Smart Pumps and Predictive Analytics Gain Traction as Upstream Oil & Gas Companies Embrace Digitization

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SANTA CLARA, presidentpost.id – Frost & Sullivan’s recent analysis, Global Pumps Market in the Oil and Gas Industry, Forecast to 2024, finds that there has been a concentrated focus on operational expenditure (OPEX) in the oil & gas industry following the oil price plunge in 2016, Wednesday (5/9).

Upstream companies are increasingly acknowledging digitization as an important enabler of cost savings and profitability, and are therefore gravitating toward tools such as smart pumps. Among the many new-generation pumps in the market, Industrial Internet of Things (IIoT)-enabled and energy-efficient pumps with demonstrable return on investment (RoI) are expected to experience the highest demand.

“IIoT-enabled pumps and solutions that can turn Big Data into predictive informationare disrupting the digitization strategies of oil & gas companies in developed countries such as North America,” said Anand M Gnanamoorthy, Industrial Automation & Process Control Industry Manager at Frost & Sullivan.

“However, to harness the full potential of the digital transformation in the industry, pump companies need to offer new IIoT-focused business models such as gain sharing, pay-per-use, and Product-as-a-Service. They need to follow this up with fresh marketing strategies that use case studies and white papers to increase the consumer awareness regarding such solutions.”

While there is great enthusiasm among pump manufacturers to embrace IIoT in their products, they need to cherry-pick the technologies to reap the benefits. There is a glut of technologies in the market, as barriers to entry are low in IIoT. This has allowed technology startups such as Ayata and Spark Cognition, and automation solution providers such as Emerson and Honeywell, to challenge industry leaders like Flowserve, Sulzer, and ITT.

For over five decades, Frost & Sullivan has become world-renowned for its role in helping investors, corporate leaders and governments navigate economic changes and identify disruptive technologies, Mega Trends, new business models and companies to action, resulting in a continuous flow of growth opportunities to drive future success. (PRN/TPP)