Siemens is planning to boost investments in research and development (R&D) by around €400 million.
In fiscal 2014, the company’s R&D expenditures totaled roughly €4 billion.
With 4,300 patents filed in fiscal 2014, Siemens has also reported nine percent increase in patent filings over the previous year.
Siemens also honored its researchers and developers who together account for more than 900 inventions and 842 granted patents. They were honored as Inventors of the Year 2014.
Eight of the Siemens researchers honored are from Germany; the others are from the U.S., Denmark and China.
Their inventions range from wireless sensors that monitor rail-car position on the track to a new cooling system that allows uprating of wind turbines to generate more electricity to a gas turbine whose components have been recombined, thus making turbine production considerably more economical than in the past, Siemens said in a press statement.