Increasing consumer needs, rising energy costs and recent technological advances, are growing new energy technology markets with promise of dramatic advancements in the years ahead. According to the US Department of Energy, America spends over $500 billion dollars annually on energy. In the past decade, the country has increased oil consumption by 20%, and 60% of oil utilized arrives via imports.
Despite vast use, research suggested the world’s oil production will peak within the next 35 years. Energy technology and infrastructure no longer lie exclusively within the realm of government programs. Rather, such segments have opened to the private sector, indicating significant return on investment (ROI) possibilities. A wave of private venture capital is flowing into energy startups.
As the energy markets continue to grow, new inventions and innovations will continue to occur. However, there are still a variety of segments that have not garnered significant investment capital due to market immaturity, and in some cases, a lack of sustainable business models. All of these concerns point to increasing activity in the laws, business transactions, and disputes concerning IP in renewable/conventional energy and power dstribution technologies.
The need for new energy technologies is expected to expand nearly tenfold by the year 2012 and become a $95 billion market. Strong patent rights are imperative to encourage investments in R&D and for commercialization of alternative energy and other sustainable green technologies. Small innovative firms rely on patent rights to build businesses around alternative energy and other emerging green technologies.
Patent rights also encourage established manufacturers to invest in green technologies to improve existing product lines. These patented technologies cover a broad spectrum of inventions including hybrid and electric vehicles and solar and wind technologies.
