Reduced Number of Patents, a Big Concern for Renewable Energy Growth Prospects
Published By : 04 May 2015 | Published By : QYRESEARCH
The global investments in the green energy has been stalling, as the number of patents which are filed for renewable energy products across the globe has fallen down by 42% in the last three years.
According to the research from a commercial law firm EMW states that around 20,655 patents for green energy were filed in 2014 across the globe, which were related to wind energy, bio-fuels and waste-generated energy, and solar power which is fallen down from 35,590 patents in 2012.
EMW further stated that this alarming decline has been caused mostly by the oversupply in the solar panel market, along with the mass production in China, which had hit the profit margins of many other companies. The solar-related patents had accounted for about 65% of the overall (13,551 patents) in the previous year.
This situation has been made worse due to major cuts in the subsidy for renewable in most of the countries, which also includes the U.K., and the drastic fall in oil prices, which has expanded the price gap between the low carbon and the conventional energy.
The head of EMW’s renewables, waste, and energy team, James Geary, had warned that this could hamper the efforts that are taken by governments worldwide, in order to meet their targets of carbon reductions.
Geary further stated that these figures are showcasing that the boom in the green energy innovation that they have experienced in the past few years has almost peaked for now, which is further suggesting that the investments in the research and development is tailing off across the renewables sector. He further added that for solar energy, the falling prices of solar panels which are fuelled by the Chinese manufacturers are flooding the market have hampered the profitability, costly research and the development activities.