Countries around the world are continually trying to create a sustainable green environment for our future generations. Moreover, the pressure on diminishing fossil fuels has triggered the nations in search of eco-friendly and renewable sources of energy. Researchers are working hard and continually coming up with solutions to solve the energy crisis. Meanwhile, the Governments also implement many such designs on large-scale for the socio-economic development of the country.
Countries make use of intellectual property rights to protect their inventions. We can predict the rate of innovations in a particular sector of a country with the rate of patent filings. The same applies to the renewable energy sector as well.
We can find the patenting patterns in the renewable energy sector in patent trends in renewable energy. From a broader perspective, let us understand the role of patents in driving renewable energy innovations.
Patenting options in renewable energy
Renewable energy itself is a vast sector. We must patent the right innovations with accurate claims. Besides, this will prevent competitors from infringing or inventing around our claims. Meanwhile, based on the current market, we can broadly classify patentable innovations involving renewable energy as follows:
Technologies in Mature market stage:
This type has many products and designs already available in the market. Moreover, we can find many inventions on a large scale by now. Hence, while filing patents for innovations in such products, we must be aware and careful not to infringe any existing patents. Hybrid vehicles, solar power, wind power, and tidal energy are some examples of technologies in the mature market stage.
Technologies trending in the market:
They refer to trending innovations in the market. These technologies have just entered the market. Usually, we will get to know the commercial viability and success of the inventions at this stage. The companies will have patents or licenses for most of these inventions. However, it is possible to obtain patents if the innovation solves an existing technical problem in the product or design with expertise. Biofuels, smart grids, and ethanol-based fuels are some examples of trending renewable-energy technologies.
Technologies at the venture stage:
These technologies are mostly in the research stage or planning to enter the commercial market. At this stage, these technologies have substantial untapped potential. Moreover, they are fresh and have enormous opportunities for new inventions and innovations. Renewable energy involving nano-materials and wireless power transmission are few examples of renewable energy technologies in the venture stage.
Role of patents in renewable energy innovations
Patents inspire inventions
When an inventor gains a patent, he obtains exclusive right to use or license the patent. Generally, the patent owner can enjoy these rights for 20 years from the date of the patent application. These exclusive rights to enjoy the economic benefits of a patent encourages inventors to come up with new ideas. Meanwhile, we can also easily earn the amount of investment made in the research of renewable energy when we implement the invention on a large scale. All these become possible only if we patent the invention.
Patents attract investors
As renewable energy technologies are in its blooming stage, it requires huge investments from both government and private organizations. Start-ups working on renewable energy research must file patents for their innovations. A strong patent portfolio of a company shows its involvement in research and development.
It also gives an idea of their potential projects in line. Companies with patents can exercise exclusive rights on the technology by selling, licensing, or claiming royalty for the patents. Hence, it adds up to their intangible assets and helps in gaining the confidence of an investor. A large organization is more likely to invest if they believe that the investment will increase its market share value. Patents are valid proof giving the start-up exclusive rights to use or sell the products in the market. This attracts investors who are looking to invest in this technology of the future.
Though we are aware of renewable energy technologies, it is evident that they have not reached the common man. We need to ensure that green energy is easily accessible to everyone. Only then we can rest assured of creating a green planet. Patents play a unique role in developing more innovations and bringing in more investments into this sector. Patents bring innovations and investments from start-ups, researchers, government, and private organizations together. It acts as a bridge in building trust and confidence to collaborate. We need to make the best use of our available Intellectual Property systems for mutual growth and the overall welfare of our nations.