Energy

Technology is transforming processes across industries, and the energy sector is no different. The energy industry is changing, and technology has a significant role in shaping our future energy system. Energy and utility companies no longer need to make decisions without the benefit of real-time data and advanced analytics. cost pressure and growing competition are driving the digitalization of the energy sector.

 

A McKinsey study projects that AI innovations could save oil and gas companies as much as $50 billion in production costs annually. Leading energy companies are using new technologies to better serve their clients. Use cases are almost endless. ExxonMobil has partnered with IBM to explore the use of AI and quantum computing to accelerate the development of more realistic simulations and developing chemistry calculations for more efficient carbon capture. In the oil and gas sector, unplanned downtime can cost big money. Predictive analytics can help to predict equipment failure ahead of time, thus reducing the cost of unplanned downtime. AI and IoT can help to increase operational efficiency, improve forecasting energy demands and optimize complex systems synchronization.

 

Rotating equipment, including electric motors, gas generators, pumps, and compressors, are the most expensive elements of pipeline operations. Smart technologies, including Industrial IoT devices, cloud computing, and intelligent software, hold tremendous promise to help operators manage equipment with remote monitoring and analysis.