The Internet of Things technology is the future of the oil and gas industry. Its widespread acceptance will contribute to a 0.8% increase in the global GDP, which records to $816 billion in the coming decades.
IoT uses a data-driven approach to provide real-time information regarding every detail through the connected assets in the petroleum industry. It powers the industrial assets to sense the industrial data and directly empowers the future of the petroleum business. With a wide acceptance of IoT solutions in the oil & gas sector, tones of data are being generated every day and are analyzed to predict future outcomes.
As the oil companies have been looking for a system that helps them cut extra operation costs, using IoT is helping the industry to evolve in many ways. One of its applications is fuel monitoring that is upskilling the performance of the O&G sector largely. The solution provides actionable insights to identify fuel consumption patterns, provide real-time monitoring during fuel transit, maintain oil safety, detect the leakage areas, improve business growth, and much more.
An IoT-based fuel monitoring system delivers end-to-end services to the petroleum industry and enhances its worth by adding a competitive edge among the businesses. It is sensor-enabled and innovatively programmed to render extraordinary results. The technology integrates sensing, networking, and analytics to form a complete IoT architecture and enhance industrial functioning. Let's have a look at the potential areas where a fuel monitoring system is applicable.
Areas where IoT-based Fuel Monitoring System can be Utilized
1. Fleet Vehicles
The fleet industry is one of the largest sectors that utilize fuel as a resource. With the entrance of smart vehicles in the market, customer expectations have already gone up. The managers using the traditional ways of monitoring the fleet had faced lots of communication issues and unrecognized fuel consumption patterns. It led to the unnecessary and a mismanaged way of fuel usage. Hence, with the advancement of technology and introducing IoT concepts, it has become easier to manage the amount of fuel being used per vehicle in a fleet. Also, the solution involves advanced analytics that helps the customer to know fuel consumption patterns and take decisions accordingly. Moreover, IoT-powered fuel monitoring solution offers real-time alerts regarding the overuse of fuel or decrement in its levels, which allows the authority to do all the preps before anything goes out of control. You can install this solution to maintain a proper management strategy regarding fuel consumption patterns and also set the threshold values so that you get the alerts whenever the levels go beyond or less.
2. Mobile Tankers
During the import and export of petroleum products like oil and fuel, the mobile tankers are largely exposed to thefts or explosions. There are chances of any unavoidable circumstances that if not taken care of can cause huge business losses. Hence, a smart fuel monitoring solution can be installed to mitigate such challenges. The solution is well-equipped with advanced sensor devices and gateway connectivity to extract important fuel-related data. This data is further helpful in many ways like leakage detection, thefts, or any mishaps. Smart solution for fuel monitoring serves as an intermediate platform that connects the driver with the authority to also keep an eye on driving habits so that if he over speeds, he can be warned against the same. This builds a safe scenario during the transportation of petroleum products and keeps the products under real-time supervision till it reaches the customer.
3. Tank Farms
Tank farms are industrial facilities that store petroleum products like oil, fuel, petrochemicals, etc., and transport them to other storage facilities for multiple applications. These farms are prone to major accidents and fire explosions with even the slightest of fuel leakages. Also, fuel leakages emit oil vapors that can explode with a tiny spark. If the situation remains unidentified due to any reason, it can cause a huge loss to the entire property and emit harmful radiations that can affect human life to a large extent. Therefore, a smart system like fuel monitoring can be installed to monitor the real-time situation of the farm. It is an IoT powered system that utilizes advanced capabilities of sensor devices to detect the fuel levels. It allows you to set threshold value regarding the fuel levels to generate alarming notifications in case of over spilling of the tank. Also, if the fuel level decreases due to any leakage through cracks or aging infrastructure, you can obtain instant alerts. This enables quick decision-making and improving the production quality in the petroleum industry.
Acceptance of IoT technology proclaims advanced improvements in the petroleum industry with its smart effectivity. Many oil businesses are enhancing their work efficiency by introducing intelligent concepts and correctly implementing them for better growth. The IoT-powered fuel monitoring solution is thus a considerable method for upskilling the petroleum business at larger levels.