The global oil & gas industry experienced a 30% decline in the number of internet of things-related patent applications in Q1 2024 compared with the previous quarter. The total number of internet of things-related grants rose by 31% in Q1 2024, according to GlobalData’s Patent Analytics. GlobalData’s databook Oil & Gas: Patents Trends Q1 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.
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Notably, the number of internet of things-related patent applications in the oil & gas industry was 60 in Q1 2024, versus 86 in the prior quarter.
The top five companies accounted for 50% of patenting activity
Analysis of patenting activity by companies shows that Korea Institute of Industrial Technology (KITECH) filed the most internet of things patents within the oil & gas industry in Q1 2024. The company filed 14 internet of things-related patents in the quarter, compared with 3 in the previous quarter. It was followed by Chengdu Qinchuan Internet of Things Technology with 6 internet of things patent filings, BASF (4 filings), and W. L. Gore & Associates (3 filings) in Q1 2024.
Patenting activity was driven by the US with a 30% share of total patent filings
The largest share of internet of things related patent filings in the oil & gas industry in Q1 2024 was in the US with 30%, followed by China (7%) and Japan (3%). The share represented by the US was 13% higher than the 17% share it accounted for in Q4 2023.
For further understanding of GlobalData's Oil & Gas: Patents Trends Q1 2024, buy the databook 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.
