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How Oil & Gas Companies Are Leveraging Emerging Technologies

How Oil & Gas Companies Are Leveraging Emerging Technologies

Tech-enabled asset management holds key for oil & gas upstream industry, says GlobalData

While the oil & gas sector began looking out for new technologies, adoption has historically been sluggish to go beyond operations. It is now attempting to make up for lost time and businesses are buckling up in terms of investigating and implementing new technologies. The timing seems ideal for digitally-enabled efforts to generate growth in this environment where the world is uncertain. As the sector tries to address its bottlenecks, companies expedite their adoption of technologies like AI, IoT, and analytics to make maximum gain with scanty losses.

GlobalData’s latest report, ‘Data is the new oil: how tech transformation can fuel efficiencies in oil & gas’  focuses on how the oil & gas sector is incorporating the use of emerging technologies to drive innovation and march towards a massive transformation.

 

Overview of Report: 

  • Theme Exposure: Presents the top themes impacting the sector over the last three years compared to other sectors.
  • Innovation Map: key real-world innovation use cases of emerging technologies implemented by enterprises and startups in the sector.
  • Innovation Insights: innovation examples by each value chain segment of the sector to present key trends.
  • Vendor Map: represents a sample list of vendors in each use case highlighted in the report.

Regardless of the asset type, the need of the hour is to implement emerging technologies to optimize oil recovery and maximize output, says GlobalData, a leading data and analytics company.

Abhishek Paul Choudhury, Disruptive Tech Analyst at GlobalData, comments: “Oil & gas companies are increasingly adopting intelligent automation and other digital enablers to synthesize large amounts of data and derive useful insights to ease complex field activities that have defined the upstream value chain. IoT technologies coupled with AI algorithms are in action to screen and discover optimal acreage options, improve subsurface modeling, and enhance drilling performance.”

Convergence of emerging technologies for predictive asset maintenance

US-based energy company KBC co-launched an AI-powered predictive maintenance system with domestic software company OLI that integrates KBC’s Petro-SIM simulation abilities with OLI Alliance Engine. The combined software solution creates a digital twin, which integrates the IoT and AI of entire assets across the system to help with real-time predictions on corrosion, scaling, and fouling for upstream oil & gas players.

IoT-enabled remote oilfield monitoring

American oilfield equipment supplier ‘Sensorfield’ developed IoT-based remote monitoring solutions to provide real-time, round-the-clock operational data of the oil wells. The solutions were developed to withstand the harsh weather conditions and leverage tech advancements to provide real-time data and alarms for tank levels, pressure and flow rates, compressor health, and location security.

AI-augmented production optimization

Equinor developed a machine learning model to analyze mud-gas data to predict the gas to oil ratio of wells as they are drilled. It is written in python and can be embedded into existing commercial petrophysics software. As it happens in real-time, it can act as an alert system when drillers are tapping into uneconomic pay zones.

Mr Paul concludes: “As global oil & gas operators look to 2022 budgets, they must balance investor expectations to grow volumes and revenues. This can only be mapped with judicious upstream technological adoption that can not only keep downtime at bay but also help explore the function’s true potential to improve yield sustainably while avoiding hazards.”

This press release was written using data and information sourced from proprietary databases, primary and secondary research, and in-house analysis conducted by GlobalData’s team of industry experts.

 

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GlobalData Predicts Future Robotics Unicorns

GlobalData Predicts Future Robotics Unicorns

Right from healthcare, customer service, security patrols, and education & entertainment, startups are offering robotics-enabled solutions ranging from last-mile delivery to industrial automation. Against this backdrop, the Unicorn Prediction Model of GlobalData, a leading data and analytics company, has released a list of 50 robotics startups that have the potential to become unicorns (valuation > US$1bn).

By Ashwini Balan, Eastern Trade Media


“Unicorn” is a term used in the venture capital industry to describe a privately held startup company with a value of over $1 billion. The term was first popularized by venture capitalist Aileen Lee, founder of Cowboy Ventures, a seed-stage venture capital fund based in Palo Alto, California.

Apoorva Bajaj, Practice Head of Financial Markets at GlobalData, says: “Advances in AI have enabled the development of robots, allowing them to become highly complex products rather than being the stand-alone, fixed-function machines they used to be. With the expansion of the roles that robots can perform, deep-pocketed venture capital (VC) firms are attracted to invest in the high-growth opportunity.”

GlobalData’s recent report, Future Robotics Unicorns – 09 September 2021, in Q2 2021, Asia-Pacific accounted for over 44% of VC deal volume valued at a total of US$ 2.7bn, followed by North America (primarily the US.) accounting for 31% of the total deal volume. Some of the robotics startups in GlobalData’s list of potential unicorns include Gecko Robotics, Covariant, Superpedestrian, and Sphero.

Gecko Robotics builds and operates robots to automate infrastructure inspections across power, gas, oil, and manufacturing industries. Gecko’s software portal allows clients to review all their assets in 3D, ensuring a holistic view of the equipment and prioritizing areas that needs urgent attention. 

Covariant designed a universal AI to enable robots to see, reason, and act in the real world. Based on research in deep imitation learning, deep reinforcement learning and meta-learning, the company has built Covariant Brain, a universal AI for robots that can be applied to any use case or customer environment.

Superpedestrian is a US-based transportation robotics company that develops technologies for micro-electric vehicles to optimize safety, reliability, and performance. Recently, it acquired micromobility-safety startup Navmatic and launched an active safety system, Pedestrian Defense.

Sphero builds smartphone-controlled robots by combining robotic and digital technology into immersive entertainment experiences. Sphero robots allow kids to learn fundamental STEM concepts through play-based learning and educational STEAM activities.

To gain access to GlobalData’s latest press releases and expert analysis on developments in your industry, connect with them:

GlobalData | LinkedIn | Twitter

References of the content:

  1. Quotes are provided by Apoorva Bajaj, Practice Head of Financial Markets at GlobalData
  2. The information is based on GlobalData’s report ‘Future Robotics Unicorns – 09 September 2021′
  3. GlobalData’s Startup Scorecard ranks startups relatively using quantifiable data on three pillars: Investments, Innovation and Market Presence to ensure that it is objective and can be comparatively measured across different sectors and themes.
  4. This press release was written using data and information sourced from proprietary databases, primary and secondary research, and in-house analysis conducted by GlobalData’s team of industry experts
  5. “Unicorn” Definition: Investopedia, 2021

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Globaldata: Global Vehicle Market Recovery On Track

Globaldata: Global Vehicle Market Recovery On Track

After an unprecedented pandemic-induced reversal in 2020, the global vehicle market is firmly in recovery phase in 2021, according to the latest analysis by GlobalData.

“April’s light vehicle sales have now been reported for all global markets. They show an 83.4 percent year-on-year overall increase, which was not unexpected due to the impact COVID-19 had on the prior year’s sales. The seasonally adjusted annualised rate of sales (SAAR) came in at 88.4 million. Together with March’s stronger result, April showed the global market recovery is on track,” commented Calum MacRae, Automotive Analyst at GlobalData.

However, the global new vehicle market recovery this year hides mixed trends at regional level. Demand for new vehicles is surging in the US, even as forecasts for Europe are downgraded.

MacRae continues: “An index of SAAR, shows that West Europe is furthest removed from the January 2018 base, while the US market has undergone the shallowest impact from COVID-19. Indeed, the US market continues to perform above expectations.

The US market is currently fuelled by the fiscal stimulus and a sense of FOMO among consumers. The fear is driven by dealer stock being depleted to historic lows due to the chip supply issues that have plagued production in the industry in the first half.”

GlobalData figures also show solid new vehicle demand this year in China, although the West European market is undergoing a patchy recovery. April’s West European new vehicle sales came in at around the same level as the prior month, but markets have been roiled by ongoing COVID-19 population movement restrictions.

MacRae concludes: “Our latest forecast for the world – at 86.1 million light vehicle sales for the year – still sees 2021 as being some 3.3 percent shy of 2019’s total, but don’t be too surprised if the market ends up closer to 2019 than many currently forecast.”

 

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Airbus Expands MRO Footprint In Asia

Airbus Expands MRO Footprint In Asia

Following separate announcements by Asia Digital Engineering Sdn BhD (ADE) and Korea Aviation Engineering & Maintenance Service Ltd. (KAEMS) for Airbus customers in Asia, Mathew George, Ph.D, Analyst, Aerospace, Defense and Security at GlobalData, a leading data and analytics company, offers his view:

“AirAsia Group’s ADE and KAI’s KAEMS made separate announcements on the expansion of maintenance, repairs and overhaul (MRO), thus marking an increased footprint for Airbus customers to avail MRO services in Asia. With the pandemic still wreaking havoc, airlines and countries had put on hold the programs to purchase new aircraft and make sure that the lives of the present aircraft be extended safely as much as possible. Countries, including India, actively started to explore MRO services and proposed the possible mechanisms and programs to turn themselves into regional MRO hubs.

According to GlobalData, the military aerospace MRO market is expected to grow at a compound annual growth rate (CAGR) of 2.93 percent in the Asia-Pacific (APAC) region between 2020 and 2030 and will be valued at US$17.85bn by 2030.

While ADE obtained the approval for base maintenance (hangar or C-Checks) from Civil Aviation Authority of Malaysia (CAAM), KAEMS was able to sign an MoU with Airbus Defense & Space (ADS) for technical support for C-212 and CN-235 aircraft. ADE’s support extends not just to AirAsia fleet of A320, A321 and A330 aircraft, the approval allows it to undertake MRO services for other airlines as well. ADE was also able to secure approvals from India’s DGCA and Indonesia, raising the bar for ADE and Malaysia to provide MRO services for airlines across Southeast Asia.

Governments have shown their resolve to fund upgrade and replacement programs. However, with lockdowns continuing in countries, and increasing cases like India’s still a possibility in other geographies, airlines and governments will continue to focus on sustainment of existing capability. In addition, with long lead times and unexpected delays still a possibility, a lackadaisical approach to MRO is not something anyone can afford.”

 

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Toyota Electrification Plans To Boost Presence In Asia-Pacific EV Market

Toyota Electrification Plans To Boost Presence In Asia-Pacific EV Market

Toyota is set to unveil the concept version of the first model in its new battery electric vehicle (BEV) series, the Toyota bZ4X, in Shanghai and establish a full line-up of EVs to reduce CO2 emissions with the aim of having 70 electrified models by 2025.

Following this news, Bakar Sadik Agwan, Senior Automotive Consulting Analyst at GlobalData, a leading data and analytics company, offers her view:

“Toyota presently has only 4 BEVs in its portfolio and the new launches will enhance its position in the Japan and global BEV market. Several global OEMs, including Toyota, presently do not have a strong BEV portfolio due to their strategic priorities, low volumes and profitability concerns with battery vehicles. But the EV scenario has changed rapidly and there are significant opportunities in EV space due to push from the regional governments, reduction in costs and the availability of wide-range of products.

In addition to global market, Toyota’s BEV portfolio expansion will help it to tap significant opportunities in its home market, Japan, which presently does not have attractive BEV offerings and is witnessing high growth in demand for BEVs from select players such as Nissan and Tesla. Nissan’s Leaf is the only popular and successful BEV available for the mass market in Japan. While Tesla caters to the premium segment with sales of nearly 2,000 units annually.

In the recent past, Asia-Pacific has witnessed major developments in the EV market. Players such as Hyundai are trying to lead with innovative products and standout features while technology companies such as Huawei, Sony and Xiaomi are trying to penetrate the BEV market. The market is getting fiercely competitive day by day and automakers need to respond with suitable products to make their future sustainable.”

 

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Globaldata: VW Group Bets Big On Industrial Scale To Counter Tesla

Globaldata: VW Group Bets Big On Industrial Scale To Counter Tesla

Following Volkswagen (VW) Group’s annual results conference for investors at which it set out its transformation to ‘new auto’ which includes the switch to electric drives;

David Leggett, Automotive Analyst at GlobalData, a leading data and analytics company, offers his view:

“Volkswagen is turning to its natural industrial strength – especially in the form of standardised technical foundations and engineering architectures that can be spread across multiple brands to leverage scale economies.

Now though, it has to manage a platform roadmap that includes much software as well as hardware and brings together critical advanced technologies on platforms that must deliver the promised improved performance at much lower cost.

Much hinges on VW’s new unified battery cell and six yet to be built cell-making ‘gigafactories’ in Europe that VW believes can reduce the cost of its battery cells by up to 50 percent by 2030.

If VW can follow its ambitious roadmap for e-mobility and leverage the scale economies it is targeting, it will certainly be competitive in the rapidly growing global electric car market and a credible rival for current market leader Tesla.

“As well as its industrial scale, VW also has the advantage of continuing to sell combustion engine cars – at higher margins than is possible with electric cars – in markets around the world to help finance the shift to electric over the next ten years. Unlike some other carmakers, VW has notably not set a date for going ‘all electric’.”

 

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Sustainability A Key Priority For Automotive Sector In 2021 And Beyond

Sustainability A Key Priority For Automotive Sector In 2021 And Beyond

Sustainability will remain a key strategic agenda for automotive companies in 2021 and beyond, with over 75 percent of vehicle manufacturers focused on sustainability in 2020, according to GlobalData. Pirelli & C. SpA, Audi AG and Volkswagen AG were the top companies with mentions of ‘sustainability’ in their filing documents in 2020.

In the automotive sector, Internet of Things (IoT), sustainability and electric vehicles (EVs) continue to be on top of the agendas for automotive companies. Global production of EVs is likely to reach 7.6 million units by 2025, and tightening regulations are likely to force companies to focus on large-scale investments in sustainability and EVs, or face uphill challenges in the future.

“The EV market has the potential to facilitate clear environmental benefits, coupled with steady and sustainable growth. Hence, even contemporary environmental, social and corporate governance (ESG) reporting frameworks, such as Sustainability Accounting Standards Board (SASB) is also encouraging corporations to report about topics such as Fuel Economy & Use-phase Emissions. Sustainability in general has gained traction in recent times due to regulatory and technical advancements, enhanced social awareness and investor preferences. These have been the major drivers in redirecting the flow of capital from conventional to sustainable automotive businesses,” said Srobon Banerjee, Practice Head, ESG at GlobalData.

“As we emerge from the pandemic, the automotive industry is heading in a greener direction with sustainability as a key driver and theme. Not only are we seeing increasing pressures from the market and regulators tilting the industry rapidly towards electric cars, but manufacturers are seeking to reduce their carbon footprints wherever possible and examining activity all along the value chain,” added David Leggett, Automotive Analyst at GlobalData.

GlobalData’s Job Analytics database also identified rising job postings for electric vehicles. For example, Hyundai has sped up its eco-mobility hiring, while Apple has also stepped up hiring for its future electric car.

Pereira adds: “Another rising trend in the auto sector is the hydrogen fuel cell electric vehicle (FCEV). Mentions of FCEVs and related keywords in all filings rose by around 10 percent in 2020.”

By 2040, GlobalData expects passenger cars to be the most prominent new application of hydrogen.

Pereira concludes: “Initiatives by Ford and Land Rover to go all electric in specific regions in the next few years is commendable. Long-term sustainability strategies are necessary for auto companies to regain trust amid several emission scandals, while also avoiding governance laggards.”

 

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Globaldata: ASEAN Vehicle Sales Down By 28 Percent In 2020

Globaldata: ASEAN Vehicle Sales Down By 28 Percent In 2020

The sales of new vehicles in Southeast Asia’s six largest markets (Thailand, Indonesia, Malaysia, the Philippines, Vietnam, Singapore) combined are estimated to have declined by 28.5 percent to 2,468,613 units in 2020, according to GlobalData.

David Leggett, Automotive Analyst at GlobalData, says: “The annual picture shows much sharper declines earlier in the year, including a 24 percent drop in the third quarter and a 66 percent plunge in the second quarter, when economic activity across the region was severely disrupted by business and social lockdowns put in place to help slow the spread of the COVID-19 pandemic. Some markets in the region, such as Thailand, began to stabilise in the fourth quarter while sales in Malaysia and Vietnam began to rebound.”

GlobalData’s analysis shows the Association of Southeast Asian Nations’ (ASEAN) largest vehicle market in 2020 was Thailand, despite a more than 21 percent sales decline to 792,146 units while Indonesia slipped into second place after sales fell by over 48 percent to 532,027 units – making it the region’s worst-performing market last year. Malaysia was a close third, with sales down by just over 12 percent at 529,434 units.

Mr Leggett concludes: “While significant economic restrictions remain in place across the region, including a ban on foreign tourist arrivals, which continues to have a devastating effect on the travel, tourism and hospitality sectors, domestic economic activity has begun to recover – helped by low interest rates and fiscal stimulus measures introduced by national governments.

“Exports also enjoyed a moderate rebound towards the end of last year, helped by strong demand from China, but renewed lockdowns in the region and in numerous markets around the world in response to a resurgent COVID-19 have dampened sentiment in recent weeks.”

 

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GlobalData: Thailand Automotive Production And Domestic Sales To Revive In 2021

GlobalData: Thailand Automotive Production And Domestic Sales To Revive In 2021

The Federation of Thai Industries (FTI) expects domestic car sales to decline by 5.3 percent in 2021, after a 21.4 percent slump in the previous year. Following this news, Bakar Sadik Agwan, Senior Automotive Consulting Analyst at GlobalData, offers his view:

“Thailand automotive production output and domestic sales followed downward trend in 2020. In line with GlobalData’s estimates, the country’s production output declined by 29.14 percent to 1.43 million units. The domestic sales also remained low with a 21.4 percent decline to 792K units compared to 2019. 2020 remained a bumpy ride for the Thailand auto industry, with January-July sales slipping down to 2008 levels and the auto production witnessing y-o-y decline for straight 10 months of the year. However, November and December showed signs of revival with y-o-y production and sales witnessing an increase, which is attributed to new car launches by automakers, attractive discounts and promotion campaigns and the financial stimulus by the government.

“Weak domestic and overseas demand amid the COVID-19 pandemic, major supply chain disruptions affecting production, massive slowdown in tourism sector, subdued economic growth and negative consumer sentiments remained major factors behind the production and sales de-growth in 2020. Some of these factors may further impact the production and sales in 2021 along with second wave of COVID-19 in domestic and some export markets, and ongoing chips shortages in the picture. FTI expects the vehicle production to reach 1.5 million units in 2021, marginally up compared to 2020. Thailand Board of Investment (BOI)’s new investment privileges and tax breaks to manufacturers are expected to support automotive production.

“Domestic demand in Thailand is anticipated to witness revival in 2021. However, volumes are expected to remain below 2020 levels. The government’s economic stimulus measures, growth in tourism, investment in infrastructure projects and government push for EV adoption are expected to boost automotive sales and support FTI’s projection of 750K vehicles sales in 2021, which will be a 5.3 percent decline y-o-y but significant improvement compared to 21.4 percent decline in 2020.”

 

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Vehicle Excise Tax Restructuring To Support EV Sales In Thailand

Vehicle Excise Tax Restructuring To Support EV Sales In Thailand

The restructuring of vehicle excise tax, which is under study and tentatively planned to be implemented by 2026, will act as a catalyst to Thailand’s electric vehicles (EVs) sales and consequently, its roadmap. The country aims to achieve 30 percent share of EVs in total production by 2030, says GlobalData, a leading data and analytics company.

The vehicle excise tax restructuring, presently under discussion with the industry stakeholders, will be a significant move when implemented that will pave the way for increased adoption of eco-friendly vehicle and EVs in Thailand. The vehicle excise tax structure in Thailand levy tax based on emission rate of Carbon Dioxide (CO2) while the restructuring is aimed at increasing the tax rate on the IC engine vehicles to the highest among all the vehicle categories. The move will help to bring down the price differences in IC engines and electric vehicles and make the EVs a more favourable product.

The move is anticipated to gain support from the government as well as OEMs as the country has been struggling with harmful PM2.5 levels in the country. The present vehicle excise tax varies between 20-50 percent for IC engine vehicles depending upon the type of vehicle and the engine capacity. For hybrid electric and fuel cell vehicles, the current tax rate is 10 percent, according to The Excise Department.

Bakar Agwan, Senior Automotive Consultant at GlobalData, comments: ‘‘The excise tax restructuring will support the existing government efforts for EV ecosystem development in Thailand. The government has been putting in other efforts to make EV a success story in Thailand which includes a possible car trade-in scheme on cards.”

This will stimulate the EV purchases in the country strengthening the EV infrastructure and also bagging new investments with new set of manufacturing privileges announced by the Board of Investment (BOI) Thailand.

Agwan concludes: “The governmental push through favourable policies is mandatory for increasing the EV adoption. While most of EV boosting efforts by the government were focused on the supply/manufacturing side, the new vehicle tax and the possible car trade-in scheme will stimulate the demand/customer side. Thailand needs more such demand-side efforts in terms of incentives, subsidy, tax benefits etc. to witness an upsurge in EV adoption.”

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