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January 19, 2022updated 14 Jan 2022 4:43pm

How is internet of things innovation progressing in the offshore industry?

By Data Journalism Team

Research and innovation in internet of things (IoT) in the offshore oil and gas industry operations and technologies sector has stagnated in the last quarter.

The most recent figures show that the number of IoT patent applications in the industry stood at 28 in the three months ending November – the same as 28 over the same period last year.

Figures for patent grants related to IoT followed a different pattern to filings – shrinking from 26 in the three months ending November last year to 20 this year.

The figures are compiled by GlobalData, who track patent filings and grants from official offices around the world. Using textual analysis, as well as official patent classifications, these patents are grouped into key thematic areas, and linked to key companies across various industries.

IoT is one of the key areas tracked by GlobalData. It has been identified as being a key disruptive force facing companies in the coming years, and is one of the areas that companies investing resources in now are expected to reap rewards from. The figures also provide an insight into the largest innovators in the sector.

Saudi Arabian Oil Co was the top internet of things innovator in the offshore oil and gas industry operations and technologies sector in the last quarter. The company, which has its headquarters in Saudi Arabia, filed 17 IoT related patents in the three months ending November. That was up from four over the same period last year.

It was followed by the US-based 3M Co with 14 IoT patent applications, Sweden-based Atlas Copco AB (4 applications), and Japan-based Mitsui & Co Ltd (1 applications).

Saudi Arabian Oil Co has recently ramped up R&D in internet of things. It saw growth of 76.5% in related patent applications in the three months ending November compared to the same period last year – the highest percentage growth out of all companies tracked with more than 10 quarterly patents in the offshore oil and gas industry operations and technologies sector.

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