Industrial Internet of Things (IIoT) will undoubtedly become the future of the oil and gas industry. A recent report from IIoT Sensors in Oil and Gas Market revealed that the global IIoT sensors market in the industry is forecast to grow at a CAGR of 5.39% during the period 2018-2022. Here are four ways the oil and gas industry is set to change from this predicted growth.
Real Time Data
Data is essential for the gas and oil industry, as growth and profit is dependent on accurate data. Due to the introduction of IIoT, oil production has used real-time embedded sensors and automation in data communication systems to allow the organization to gather information quickly and remotely. This level of visibility is a crucial asset in the world of oil and gas.
Large and small businesses both share the central concern of security. IIoT reduces the risk of security breaches by identifying potential issues within the system or safety hazards before they become apparent. Utilizing IIoT to increase safety will provide a better workplace for employees and sustainable supply chain.
With the level of data that IIoT can provide, the management of an organization are able to pinpoint where unnecessary usage is taking place. This will reduce energy levels and emit less carbon within the industry. It will allow clear monitoring of the resources they are using and reduce the amount of travel that takes place.