The oil & gas industry continues to be a hotbed of patent innovation. Activity is driven by the need to reduce greenhouse gas emissions and lower costs and the growing importance of technologies such as artificial intelligence, digitalization, and the Internet of Things (IoT). In the last three years alone, there have been over 327,000 patents filed and granted in the oil & gas industry, according to GlobalData’s report on Innovation in oil & gas: cryogenic fuel storage. Buy the report here.
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However, not all innovations are equal and nor do they follow a constant upward trend. Instead, their evolution takes the form of an S-shaped curve that reflects their typical lifecycle from early emergence to accelerating adoption, before finally stabilizing and reaching maturity.
Identifying where a particular innovation is on this journey, especially those that are in the emerging and accelerating stages, is essential for understanding their current level of adoption and the likely future trajectory and impact they will have.
65+ innovations will shape the oil & gas industry
According to GlobalData’s Technology Foresights, which plots the S-curve for the oil & gas industry using innovation intensity models built on over 201,000 patents, there are 65+ innovation areas that will shape the future of the industry.
Within the emerging innovation stage, gas pipeline network monitoring, high-pressure gas vessels, and boil-off gas treatment are disruptive technologies that are in the early stages of application and should be tracked closely. Hydrocarbon lubricants, CO2 electroreduction and oil well surveillance are some of the accelerating innovation areas, where adoption has been steadily increasing. Among maturing innovation areas are syngas production and gas scrubbing, which are now well established in the industry.
Innovation S-curve for the oil & gas industry
Cryogenic fuel storage is a key innovation area in oil & gas
Cryogenic fuel storage involves the storage of fuels such as hydrogen and natural gas in their liquid state, achieved by cooling them to very low temperatures, typically below -150°C. These fuels can then be vaporized and used as a fuel source for engines, power generators, and other applications.
GlobalData’s analysis also uncovers the companies at the forefront of each innovation area and assesses the potential reach and impact of their patenting activity across different applications and geographies. According to GlobalData, there are 40+ companies, spanning technology vendors, established oil & gas companies, and up-and-coming start-ups engaged in the development and application of cryogenic fuel storage.
Key players in cryogenic fuel storage – a disruptive innovation in the oil & gas industry
‘Application diversity’ measures the number of applications identified for each patent. It broadly splits companies into either ‘niche’ or ‘diversified’ innovators.
‘Geographic reach’ refers to the number of countries each patent is registered in. It reflects the breadth of geographic application intended, ranging from ‘global’ to ‘local’.
Mobility companies such as Bayerische Motoren Werke and Hyundai Motor are at the forefront of filing patents in cryogenic fuel storage. In the oil and gas industry, liquified natural gas (LNG) is being increasingly seen as the environment-friendly fuel for transportation of gas through LNG carriers and trucks. Ships powered by LNG are seen as a promising way to decarbonize the shipping industry.
In terms of application diversity, Hexagon Composites leads the pack, while Bayerische Motoren Werke and HD Hyundai stood in the second and third positions, respectively. By means of geographic reach, Mcalister Technologies held the top position, followed by Hexagon Composites and AB Volvo.
Cryogenic fuel storage is increasingly finding applications for transportation in the oil and gas industry. Many shipping companies are increasingly looking at cryogenic fuel for clean energy and sustainability. LNG produced from small-scale liquefaction plants is also being used to power heavy trucks with practically zero emissions.
To further understand the key themes and technologies disrupting the oil & gas industry, access GlobalData’s latest thematic research report on Oil & Gas.
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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.
