Like every industry, things are changing. In the oil and gas sector, new technologies and other trends will help make the industry safer and more efficient. From artificial intelligence to the internet of things, check out three trends we can expect to see in the oil and gas industry in the year to come.
Continued Use of Artificial Intelligence
One of the largest trends we can expect to see in 2023 is an increase in use of artificial intelligence (AI). Leveraging AI will help businesses make better, analytics-driven business decisions and intelligently sort through the massive amounts of data. Through predictive analytics, AI can also help industry leaders be more prepared for the future and prepare for issues before they even occur. Additionally, AI-powered Defect Detection is a more economical and cost-savings method for determining production issues. Like in most industries, AI is only expected to continue rapidly growing in the oil and gas industry.
A Boom in the Internet of Things
The Internet of Things (IoT) is described as “the network of physical objects—’things’—that are embedded with sensors, software, and other technologies for the purpose of connecting and exchanging data with other devices and systems over the internet.” Basically, it’s the ability to transfer data without human interaction. The oil and gas industry has dabbled in IoT, but expect to see it on a larger scale. In 2023, we’ll see industry leaders using IoT tools to track machines, monitor faulty equipment, sift through data, and more. However, according to Deloitte, “forward-thinking oil & gas organizations are focusing their IoT initiatives less on underlying sensors, devices, and ‘smart’ things and more on developing bold approaches for managing data, leveraging ‘brownfield’ IoT infrastructure, and developing new business models.”
Introducing More Robotics and Automation
Robotics are useful for several reasons, but one of the highest priorities in this industry is employee safety. Sending robotics into more dangerous or higher risk jobs will help alleviate that stress and keep workers safe all around. It will increase productivity and improve working conditions. Using robotics and automation can also reduce human error and reduce the manpower previously needed, allowing processes to be more efficient and streamlined.
While the oil and gas industry is often considered a slowing moving industry compared to others, it’s quickly jumping on the digital and technological revolution that is taking the world by storm. Companies must begin to adapt this kind of technology to stay ahead of their competition and stay relevant.