Digital Twins in Oil and Gas – Thematic Research
Powered by
All the vital news, analysis, and commentary curated by our industry experts.
Digital twins are digital representations of physical assets, systems, or processes. They help to detect, prevent, predict, and optimize the physical environment using artificial intelligence (AI), real-time analytics, visualization, and simulation tools.
The oil and gas industry is presently going through an unprecedented downturn from the COVID-19 pandemic. 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 would be key to achieving this objective and ensuring sustainable operations in the long run.
The digital twins in the oil & gas industry thematic research report provide a comprehensive review of the expanding role of digital twins across industrial applications, with a special focus on the oil and gas industry.
What are the market dynamics of digital twins in the oil & gas industry?
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. Companies have started to build models that would provide answers to “what-if” or “what-will” questions. By replicating an asset or a portion of it in the virtual world, companies can run simulation tests on real-world problems and visualize the results in 3D. It is helping the project engineers to improve their understanding of the asset, thereby enabling them to optimize its performance as per the market requirements. Thus, digital twins are gradually becoming integral to oil and gas operations.
What are the key trends that will shape the digital twins theme in the coming months?
The key trends that will shape the digital twins theme in the coming months can be divided into four categories: oil & gas trends, technology trends, macroeconomic trends, and regulatory trends.
Oil & gas trends
The main oil and gas trends that will impact the digital twins theme are rising digitalization enabling digital twin adoption, enhancing multi-discipline collaboration, managing CAPEX & OPEX, visualization & reporting, and deploying digital twins for legacy systems.
Technology trends
The main technology trends that will impact the digital twins theme are 6G, digital partnerships, personalized medicine, and data cleansing.
Macroeconomic trends
The main macroeconomic trends that will impact the digital twins theme are combatting COVID-19, creating national digital twins, and digital twins & climate change.
Regulatory trends
The main regulatory trends that will impact the digital twins theme are meeting the cyber threat and digital twins in shipping.
What are the different value chains of digital twins?
The value chains of digital twins can be divided into six segments: the physical layer, the connectivity layer, the data layer, the platform layer, the app layer, and the services layer.
Physical layer
Digital twins are used to represent physical assets across numerous industries. They include buildings and infrastructure, industrial facilities such as manufacturing and oil and gas plants, critical urban infrastructures such as hospitals, transport, cities, and perhaps the most complex physical element to represent: the human body.
Connectivity layer
Connectivity underpins digital twins use cases. The connectivity layer for digital twins comprises edge computing technology and cloud and high-performance computing infrastructure.
Data layer
Data is the lifeblood of digital twins. For digital twins to work effectively, an organization, whether it is a company, a city, or a hospital, must create a live representation of the physical asset fed by all the data flowing through its veins. It must consolidate and clean all its enterprise data and create a single representation of its physical infrastructure.
Platform layer
The keen interest in digital twins across numerous sectors is increasing the number of platform providers, with a growing array of players promising to import, manipulate, monitor, analyze, and correlate project and asset data in numerous different ways.
App layer
The app layer for digital twins includes virtual reality (VR) and augmented reality (AR), streaming analytics tools, and both visualization and simulation software.
Services layer
Digital twins are complex to design and develop. Organizations will not have one digital twin; they will have several. For this reason, global firms wanting to develop digital twins are likely to require several types of services, many of which have yet to evolve fully.
Which are the leading oil & gas companies associated with the digital twins theme?
The leading oil & gas companies associated with the digital twins theme are ADNOC, BP, Chevron, Equinor, Gazprom, Petrobras, and Royal Dutch Shell.
Which are the leading technology companies associated with the digital twins theme?
The leading technology companies associated with the digital twins theme are ABB, Ansys, SNC-Lavalin, Bentley Systems, Cisco, Dassault Systèmes, General Electric (GE), IBM, Microsoft, PTC, Schneider Electric, Siemens, Iotics, and Robert Bosch.
For more insights on how digital twins will impact the oil & gas industry, download a free report sample
Market report scope
Key trends | Oil & Gas Trends, Technology Trends, Macroeconomic Trends, and Regulatory Trends |
Value chains | Physical Layer, Connectivity Layer, Data Layer, Platform Layer, App Layer, and Services Layer |
Leading oil & gas companies | ADNOC, BP, Chevron, Equinor, Gazprom, Petrobras, and Royal Dutch Shell |
Leading technology companies | ABB, Ansys, SNC-Lavalin, Bentley Systems, Cisco, Dassault Systèmes, General Electric (GE), IBM, Microsoft, PTC, Schneider Electric, Siemens, Iotics, and Robert Bosch |
Scope
- Overview of digital twins as a theme across various industries, with a special focus on its impact on the oil and gas industry.
- Detailed analysis of the emerging use cases for digital twins within oil and gas operations.
- A brief overview of the major application areas for digital twins in the oil and gas industry.
Reasons to Buy
- Understand the importance of adopting digital twins in oil and gas operations in achieving sustainability and competitiveness.
- Identify the key trends and applications for the digital twins theme.
- A review of some of the case studies highlights the potential of digital twins in addressing complex business problems.
- Identify and benchmark key oil and gas companies based on their exposure to the digital twins theme.
Table of Contents
Frequently asked questions
-
What are the key trends that will shape the digital twins theme in the coming months?
The key trends that will shape the digital twins theme in the coming months can be divided into four categories: oil & gas trends, technology trends, macroeconomic trends, and regulatory trends.
-
What are the different value chains of digital twins?
The value chains of digital twins can be divided into six segments: the physical layer, the connectivity layer, the data layer, the platform layer, the app layer, and the services layer.
-
Which are the leading oil & gas companies associated with the digital twins theme?
The leading oil & gas companies associated with the digital twins theme are ADNOC, BP, Chevron, Equinor, Gazprom, Petrobras, and Royal Dutch Shell.
-
Which are the leading technology companies associated with the digital twins theme?
The leading technology companies associated with the digital twins theme are ABB, Ansys, SNC-Lavalin, Bentley Systems, Cisco, Dassault Systèmes, General Electric (GE), IBM, Microsoft, PTC, Schneider Electric, Siemens, Iotics, and Robert Bosch.
Get in touch to find out about multi-purchase discounts
reportstore@globaldata.com
Tel +44 20 7947 2745
Every customer’s requirement is unique. With over 220,000 construction projects tracked, we can create a tailored dataset for you based on the types of projects you are looking for. Please get in touch with your specific requirements and we can send you a quote.