The oil and gas industry continues to be a hotbed of innovation, with activity driven by an increased need for optimising productivity, enhancing return on investment, reducing operating costs, and improving worker safety. Digital technologies are enabling the oil and gas industry to achieve these objectives and this is characterised by the growing importance of technologies such as artificial intelligence (AI), internet of things (IoT), and robotics. In the last three years alone, there have been over 534,000 patents filed and granted in the oil & gas industry, according to GlobalData’s report on Internet of Things in Oil & Gas: Smart factory data interfaces.
According to GlobalData’s Technology Foresights, which uses over 256,000 patents to analyse innovation intensity for the oil & gas industry, there are 40+ innovation areas that will shape the future.
Smart factory data interfaces is a key innovation area in Internet of Things
A smart factory is a production site, which integrates digital technologies with industrial equipment to automate routine activities. Such facilities leverage sensors and machine-to-machine communication to exchange data and optimise equipment performance, while detecting and addressing production issues along the way. A smart factory, thus, eliminates human intervention, and allows for achieving error-free production.
GlobalData’s analysis also uncovers the companies at the forefront of each innovation area and assesses the potential reach and impact of their patenting activity across different applications and geographies. According to GlobalData, there are 10+ companies, spanning technology vendors, established oil & gas companies, and up-and-coming start-ups engaged in the development and application of smart factory data interfaces.
Key players in smart factory data interfaces – a disruptive innovation in the oil & gas industry
‘Application diversity’ measures the number of different applications identified for each relevant patent and broadly splits companies into either ‘niche’ or ‘diversified’ innovators.
‘Geographic reach’ refers to the number of different countries each relevant patent is registered in and reflects the breadth of geographic application intended, ranging from ‘global’ to ‘local’.
Rockwell Automation is one of the leading patent filers in smart factory data interfaces. The company’s solutions are used to support oil and gas drilling and production in both onshore and offshore environments. These solutions help in optimising production, and reducing energy consumption among many other benefits.
General Electric ’s Smart Factory Manufacturing Execution Systems leverage the Industrial Internet, machine learning, and predictive analytics to increase production speed, enhance product quality, and reduce manufacturing costs.
Fanuc offers open platforms, which enable various manufacturing devices to be connected to enhance sharing of data and improving productivity and efficiency.
To further understand how Internet of Things is disrupting the oil & gas industry, access GlobalData’s latest thematic research report on Internet of Things in Oil & Gas (2021).