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The global IoT in the oil & gas market is slated to touch $43.48 billion by 2024 at a CAGR of 21.86% from 2019 to 2024. IoT deployment has been transforming the oil & gas sector because of its inherent advantages of offering access to real-time information across remote locations, making the operations efficient and safer for employees. The rapid penetration of IoT in O&G has enhanced operational productivity by minimizing manual labor.
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Optimizing Logistics
IoT makes it possible to monitor the areas that are difficult to monitor due to the oil exploration sites' hazardous locations.
Pipeline Leak Detection
IoT leverages sensor technology to monitor pressure, gas flow, compressor environments, concentration, temperature, and other variables to predict a leak.
IoT Controller & Gateway
Energy consumption readings, or fuel availability in tank farms, is then used to track performance or get notifications about any discrepancy in the refining process.
Virtual Rig Monitoring
Real-time tracking of the rig structures provides important data like strain, vibration, and crack sounds, allowing dependable integrity calculation to foresee any damage.
Refinery Automation
Instead of putting manual labor, these devices can be put to use to get a real-time measure. The most significant advantage of using IoT devices is creating customized algorithms to get the desired result.
Hazard Management
Work remotely and monitor mostly automated operations. In unlikely emergencies, an immediate trigger for counteractions is deployed to safeguard workers and prevent disasters.