Oil & Gas firms will spend $15.6 billion on digital technologies in 2030, according to global technology intelligence firm ABI Research.
Investments in digitalization can help to analyze a pipeline’s condition, prepare for fluctuations in the changing prices for oil and gas, as well as aid action plans to create more sustainable operations and transfer to producing renewable energy sources.
“Safety and security are priorities for Oil & Gas operators. Data analytics allied with IoT platforms have become essential to identifying issues ahead of time such as pipeline degradation, wellhead performance, and pollution from gas flares. Network security is rapidly becoming a concern for both the C-suite and Governments,” said Michael Larner, Industrial & Manufacturing Principal Analyst at ABI Research.
Spend on security services are forecast to increase by CAGR 8.1 percent from 2021 to 2030 and reach an annual spend of $640 million at the end of the decade. Spend by Oil & Gas firms in 2030 on IoT devices and application platforms are forecast to top US$5 billion with data analytics spend approaching $2 billion.
The technology supplier ecosystem looking to help operators meet the challenges includes oil and gas focused suppliers such as Schlumberger, Petro.ai, Kongsberg, Earth Science Analytics, and technology specialists such as ABB, AVEVA, AspenTech, Seeq, and Siemens; all of whom offer software to support operators’ subject matter experts.