Industrial IoT Brings Benefits and Opportunities for Rotating Equipment Suppliers and Plant Operators
The evolution of the Industrial Internet of Things (Industrial IoT) and the increasing availability and affordability of constituent technologies such as sensors, gateways, networks, platforms, and analytics brings with it new opportunities for industrial operators to connect once isolated plant equipment and obtain real-time information on asset operation and asset health. The benefits, such as improved operating performance, higher availability and less unplanned downtime, from connecting plant assets into an Industrial IoT system are clearly magnified in the case of critical and costly rotating equipment such as pumps and compressors. As well as a valid and ROI-friendly technology investment for plant operators, Industrial IoT enables rotating equipment suppliers to stay connected to their assets and, consequently, develop new and lucrative business models, where service is not an afterthought as with the conventional product sale, but a much more significant component of the supplier offering and one that not only drives new revenue streams but also enables much deeper and longer customer relationships. The asset connectivity enabled by Industrial IoT is increasingly enhanced by advances in analytics technology, particularly machine-learning based solutions, which means basic remote monitoring evolving to much more sophisticated predictive maintenance solutions. The early warning of equipment issues and expected failure triggers timely intervention, avoiding the disruption and expense of sudden downtime.
Gill, Bob; Shea, Tim (2018). Industrial IoT Brings Benefits and Opportunities for Rotating Equipment Suppliers and Plant Operators. Turbomachinery Laboratory, Texas A&M Engineering Experiment Station. Available electronically from