Condition monitoring has long been used in the oil and gas industry but is gaining greater adoption as companies try to reduce operational costs and increase productivity in a volatile oil price environment. Sending engineers out to inspect the assets and carry out any required maintenance can be costly and dangerous. Even then, something can still go wrong resulting in asset failure and expensive downtime.
IoT offers the oil and gas industry many benefits including:
- Real-time analytics enabling management of critical processes
- Data to implement predictive maintenance programs
- Remote control of equipment to improve safety
Ilika plc (LON:IKA) is a pioneer in materials innovation and has been inventing new materials for energy and electronics applications for over a decade. Global brands such as Rolls Royce and Toyota have long term collaborations with Ilika’s development teams.
