As talks of passing Biden’s bipartisan infrastructure bill continue, it is without question that the $600B bill will hold massive opportunity for multiple industries that service America’s infrastructure. With a planned $73B being allocated to power and grid development, the electrical industry and those that make products used in electrical servicing are likely up for a huge uptick in business given the influx of cash into the industry. One of the specific goals of the bill is to build thousands of miles of new transmission lines, which will likely increase demand for aerial work platforms and utility trucks - meaning that those at the forefront of utility truck innovation could see a huge spike in business as their newest technologies lead to contracts and sales.
Based on patent activity from 2019-2021, top innovators in the space include The Manitowoc Company, Altec Industries, and Oshkosh Corporation. With all three companies showing significant patent activity over the past three years, it is difficult to tell who is most likely to be in the best position for growth following the huge investment into the industry as the passing of the infrastructure bill commences. Take a deeper look into the positioning of the patents and a leader becomes more clear.
All three of the companies have over 50 patent assets that have been published within the Patent Forecast from 2019-2021. Manitowoc currently holds the lead with 67 combined patent assets while Altec and Oshkosh have 54 and 52 respectively. While Manitowoc might appear to be leading in sheer number, it is important to also take into account the diversity of the patent assets. For an application like electrical work and transmission line installation, being able to have a lineman work hands on with the elevated power lines is crucial, making a platform a necessity. When considering Manitowoc’s portfolio, it is obvious that almost all of its activity is related to lifts considering the company has a primary interest in cranes and not work platforms. Similarly, Oshkosh shows minimal activity in the platform subcategory and higher levels of activity in the lift subcategory. Of the three leaders, Altec is the only company that has shown continuous patent activity in both the platform and the lift category, which is likely to pay off when the government and electrical companies are looking for trucks to help fill these orders. Use the Utility Truck Elements Patent Forecast® to see what other companies are leading the industry!
