The global oil & gas industry experienced a 45% decline in the number of energy transition-related patent applications in Q3 2024 compared with the previous quarter. The total number of energy transition-related grants dropped by 19% in Q3 2024, according to GlobalData’s Patent Analytics. GlobalData’s databook Oil & Gas: Patents Trends Q3 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 5,892 in Q3 2024, versus 10,701 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 energy transition patents within the oil & gas industry in Q3 2024. The company filed 277 energy transition-related patents in the quarter, compared with 448 in the previous quarter. It was followed by China Petrochemical with 132 energy transition patent filings, BASF (131 filings), and Toyota Motor (106 filings) in Q3 2024.
Patenting activity was driven by China with a 24% share of total patent filings
The largest share of energy transition related patent filings in the oil & gas industry in Q3 2024 was in China with 24%, followed by the US (19%) and Japan (11%). The share represented by China was 24% lower than the 48% share it accounted for in Q2 2024.
For further understanding of GlobalData's Oil & Gas: Patents Trends Q3 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.
