Research and innovation in batteries in the private banking sector is on the rise.

The most recent figures show that the number of batteries related patent applications in the industry stood at 32 in the three months ending April – up from 26 over the same period in 2021.

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Figures for patent grants related to batteries followed a different pattern to filings – shrinking from 23 in the three months ending April 2021 to 12 in the same period in 2022.

The figures are compiled by GlobalData, who track patent filings and grants from official offices around the world. Using textual analysis, as well as official patent classifications, these patents are grouped into key thematic areas, and linked to key companies across various industries.

Batteries is one of the key areas tracked by GlobalData. It has been identified as being a key disruptive force facing companies in the coming years, and is one of the areas that companies investing resources in now are expected to reap rewards from.

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The figures also provide an insight into the largest innovators in the sector.

Brookfield Asset Management Inc was the top batteries innovator in the private banking sector in the latest quarter. The company, which has its headquarters in Canada, filed 22 batteries related patents in the three months ending April. That was up from 11 over the same period in 2021.

It was followed by the United States based Berkshire Hathaway Inc with 10 batteries patent applications.

Brookfield Asset Management Inc has recently ramped up R&D in batteries. It saw growth of 50% in related patent applications in the three months ending April compared to the same period in 2021 - the highest percentage growth out of all companies tracked with more than 10 quarterly patents in the private banking sector.