Frost & Sullivan Identifies the Top 5 Industry Shifts Fueling the Future of Drilling Systems
Frost & Sullivan Identifies the Top 5 Industry Shifts Fuelling the Future of Drilling Systems including augmented reality, AI and blockchain.
“Next-generation automated drilling systems can drastically reduce the time spent on reporting, record keeping, and compliance by integrating technologies such as advanced computing, advanced sensors, and computer vision,” said Chirag Rathi, Energy & Environment Consulting Director at Frost & Sullivan. “While robotics will leverage sensors and digital twins, blockchain can aid in parts ordering and logistics. Similarly, additive manufacturing can help create parts, augmented reality (AR) can handle maintenance, and the whole system can be coordinated through cognitive computing.”
The new upstream methods are as expected triggering novel business models and altering the value chain. For instance, contractors and service providers are consolidating vertically to expand their offerings to provide proprietary, all-in-one solutions. In due time, legacy rig fleets will be rationalized and integrated across a holistic automation platform, which, in turn, will stoke industry demand for open systems architecture.
“The rising relevance of digitally enabled business models will coincide with the increasing importance of data in influencing procurement decisions. The net result will be a highly transparent and quantifiable value chain,” noted Rathi. “The greatest industry impact will be felt when an AI-driven platform that automates procurement across all drilling and support activities emerges as a trusted, secure, third-party application encompassing the entire drilling ecosystem.”