
Smart Pumps and Predictive Analytics Gain Traction as Upstream Oil & Gas Companies Embrace Digitization
New business models encourage oil & gas companies to adopt energy-efficient, IIoT-enabled pumps, finds Frost & Sullivan
SANTA CLARA, Calif. – May 8, 2018 – Frost & Sullivan’s recent analysis, Global Pumps Market in the Oil and Gas Industry, Forecast to 2024, finds that there has been a concentrated focus on operational expenditure (OPEX) in the oil & gas industry following the oil price plunge in 2016. Upstream companies are increasingly acknowledging digitization as an important enabler of cost savings and profitability, and are therefore gravitating toward tools such as smart pumps. Among the many new-generation pumps in the market, Industrial Internet of Things (IIoT)-enabled and energy-efficient pumps with demonstrable return on investment (RoI) are expected to experience the highest demand.
For further information on this analysis, please visit: http://frost.ly/2gb
"IIoT-enabled pumps and solutions that can turn Big Data into predictive information are disrupting the digitization strategies of oil & gas companies in developed countries such as North America,” said Anand M Gnanamoorthy, Industrial Automation & Process Control Industry Manager at Frost & Sullivan. "However, to harness the full potential of the digital transformation in the industry, pump companies need to offer new IIoT-focused business models such as gain sharing, pay-per-use, and Product-as-a-Service. They need to follow this up with fresh marketing strategies that use case studies and white papers to increase the consumer awareness regarding such solutions."
While there is great enthusiasm among pump manufacturers to embrace IIoT in their products, they need to cherry-pick the technologies to reap the benefits. There is a glut of technologies in the market, as barriers to entry are low in IIoT. This has allowed technology startups such as Ayata and Spark Cognition, and automation solution providers such as Emerson and Honeywell, to challenge industry leaders like Flowserve, Sulzer, and ITT.
Meanwhile, pump manufacturers across the board will enjoy significant growth opportunities created by:
"Although pump manufacturers are aware of the relevance of IIoT and predictive analysis to their business, many still prefer to adopt the wait-and-watch approach," noted Gnanamoorthy. "This is not the best strategy for this market because the first movers will have a huge advantage due to platformization, and the late adopters will be left fighting for an ever-shrinking share of the pie. It is vital to establish an analytics strategy in the next three years, as the typically long product development and launch cycles could make technology-shy companies quickly redundant."
Global Pumps Market in the Oil and Gas Industry, Forecast to 2024 is part of Frost & Sullivan’s global Industrial Automation & Process Control Growth Partnership Service program.
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Global Pumps Market in the Oil and Gas Industry, Forecast to 2024
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THE MATERIAL
PREMIERE NEW SINGLE
"TAKE ME BACK"
WITH SUBSTREAM
LISTEN HERE
GRAY STATES EP DUE OUT ON 5/18
MAY 8, 2018 - LOS ANGELES, CA - The Material are premiering their new single "Take Me Back" exclusively today with Substream. Listen HERE. "It's an anthemic alt-rock track that will remind fans The Material's earlier stuff, with softer verses powered by soaring choruses", Substream notes. "[Colleen] D'Agostino shows off her impressive vocal range throughout, particularly shining in the final minute or so of the song." This is the second single, following the Billboard-featured "The One That Got Away", from The Material's upcoming EP Gray States, due out on 5/18.Produced by Colin Schwanke (State Champs, With Confidence), Gray States marks the band's first release in 5 years. For more information on The Material, please visit: www.wearethematerial.com
The Material first entered the scene in 2007 after winning a spot on the MTV Dew Circuit Breakout and making it to the top 3 of the competition. With the attention that stemmed from this battle of the bands, The Material released four EPs and two full-length albums, and toured tirelessly with acts like the Red Jumpsuit Apparatus, Every Avenue and There For Tomorrow. They also became veterans of festivals including SXSW, Warped Tour, X-Fest and Summerfest, before taking a break in 2014.
During this hiatus, lead vocalist Colleen D'Agostino signed to mau5trap Records and co-wrote a platinum certified single on the Grammy-nominated album by electronic producer deadmau5. In 2014, she released her solo EP, Collide, featuring the single "Stay (feat. deadmau5)".
However, after missing the rock world for a few years, the three original members and one new addition are back and ready to surprise their dedicated fan base with Gray States. The music and lyrics are emotionally charged with longing, angst and regret; the title referencing a feeling of being stuck somewhere between the light and the dark... "waiting when you aren't sure about what you're waiting for", as described by D'Agostino.
"Take Me Back" is the second single from The Materials upcoming EP, Gray States, due out on 5/18.
For more information, please visit:
www.wearethematerial.com https://www.instagram.com/thematerial/
https://twitter.com/thematerial
https://www.facebook.com/Thematerialmusic/
https://www.youtube.com/thematerial
Gray States
1. The One That Got Away
2. Take Me Back
3. Give Anything
4. Wayside
5. Mistakes
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