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April 25, 2022

Offshore industry companies are increasingly innovating in internet of things

Analysis of patent filings shows a growing level of IoT related applications in the industry over the past year

By Data Journalism Team

Research and innovation in internet of things in the offshore oil and gas industry operations and technologies sector is on the rise.

The most recent figures show that the number of IoT related patent applications in the industry stood at 94 in the three months ending February – up from 89 over the same period in 2021.

Figures for patent grants related to IoT followed a different pattern to filings – shrinking from 61 in the three months ending February 2021 to 29 in the same period in 2022.

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.

Honeywell International Inc was the top IoT innovator in the offshore oil and gas industry operations and technologies sector in the latest quarter. The company, which has its headquarters in the United States, filed 189 IoT related patents in the three months ending February. That was up from 141 over the same period in 2021.

It was followed by the United States based 3M Co with 18 IoT patent applications, Saudi Arabia based Saudi Arabian Oil Co (12 applications), and the United States based Halliburton Co (9 applications).

Saudi Arabian Oil Co has recently ramped up R&D in IoT. It saw growth of 66.7% in related patent applications in the three months ending February compared to the same period in 2021 - 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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