The global oil & gas industry experienced a 32% decline in the number of energy transition-related patent applications in Q1 2024 compared with the previous quarter. The total number of energy transition-related grants dropped by 16% 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 energy transition-related patent applications in the oil & gas industry was 6,009 in Q1 2024, versus 8,865 in the prior quarter.
The top five companies accounted for 13% of patenting activity
Analysis of patenting activity by companies shows that LG filed the most energy transition patents within the oil & gas industry in Q1 2024. The company filed 222 energy transition-related patents in the quarter, compared with 307 in the previous quarter. It was followed by China Petrochemical with 190 energy transition patent filings, BASF (169 filings), and Toyota Motor (112 filings) in Q1 2024.
Patenting activity was driven by China with a 28% share of total patent filings
The largest share of energy transition related patent filings in the oil & gas industry in Q1 2024 was in China with 28%, followed by the US (18%) and Japan (14%). The share represented by China was 57% lower than the 86% 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.
