Frost Radar™: Digital Twins in the Oil and Gas Industry, 2024
Published on: 06-Jun-2024 | SKU: EG_2024_782

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Digital twin technology is emerging as a viable opportunity for oil and gas (O&G) companies to utilize and analyze enormous amounts of production data. These solutions enable industry participants to visualize various hypothetical production scenarios in real time.

Digital twins are virtual representations of existing assets or systems and allow O&G vendors to extract valuable insights about their operations. This technology is transforming traditional asset management and maintenance in the O&G industry. By implementing digital twins, producers enhance remote asset monitoring, predictive maintenance, process simulation and optimization, and other applications.

Because of its adaptability and flexibility, this technology can integrate into a wide array of existing systems. However, its implementation presents some challenges depending on data quality, accessibility, connectivity, and compatibility with existing systems and infrastructure.

The Internet of Things (IoT) and artificial intelligence (AI) technologies are prime enablers for digital twin adoption. Digital twins can efficiently integrate and process information to deliver valuable data-driven insights using IoT's interconnectivity capabilities and AI's intelligent decision-making.

Asset management, remote monitoring, predictive analysis, and virtual training are primary applications for digital twins as O&G producers increase technology investments in these areas.

This Frost Radar™ analyzes and positions 10 of the world's leading and most dynamic digital twin technology players in the O&G industry. Frost & Sullivan analyzes numerous companies in an industry. Those selected for further analysis based on their leadership or other distinctions are benchmarked across 10 Growth and Innovation criteria to reveal their position on the Frost Radar™. The publication presents competitive profiles of each company on the Frost Radar™ considering their strengths and the opportunities that best fit those strengths.

Digital Twins in the Oil and Gas Industry 2024

  • Digital Twins in the Oil and Gas Industry

Frost Radar™: Benchmarking Future Growth Potential 2 Major Indices, 10 Analytical Ingredients, 1 Platform

Growth Index

Growth Index (GI) is a measure of a company’s growth performance and track record, along with its ability to develop and execute a fully aligned growth strategy and vision; a robust growth pipeline system; and effective market, competitor, and end-user focused sales and marketing strategies.

  • Market Share (previous 3 years)
    This is a comparison of a company’s market share relative to its competitors in a given market space for the previous 3 years.
  • Revenue Growth (previous 3 years)
    This is a look at a company’s revenue growth rate for the previous 3 years in the market/industry/category that forms the context for the given Frost Radar™.
  • Growth Pipeline
    This is an evaluation of the strength and leverage of a company’s growth pipeline system to continuously capture, analyze, and prioritize its universe of growth opportunities.
  • Vision and Strategy
    This is an assessment of how well a company’s growth strategy is aligned with its vision. Are the investments that a company is making in new products and markets consistent with the stated vision?
  • Sales and Marketing
    This is a measure of the effectiveness of a company’s sales and marketing efforts in helping it drive demand and achieve its growth objectives.

Innovation Index

Innovation Index (II) is a measure of a company’s ability to develop products/ services/ solutions (with a clear understanding of disruptive Mega Trends) that are globally applicable, are able to evolve and expand to serve multiple markets and are aligned to customers’ changing needs.

  • INNOVATION SCALABILITY
    This determines whether an organization’s innovations are globally scalable and applicable in both developing and mature markets, and also in adjacent and non-adjacent industry verticals.
  • RESEARCH AND DEVELOPMENT
    This is a measure of the efficacy of a company’s R&D strategy, as determined by the size of its R&D investment and how it feeds the innovation pipeline.
  • PRODUCT PORTFOLIO
    This is a measure of a company’s product portfolio, focusing on the relative contribution of new products to its annual revenue.
  • MEGATRENDS LEVERAGE
    This is an assessment of a company’s proactive leverage of evolving, long-term opportunities and new business models, as the foundation of its innovation pipeline.
  • CUSTOMER ALIGNMENT
    This evaluates the applicability of a company’s products/services/solutions to current and potential customers, as well as how its innovation strategy is influenced by evolving customer needs.

Significance of Being on the Frost Radar™

Companies plotted on the Frost RadarTM are the leaders in the industry for growth, innovation, or both. They are instrumental in advancing the industry into the future.

  • GROWTH POTENTIAL
    Your organization has significant future growth potential, which makes it a Company to Action.
  • BEST PRACTICES
    Your organization is well positioned to shape Growth Pipeline™ best practices in your industry.
  • COMPETITIVE INTENSITY
    Your organization is one of the key drivers of competitive intensity in the growth environment.
  • CUSTOMER VALUE
    Your organization has demonstrated the ability to significantly enhance its customer value proposition.
  • PARTNER POTENTIAL
    Your organization is top of mind for customers, investors, value chain partners, and future talent as a significant value provider.

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  • Growth Opportunities
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Impacting your company's future growth potential.

Digital twin technology is emerging as a viable opportunity for oil and gas (O&G) companies to utilize and analyze enormous amounts of production data. These solutions enable industry participants to visualize various hypothetical production scenarios in real time. Digital twins are virtual representations of existing assets or systems and allow O&G vendors to extract valuable insights about their operations. This technology is transforming traditional asset management and maintenance in the O&G industry. By implementing digital twins, producers enhance remote asset monitoring, predictive maintenance, process simulation and optimization, and other applications. Because of its adaptability and flexibility, this technology can integrate into a wide array of existing systems. However, its implementation presents some challenges depending on data quality, accessibility, connectivity, and compatibility with existing systems and infrastructure. The Internet of Things (IoT) and artificial intelligence (AI) technologies are prime enablers for digital twin adoption. Digital twins can efficiently integrate and process information to deliver valuable data-driven insights using IoT's interconnectivity capabilities and AI's intelligent decision-making. Asset management, remote monitoring, predictive analysis, and virtual training are primary applications for digital twins as O&G producers increase technology investments in these areas. This Frost Radar analyzes and positions 10 of the world's leading and most dynamic digital twin technology players in the O&G industry. Frost & Sullivan analyzes numerous companies in an industry. Those selected for further analysis based on their leadership or other distinctions are benchmarked across 10 Growth and Innovation criteria to reveal their position on the Frost Radar . The publication presents competitive profiles of each company on the Frost Radar considering their strengths and the opportunities that best fit those strengths.
More Information
Deliverable Type Frost Radar
Author Agustina DeSarriera
Industries Energy
No Index No
Is Prebook No
Keyword 1 Digital Twins Oil Gas
Keyword 2 Oil Gas Market Trends
Keyword 3 Technological Advancements Oil Gas
Podcast No
WIP Number K9FD-01-00-00-00

Frost Radar™: Digital Twins in the Oil and Gas Industry, 2024

EnergyFrost Radar™: Digital Twins in the Oil and Gas Industry, 2024

A Benchmarking System to Spark Companies to Action - Innovation that Fuels New Deal Flow and Growth Pipelines

RELEASE DATE
06-Jun-2024
REGION
Global
Deliverable Type
Frost Radar
Research Code: K9FD-01-00-00-00
SKU: EG_2024_782
AvailableYesPDF Download
$4,950.00
In stock
SKU
EG_2024_782