The Internet of Things (IoT), which basically integrates sensing, communications, and analytics capabilities, has been simmering for a while. The IoT’s promise lies not in helping O&G companies directly manage their existing assets, supply chains, or customer relationships—rather, IoT technology creates an entirely new asset: information about these elements of their businesses. The new market researches shows that the global market for the Internet of Things is expected to reach to US$30.57 billion by 2026, growing at a compound annual growth rate (CAGR) of 24.65 per cent during the forecast period from 2017 to 2026.
Although the increase in oil prices is a big relief to the oil industries worldwide, there are considerable challenges that have to be sorted out. The digital oilfields can help the industry in many possible ways. The purpose of the digital oilfield is to maximize oilfield recovery, eliminate non-productive time, and increase profitability through the design and deployment of integrated workflows. The increased dependency on electric vehicles, the Low prices of crude oil are all challenges which has to be sorted out in order to achieve the target by 2026.
Usage of IoT technologies and solutions can enable the oil and gas industry to overcome these challenges in an effective manner. The collected and analyzed data can benefit the industry with various operational processes such as production optimization, asset maintenance, business operations and supply chain, among others. Also there are new technologies that can change the industry in a better way. Next generation devices such as wireless networks, edge computing devices and digital core platforms, among others, are expected to revolutionize the oil and gas industry in the coming future.