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The oil and gas industry, which is traditionally a laggard in the adoption of connected technologies, is increasingly deploying digital twins to improve decision-making. The prevailing industry downturn from COVID-19 has heightened the need to reduce costs and make operations more sustainable with technology, says GlobalData, a leading data and analytics company.
Worldwide lockdowns have significantly impacted global energy demand, while also causing project delays due to supply chain disruptions. The downturn has aggravated the need for improving the overall asset visibility to identify areas for cost reduction. Digital twins are key to achieving this objective and ensuring sustainable operations in the long run.
Digital twins giving boost to asset management in the oil and gas industry
By GlobalData Energy 11 May 2021 (Last Updated May 11th, 2021 13:03)
GlobalData’s latest thematic report, ‘Digital Twins in Oil & Gas,’ provides a comprehensive review of the expanding role of digital twins across industrial applications, with a special focus on the oil and gas industry.
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GlobalData’s latest thematic report, ‘Digital Twins in Oil & Gas,’ provides a comprehensive review of the expanding role of digital twins across industrial applications, with a special focus on the oil and gas industry.
Digital twins are digital representations of physical assets, systems or processes. They help to detect, prevent, predict and optimise the physical environment through the use of artificial intelligence (AI), real-time analytics, visualisation and simulation tools. It has taken nearly 20 years for digital twins t