IoT innovation among offshore companies has declined in the last year
Research and innovation in the internet of things in the offshore oil and gas industry has declined in the last year, according to GlobalData.
The most recent figures show that the number of internet of things (IoT) patent applications in the industry stood at 33 in the three months ending December – down from 44 over the same period in 2020.
Figures for patent grants related to IoT followed a similar pattern to filings – shrinking from 31 in the three months ending December 2020 to 14 in 2021.
The figures are compiled by GlobalData, which tracks patent filings and grants from official offices around the world. Using textual analysis, as well as official patent classifications, these patents are grouped into key thematic areas and linked to key companies across various industries.
IoT is one of the key areas tracked by GlobalData. It has been identified as being a key disruptive force facing companies in the coming years and is one of the areas that companies investing resources in now are expected to reap rewards from.
The figures also provide an insight into the largest innovators in the sector.
Honeywell International was the top IoT innovator in the offshore oil and gas industry operations and technologies sector in the last quarter. The company, which has its headquarters in the US, filed 21 IoT-related patents in the three months ending December. That was up from nine over the same period in 2020.
It was followed by the Saudi Arabia-based Saudi Arabian Oil Co with 15 IoT patent applications, the US-based 3M Co (12 applications), and the US-based Halliburton (three applications).
The Saudi Arabian Oil Co has recently ramped up R&D in IoT. It saw growth of 66.7% in related patent applications in the three months ending December, compared to the same period in 2020 – the highest percentage growth out of all companies tracked, with more than 10 quarterly patents in the offshore oil and gas industry operations and technologies sector.