Latest trends in the oil and gas patent industry
The oil and gas industry experiences a radical change in the competitive setting, and businesses are adjusting their rules and strategies to comply. Over the past decade, elements like instability in oil prices, a decrease of some reserves, and increased consideration of the environment have pushed the market to develop and protect creative technologies. You may be working in the oil and gas industry and looking for strong IP protections for creative technology to stay competitive in the middle of instability and uncertainty. Here we discuss how the use of Oil and Gas Patents has changed in the last 15 years.
Patent filing has become software-implemented
In the oil and gas industry, injection treatment processes have become essential, and that made companies use software for digitally simulate fracturing functions. This helps them better understand the impacts of their fracture treatments. Sophisticated software technology increases the industry’s ability to develop better computer models and other software for oil and gas systems, meaning the software patents for the industry have become highly substantial.
Patenting trends in the oil and gas industry
Kholder Development is a reputed online agency for oil and gas patent services. They suggest that the rate of patent growth in the oil and gas industry, in general, is slowing, but the rate of patent growth for particular technologies is exponentially increasing. This change indicates that the main players have shifted their focus towards protecting specific technologies.
Patenting trends in the key technologies
Unlike the general trends in the oil and gas patent industry, the rate of patent filings for particular technologies is growing faster than that of patents worldwide. Kent Holder, the founder of KHolder Development identifies some areas where highest rates of patent filings are found, and that includes Geophysics, Earth drilling, metalworking technologies, climate change, and/or mitigation technologies.
It has to be noted that patent filings for earth drilling have exceeded all other fields. During 2015, around 1465 earth drilling patents were given, which is 1026 patents more than Geophysics. Other technologies, such as metalworking has also seen an increase in patent filings because it connects core fields with other specific technologies.
Need for a patent professional
If you are in the oil and gas industry, it is wise to seek the advice and assistance of a patent professional because he/she can better understand the oil and gas patent landscape. The above statistics and discussion contribute to the importance of hiring a patent professional, for example, KHolder, who better understands both the oil and gas industry and other associated software.
Kent Holder’s team has extensive experience in filing patent applications in the oil and gas industry. He has been in the oil and gas patent industry for a long period and has done patent work for flow control devices, down-hole logging tools, and other kinds of down-hole production technology. You have to stay competitive in the oil and gas industry and for that, you need the help of a reliable and experienced patent professional. Go for it and stay worry-free.