Listed below are the key macroeconomic trends impacting the predictive maintenance (PM) theme, as identified by GlobalData.
Older oil and gas facilities have been more at risk of unplanned downtime. These also may contribute towards excess greenhouse emissions. Using PM techniques, the performance of older equipment can be improved. The Covid-19 pandemic has also sensitised the oil and gas industry to the perils of shortages of skilled maintenance crew. PM can also help improve human resource allocation, thereby increasing productivity.
Predictive maintenance and environmental, social, and governance (ESG)
Predictive maintenance enables companies to minimise production risk by eliminating unforeseen outages. Enterprise-wide deployment of predictive maintenance technologies can provide companies with comprehensive information to schedule maintenance tasks without disrupting regular operations. This would result in a knock-on effect in reducing operational expenditure and thereby improving overall profitability, making a company financially robust in dealing with economic shocks.
PM can help oil and gas companies to minimise greenhouse emissions and fulfill their carbon goals. This can be achieved using the underlying artificial intelligence (AI)-based predictive maintenance algorithms that can detect potential equipment failures, thereby preventing production shutdowns and non-routine gas flaring. Therefore, predictive maintenance can help in devising sustainable oil and gas operations, while mitigating untoward mishaps.
This is an edited extract from the Predictive Maintenance in Oil and Gas Industry – Thematic Research report produced by GlobalData Thematic Research.