Over the next five years, we expect the digital transformation pace to increase with rapid adoption at a site level. Energy producers will also be exploring project development to incorporate technologies such as digital twin, artificial intelligence, machine learning, and analytics as a basis for their design. As there will be a strong focus on sustainable development, global and country-level initiatives focused on sustainability will drive a strong momentum towards carbon neutrality through a technology mix and energy efficiency initiatives.
Large energy companies will also be looking at transforming from being oil and gas centric to organisations with a more diverse focus. These changes are already prominent in organisations such as Shell, Total, and BP who are making focused efforts towards solar, wind, and power generation.
Oil companies such as Aramco and ADNOC are moving their focus from volume to value through partial privatisation, diversification and focus on efficiency. A significant factor is the changing demand dynamics. Demand crash has hit profitability and operational metrics of several energy producers, causing them to reduce spend levels and re-purpose planned capex towards enhancing plant profitability.
On-site access and capability to support activities on critical infrastructure has also become a challenge for operators due to the limited access and flying restrictions imposed globally. Pandemic-related fallout has also impacted production planning and fulfillment levels of various manufacturers, delaying project timelines which in turn increases costs and risk.
To overcome new diverse and significant challenges, energy producers are launching several initiatives:
Several technologies were identified to help with the transformation of energy company objectives towards increased profitability and plant reliability. Wireless-enabled IIoT frameworks provide access to rich data, artificial intelligence and machine learning and data analytics help keep equipment online, and these also help optimise operations.
With limited site access during the pandemic, game changers in technology innovations provide remote experts with asset diagnostic and reliability data. Global expertise focused on equipment and process can now be harnessed at a site level.
In the energy distribution space, we are seeing technologies at play such as blockchain which are making transactions and logistics more secure and transparent in the process.
Covering multiple segments, Emerson’s portfolio includes control systems and software solutions, measurement solutions through to final control elements. These are coupled with the digital transformation portfolio that leverages the power of IIoT.
- KnowledgeNet’s analytics application software integrates with Emerson’s leading Plantweb digital ecosystem.
- Open Systems International transforming and digitising operations for incorporation of renewable energy sources, and energy efficiency and reliability improvement.
- Progea Group, provider of industrial internet of things, plant analytics, human-machine interface, and supervisory control and data acquisition technologies.
- Over next five years, we expect pace of digital transformation to increase with adoption at site level.
- Large energy companies will be looking at transforming from oil and gas centric to more diverse focus.
- Changes are already prominent in Shell, Total, BP who are making efforts towards solar, wind, power generation.
- Oil companies Aramco and ADNOC are moving focus from volume to value through partial privatisation, diversification, efficiency.
- Demand crash has hit profitability and operational metrics of several energy producers, causing them to reduce spend levels.
- On-site access to support activities on infrastructure has become a challenge for operators due to access and restrictions.