IoT in Energy & Utilities and Oil & Gas Industries
How is IoT technology transforming the Energy industry?
The Energy & Utilities and Oil & Gas industries have traditionally been slower in adopting next-gen technologies, such as IoT, including utilizing asset-generated data and IoT platforms, to enable connected enterprises to leverage real-time insights. The industries face multiple challenges.
However, a few listed below can be tackled with IoT solutions.
- Increasing downtimes, glaring skill gaps between field personnel and trained workforce, falling workforce, and asset utilization lead to lower service quality
- Aging infrastructures, poor asset reliability, and limited visibility into asset conditions result in fluctuating load patterns that ultimately impact power reliability
- The generated real-time insights, if any, get stored into silos, thus hampering utilization of OT-insights in building smart, AI-led predictive models that can deliver IoT-led optimization and efficiencies
- Hazardous field operations increase human costs of inspection of assets located in dangerous terrains
- Frequent outages due to rising floods, storms, wildfire continue to hamper reliability, lowering resilience and quality of service delivery—with >73% of outages lasting between a few minutes to more than an hour.
The IoT, AI/ML, and deep learning technology solutions, leverage live insights and analytics across T&D networks and enterprises, and can reverse this trend and improve profit margins. Know how it works: IoT Solutions for Connected Energy & Utilities and Oil & Gas Industries | HCLTech