Among the eight core industries, the oil and gas industry plays a significant role because of its link to the energy sector. Technology and industrial automation in India are improving, and their impact has changed the way we deal with manufacturing processes. But the biggest impact is because of IOT and smart devices because it reduces human intervention and improves the accuracy of data collection. Knowing how long a reserve will last or how long it will take for the oil to reach its destination helps reduce the cost incurred in its transportation and storage.
Drive Towards Conservation
Global fuel reserves will become nil within the next 50 years. It is time to rethink the way we use non-replenishable fossil fuels. Because of the significant growth of industrial automation in India, we have discovered many new ways of conserving oil. One such is vapor recovery during the transportation of oil. Another is the use of internal floating roofs in oil tanks. These innovations can help improve oil conservation by 10% and this will stretch the oil reserves for a longer time.
India is a Major Player
You can read about these technologies in the IOT blogs in India. Exploring new places and drilling new wells is essential for getting more revenue. The market size for crude oil in India has risen from $70.71 billion in 2016-17 to $101.4 billion in 2019-20. As the biggest non-OECD petroleum consumer, India is the second-largest refiner in Asia with a capacity of 239.91 million metric tonnes. The petroleum and natural gas sector attracted FDI worth $7.89 billion for the period 2000-2020.
Improved Contribution by IIOT
Apart from fleet management and stopping fuel waste through vapor recovery, IOT helps in cutting equipment downtime by efficient monitoring methods. There is automation possible in various processes because of the superior device and process control. The IOT blogs in India tell us how the safety of drivers increases through the adoption of the IIOT technology.
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