In as little as four years, the market for the IoT (Internet of Things) in oil and gas worldwide is set to reach $39.40 billion. The oil and gas industry has readily adopted IoT because of the large range of technological challenges organizations face in downstream, midstream, and upstream markets. Here are just a few of those challenges:
- Tracking assets and machinery
- Industrial control system management
- Maintaining pipes and wells in optimal condition
Undoubtedly, to overcome the plummeting oil product prices, oil and gas companies have had to implement disruptive new-gen tech to optimize company operations and generate revenue. But just how does IoT affect oil and gas, and what benefits does it bring to the table?
Benefits of IoT in Oil and Gas
When used at its full potential, IoT provides these benefits to the oil and gas industry:
- Boosts productivity
- Increases safety
- Facilitates making data-driven decisions
- Reduce wastes
- Automation reduces machinery malfunction and minimizes downtime
The Effects of IoT in the Oil and Gas Industry
Furthermore, the use of IoT enables oil and gas companies to solve a large number of standard industry issues. In particular, the IoT helps companies:
- Avoid disruptions and accidents
- Make the entire production process more predictable
- Increase revenue while cutting expenses
- Beat competition
- Expand market share
IoT Monitors Pipelines Remotely, in Real-Time
One of IoT’s most significant benefits is that it can monitor pipelines remotely, which means fewer manual checks and more real-time data.
A few of the effects of real-time monitoring include:
- Tracking tanker fleets
- IoT sensors can remotely track tankers as well as inspect parts of the ship that are carrying products.
Remote Inspection of Oil and Gas Machinery
Remote inspection tracks leakages and alerts managers about problems. As well as automatically inspects different types of machinery to prevent damages and emergency situations.
Preventive Equipment Maintenance
At this time oil and gas maintenance is usually done in difficult to access areas. However, these areas require an onsite presence to indicate malfunctions and determine if a particular piece of mining machinery needs repairs. Importantly, IoT can track the state of equipment in real-time, without any physical presence, and avoid downtime.
A Specific Application of IoT
IoT sensors have the ability to track catalytic heaters. Not only can they provide real-time data provided to operators, but they can automatically adjust the catalytic heaters to avoid shutdowns due to freezing. Clearly, this application reduces major hazards that are prevalent in the oil and gas industry.
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You may be familiar with our company because we are well-known for manufacturing and selling catalytic heaters used in the oil & gas industry that are used to prevent freezing or unfreeze equipment. But we provide more than products – we offer proactive solutions that can be customized to your exact needs. As well as that we’ve got your back when issues arise – we’ll never leave you to deal with problems alone. Schedule your discovery call, and we’ll explore solutions that work for your needs.