Research unveiled this week by provider of global mobile satellite communications services, Inmarsat, has found that businesses in the energy sector expect Industrial IoT (IIoT) to increase their revenues by an average of $217 million, or 9%, by 2023.
The mobile service provider explained that respondents see the biggest opportunities for IIoT in improving resource efficiencies, monitoring environmental changes and improving health and safety across their organisations.
However, research also found that companies face significant challenges in deploying IIoT technology with connectivity raising concern with only 25% of energy respondents struggling to secure the communication networks needed for reliable and resilient deployment.
The firm noted that security was another key risk area.
“While some energy businesses are rightly concerned by the threat of kidnappings or piracy attacks, which IIoT can play a role in deterring, the respondents clearly see the threat of IIoT networks exposing energy infrastructure to the malicious intent of cybercriminals or hostile state actors.”
Citing the study’s research demographics: “The energy findings in this research project are based on responses from 125 senior IIoT decision-makers from businesses with over 500 employees in the sector.
“Respondents were taken from the three key stages of the energy supply chain: exploration businesses engaged in the process of trying to find oil and natural gas beneath the earth’s surface; extraction businesses that recover oil and gas reserves for processing and use for commercial products; and distribution companies that distribute energy services for commercial and consumer usage, in the form of either hydrocarbons or electricity.”
The geographical focus areas included the EMEA, Americas and APAC regions, though the majority came from the USA, China, India and Canada, enabling the service provider to identify key differences in IIoT adoption between these territories.
Download the full Energy Report here.