various trends, analyses the solar, wind power, and biopower value chains and identifies top players across different segments. Buy the report here.
Notably, the number of renewable energy-related patent applications in the oil & gas industry was 2,618 in Q2 2023, versus 3,390 in the prior quarter.
The top five companies accounted for 11% of patenting activity
Analysis of patenting activity by companies shows that China Petrochemical filed the most renewable energy patents within the oil & gas industry in Q2 2023. The company filed 137 renewable energy-related patents in the quarter, compared with 46 in the previous quarter. It was followed by Toyota Motor with 45 renewable energy patent filings, Air Liquide (41 filings), and LG (40 filings) in Q2 2023.
Patenting activity was driven by China with a 33% share of total patent filings
The largest share of renewable energy related patent filings in the oil & gas industry in Q2 2023 was in China with 33%, followed by the US (16%) and South Korea (11%). The share represented by China was 0.24% higher than the 33% share it accounted for in Q1 2023.
For further understanding of GlobalData's Renewable Energy in Oil and Gas – Thematic Intelligence buy the report here.