How Top 35 Most Valuable Products and Solutions are Transforming the Oil and Gas Industry
-- Frost & Sullivan's latest initiative identifies the Top 35 Most Valuable Products and solutions (MVPs) that are enabling game-changing transformations in the upstream and midstream oil and gas sector
MOUNTAIN VIEW, California, March 6, 2014 /PRNewswire/ -- The many dynamics at work in and around the global oil and gas industry promises nothing less than paradigm changes across the industry's value chain over the next 10 years. This is especially true in the upstream and midstream sectors of the market, where many factors are driving change and creating challenges for suppliers of automation and process components in the space.
Some of the key macro business drivers within the oil and gas industry include:
- A huge focus on unconventional plays, with half of the liquids supply expected to come from these sources by 2040
- Implementation of "Totally Integrated Digital Operations" (TIDO), yielding significant improvements in key metrics including operating costs savings, improved operational safety, and higher production rates
- Upstream market growth has a ripple effect on midstream which is expected to see 10 times more growth in the next two to three years. This is clearly a market to watch out for due to unprecedented investments in LNG processing, rail car terminals, FPSO, Terminals for import/export, etc.
- At least 50 percent of the current workforce in this sector is eligible for retirement in the next 5-10 years
- Control, maintenance and management as a service: emergence of remote operations centers and collaborative work environments (CWE)
Within this maelstrom of activity are numerous challenges across the spectrum of technology, financial, and human resources, that will create a wide spectrum of opportunities for solution providers to the industry.
Frost & Sullivan's ongoing research in upstream and midstream oil and gas will not only amplify on these and other critical trends driving change, it will also provide an overview of customer unmet needs and dynamics. The research also leverages an expert panel review (which includes O&G industry leaders, thought leaders and industry experts) to complement the analysis of identifying best-in-class solution providers in the Top 35 MVPs that will enable the industry's transformation.
"The industry is progressively moving to connect field operations with advanced analytics, bringing it closer to the vision of the TIDO," said Frost & Sullivan Vice President for the Industrial Automation and Process Control Group, Sath Rao. "Unprecedented industry changes provide a unique opportunity to leverage innovative products and solutions that will not just mitigate risk, but take the industry to a next generation level in efficiency, safety, predictability and operational cost savings."
The white paper associated with the study, entitled The Top 35 Most Valuable Products and Solutions (MVPs): Leveraging Disruption to Enable Next Generation Performance in Oil and Gas, leverages nearly 150 end-user interviews and solution provider ecosystem discussions, as well as objective input from a decision-support matrix focused on various factors, including:
- Impact on influencing the upstream/midstream value chain
- Impact on driving S3 – smart operations, security, and sustainability
- Ability to enable critical industry future requirements
"The oil and gas industry is becoming the hi-tech industry," said Frost & Sullivan Industry Manager, Ram Ramasamy. "Our systematic research has helped identify the Top 35 MVPs, which can continue to accelerate industry next-gen practices. It is time to view the Top 35 MVPs as strategic partners and not just vendors. "
In efforts to spark adoption of the best practices purveyed by this group, the Top 35 MVPs will be recognized at the 2014 North American Excellence in Best Practices Award Gala in Boston, MA. On July 15, 2014, Frost & Sullivan will include an evaluation of suppliers in the following broad categories covering hardware, software, and services:
- Automation and process controls
- Networking and communications
- Applications software solutions (Big Data, analytics, cloud, mobility, network security, etc.)
- Security
"We are honored, through our research, to be in the position of recognizing the top firms' contributions to a transforming industry," said Mr. Rao.
If you are interested in more information on this research, please email Liz Clark, Corporate Communications, at liz.clark@frost.com with your full contact details, company name and website, city, and country.
About Frost & Sullivan
Frost & Sullivan, the Growth Partnership Company, works in collaboration with clients to leverage visionary innovation that addresses the global challenges and related growth opportunities that will make or break today's market participants.
Our "Growth Partnership" supports clients by addressing these opportunities and incorporating two key elements driving visionary innovation: The Integrated Value Proposition and The Partnership Infrastructure.
- The Integrated Value Proposition provides support to our clients throughout all phases of their journey to visionary innovation including: research, analysis, strategy, vision, innovation and implementation.
- The Partnership Infrastructure is entirely unique as it constructs the foundation upon which visionary innovation becomes possible. This includes our 360 degree research, comprehensive industry coverage, career best practices as well as our global footprint of more than 40 offices.
For more than 50 years, we have been developing growth strategies for the global 1000, emerging businesses, the public sector and the investment community. Is your organization prepared for the next profound wave of industry convergence, disruptive technologies, increasing competitive intensity, Mega Trends, breakthrough best practices, changing customer dynamics and emerging economies?
Contact Us: Start the discussion
Subscribe: Newsletter on "the next big thing"
Register: Gain access to visionary innovation
Contact:
Liz Clark
Corporate Communications – North America
P: +1-210-477-8483
E: liz.clark@frost.com
Share this article