How IoT Solutions are Transforming the Oil and Gas Industry?
Updated on Apr 20th, 2021
IoT solutions are not new to the digital world, they have, in fact, transformed a lot of industries. Whether it be education, retail, or logistics and transportation, IoT software development has proven to be beneficial for almost all the major sectors of the global market. And today, IoT in the oil and gas industry is another revolutionary aspect that has been trending on the global platform.
IoT in oil and gas is a new term in the market that has opened many new doors of opportunities for the industry and has streamlined their operations. According to a study published in Houston Chronicle, IoT solutions can eliminate unplanned well outages, and can even boost the crude oil output by nearly 10%. The same study further predicts that investment in IoT software development will increase the profits for the oil and gas industry by nearly $1 billion.
Need more reasons to invest in IoT software development? Don’t worry, we will give that to you! Below are some of the exceptional ways in which IoT solutions are transforming the oil and gas industry. Read on to know more!
Top 7 Benefits of IoT In Oil And Gas Industry
1. Better Inspections and Monitoring
The first and foremost benefit of IoT solutions in the oil and gas industry is it helps in better inspections and monitoring of processes. It is a known fact that the production of oil and gas usually takes place with big drills inside the sea or oceans. Hence, most of the pipelines also lie in the water. That’s what makes it difficult for the managers to examine any fault in the pipelines and other parts of the machine.
However, with IoT applications, monitoring the system, and inspecting the pipelines becomes an easy task. With IoT mobile applications, the manager can seamlessly get all the updated and real-time data of the pipelines and equipment used in the oil and gas production. They can then take the appropriate actions with the help of technicians to resolve any error before something big happens.
2. Carbon Footprint Control
The next big advantage of implementing IoT solutions in the oil and gas industry is controlled carbon footprints. For those who are new to the term, the carbon footprint is the measure of the impact of your activities on carbon-dioxide emissions. Carbon Footprints play a major role in the global sector as we have strict rules and laws for them. And when it comes to the oil and gas sector, the term becomes of utmost importance.
That’s why we have IoT solutions to control all the activity that causes an increase in carbon levels. IoT applications send real-time updates of the machinery and pipelines to the technicians so that they can take necessary actions well in advance. Hence, with that, the machines and other equipment remain efficient and generate less carbon.
3. Enhanced Resource Management
Resource management is yet another benefit that the oil and gas industry gets when investing in IoT software development. For instance, with dedicated IoT applications, you can get real-time updates about fuel consumption and asset usage. Furthermore, the IoT solutions can even predict the correct time of maintenance of your equipment.
All that not only helps you to plan your business operations but even lets you optimize your resources. You can track the business aspects where wastages are happening more, and can eventually control the. All that leads to cost savings and better resource management.
4. Increased Revenues
It is no surprise that in today’s competitive market, every oil and gas company seeks to improve its profit and maximize its efficiency. While focusing on short-term cost-cutting methods can hamper the business goals, the only way to achieve good efficiency is by investing in IoT software development.
As evident from above, IoT solutions not just help to monitor the system in real-time, but even optimizes the resources and keeps the machines efficient. Furthermore, it even streamlines the supply chain and other production tasks thereby helping the companies to reduce their costly operations.
5. Better Health & Safety
Employees are the most precious and valuable assets for any organization, and that holds true even for the oil and gas industry. It is no surprise that the oil sites are found in remote and dangerous locations that may prove hazardous for some of the employees.
However, with IoT solutions, the scenario is completely different. By investing in IoT app development services, your employees can get real-time updates about the equipment and processes that will eventually eliminate their situations to go on-site. Furthermore, the connected sensors can also help the employees to monitor and control all the oil and gas production operations seamlessly while sitting remotely.
All in all, IoT solutions make the best use of technology and smart devices to make the health and safety of the employees better.
6. Intuitive Dashboard & Remote Analysis
Yet another exceptional benefit of IoT in the oil and gas industry is the remote analysis and an intuitive dashboard. Many a time, it is seen that the managers of the oil and gas industry do not get timely updates of the processes, and issues, and as such, they suffer losses.
However, with IoT solutions, the managers can get real-time updates of all the processes and machinery in a centralized position. Reliable software engineering firms like Matellio offer IoT solutions with an integrated dashboard and other reporting tools to help you get a complete view of your business operations.
Not only that but with IoT solutions from a reliable firm, you could even get to control your processes while sitting remotely. Smart IoT applications help you to get detailed reports and analytics of the current market trends, and other vital business operations.
7. Predictive and Preventive Management
Last but not least, we have preventive maintenance feature that is offered by smart IoT solutions. As it is certain that the oil and gas industry deals with a lot of machinery and pipelines that are even installed below the water surface. In such a case, it becomes a tedious task to monitor the systems and get an accurate condition update.
But, why to worry when we have connected IoT solutions. With smart sensors and accurate reporting tools, you can monitor all your systems in no time. Moreover, IoT software even offers you the best time of maintenance so that your machines and equipment can play in the long run without affecting their efficiency.
Use Cases of IoT in Oil and Gas Industry
After witnessing the amazing benefits of IoT solutions in the oil and gas industry, many of the leading businesses have already begun to invest in IoT app development. Here are some of the popular use-cases of IoT in the oil and gas industry!
1. Remote Monitoring
We all know that the oil and gas production operations take place in a remote location where there are hardly any good communication networks available. Thus, it becomes a daunting task for the technicians to get an accurate reading of temperature, pressure, and other vital factors. That’s where the IoT solution comes to play!
Today, many of the leading businesses are investing in IoT app development so that they can get real-time updates of all the pipelines and machinery that are even submerged in water. The smart IoT sensors offer accurate information on all the malfunctioning and deviations of the pipelines and other equipment. Furthermore, with the help of geolocation functionality and rig system, the technicians can even get real-time updates of the dangerous locations and other possible alerts.
2. Oil and Gas Cargo Shipping
Oil and gas cargo shipping is another area where IoT solutions are most beneficial. Similar to offshore production, cargo shipping also has connectivity issues. That means, the ships find it very difficult to explore their parts to detect any faults or discrepancies.
However, IoT solutions today are easily solving those errors too! Many marketers are leveraging IoT applications to remotely monitor every part of their ships that are impossible to access. Moreover, the smart connected devices even offer real-time temperature, pressure, and other conditions of the ship so that any bigger accident or mishappening could be avoided.
With IoT solutions, the oil and gas companies not only reduce the risk of accidents but even saves the lives of their most precious assets, i.e. the labourers.
3. Supply Chain Management
Having clear and efficient inventory planning is the foremost need for any type of industry. However, the active nature of the oil and gas sector makes it difficult to plan things well in advance. But, that’s not the case with businesses utilizing IoT solutions.
IoT applications make the best use of sensors and smart devices to predict the inventory level. For instance, you can get information on which type of crude oil is stocked, or which type is coming to your storehouses. With that data, you can seamlessly calculate your operational cost and could even streamline your supply chain processes.
4. Refinery Monitoring
Setting up a refinery in the oil-producing site is one of the most tedious tasks for the oil and gas companies. A lot of measurements need to be taken by hands, and that requires resources, time, and cost. Moreover, even a small human-error could lead to huge losses while measuring the critical factors. That’s where IoT solutions come to play!
IoT in oil and gas industry can be used to measure the temperature, pressure, volume, and other vital factors. For instance, if the valves of the refinery need to be controlled as per the flow rate, then smart sensors can easily sense the data and can control the valves as needed. That would eventually make the refinery run at a higher capacity and would involve minimum human interference.
5. Asset Tracking and Monitoring
Lastly, we have asset tracking and monitoring, a key area of the oil and gas industry. With the high competition in the oil and gas industry, many companies have started to leverage IoT solutions to track and optimize their use of assets and resources. In fact, asset tracking and equipment monitoring have become the biggest use-case of the IoT in the oil and gas industry.
IoT sensors can accurately monitor the real-time conditions of the pipelines, equipment, and even the workers to know their usability. The IoT applications can predict the best time for the maintenance that can potentially save a lot of money for the companies.
Future of IoT Solutions in the Oil and Gas Sector
So, those were some of the amazing ways in which IoT solutions are proving beneficial for the oil and gas industry. To conclude, we can say that, like the other major industries of the global market, the oil and gas sector also witnessed some amazing digital transformations. With smart IoT sensors, the industry made huge progress and opened the doors for many new opportunities.
Although the term smart oil and gas industry is still way long to achieve, IoT solutions have made their presence from plant to boardrooms. Today, the data generated by smart IoT sensors is not only helping the businesses to cut their operational cost but is even helping them to grow their brand name. Are you planning to invest in smart IoT solutions? Do you also want to flourish in your oil and gas company in the global market? Then why wait! Reach us today and get your dedicated IoT application developed!
From consultation and integration to deployment and monitoring, we, at Matellio, offers various types of IoT software development services, that can make your brand a hit in the market. Our certified developers make the best use of trending and reliable tools and frameworks to provide you with the best and cost-effective IoT application specifically for your business. Whether you have more questions or wanted a free expert consultation on your business idea, our experts are always ready to serve you. Reach us today and transform your business idea into a reality!
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