Oil & Gas News | Prospects for predictive maintenance tools in the oil and gas industry over the next 10 years

GlobalData said that over the next 10 years, predictive maintenance tools will be more widely used in critical infrastructure 

in the oil and gas industry. The data analytics firm noted that predictive maintenance tools provide oil and gas companies 

with operational and financial liquidity through the use of technology.

According to GlobalData's "Predictive Maintenance in the Oil and Gas Industry - Thematic Study" report, predictive 

maintenance includes condition monitoring technology used to collect, store and analyze structural and operational 

data of key equipment in the oil and gas industry. The analysis yields actionable insights into equipment health to

estimate equipment lifespan and help schedule maintenance and equipment replacement drills with minimal impact 

on oil and gas operations.

The evolution of maintenance strategies in the oil and gas industry (Source: GlobalData Oil and Gas Intelligence Center)

Maintenance strategies in the oil and gas industry have come a long way since the early 19th century. They have 

evolved from a reactive approach to a preventive approach to ensure the supply chain operates continuously. These 

strategies were developed in response to the economic emergency and technical support at the time and will continue 

to do so in the future.

Ravindra Puranik, Oil and Gas Analyst at GlobalData, commented: “Heavy machinery deployed at oil and gas facilities 

is expected to operate reliably and efficiently for years to come. To guarantee the longevity of the equipment, 

maintenance work is necessary to keep the equipment Being in top working condition and timely maintenance also helps 

prevent costly repair works and unplanned production interruptions.”

Unplanned downtime due to equipment failure can result in significant cost to oil and gas companies. The consequent 

effects of equipment failure can be far-reaching, not just financial losses. For example, the May 2020 Norilsk diesel spill 

in Russia resulted in the pollution of 17,500 tons of diesel in nearby rivers. Events like these highlight the need for 

predictive maintenance in the energy sector.

"An effective predictive maintenance strategy for oil and gas equipment relies on regular data collection. This data is used 

to determine the state of disrepair, which is then used to assess the appropriate corrective action needed," Puranikc said.

Although predictive maintenance has been around as a concept for more than 20 years, advances in technology have 

given it a shot in the arm for its use in the oil and gas industry.

Puranik added: “The emergence and rapid growth of innovative technologies such as the Internet of Things, artificial 

intelligence, augmented and virtual reality, big data and cloud computing have shaped the maintenance strategies of 

the oil and gas industry in the near term.”

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