Role of Industrial Internet of Things (IIOT) in Industrial Valves Market
The two important factors that drive the valve monitoring solutions are production efficiency and cost optimization. The introduction of Industrial Internet of Things (IIoT) is slowly transforming asset operations by incorporating new capabilities.
Role of Industrial Internet of Things
These capabilities can help achieve operational efficiency, maximize utilization and at the same time improve productivity.
Industrial pipe and valve market analysis has revealed that by integrating the components such as connectivity and intelligence that govern all the Internet of Things, the valve industry is actively exploring the revolutionary IoT technology and using it in operational assistance. The complexity for the end-users get reduced and uninterrupted production operations can be carried out.
The Present Business Scenario Of The Valve Industry And Its Challenges:
The consumer needs and requirements are changing. Consumer behavior is increasingly getting identified as being highly volatile due to altering economic conditions. Alongside this, the valve industry is also observing a transformation in the production cost of mounting as well as an increase of price wars across the markets of developing economies.
Manufacturers across the globe are trying their level best in having greater control over their production costs by redefining their maintenance approach with the aim of preventing any unnecessary asset downtime.
Manufacturers of industrial valves across the globe have an optimistic outlook towards the integration of the IIoT with the industrial operations as they think that any inclusion of technology and web-friendly machines can reduce human errors and improve efficiency.
Executives, engineers, and maintenance managers from industries such as transportation, healthcare and, lifestyle have expressed their keen interest on the prospect of IIoT based technologies in the valve market.
The valve industry has been facing a wave of fluctuations owing to the turbulent investment scenarios in the oil and the gas industry. These investment uncertainties have caused a lowered demand for valves.
The operations heads of the valve industry are however tactful and market-sensitive in redefining their strategies to better cope-up with the business challenges. An investment strategy that ensures minimized Operational Costs (OPEX), maximized utilization of assets and at the same time improves the overall production costs is being employed in the valve industries.
Management across the valve industry suggests a cost reduction in plant operations and maintenance as the core short term strategic goal.
The inclusion of IIoT In The Valve Industry
Leveraging the previously derived data from equipment, smart sensors, and other industrial assets is becoming a growing trend among the valve industries. As the advanced applications under the IIoT domain function in predictive analysis over cloud, IIoT is increasingly becoming a strategic enabler in improving the valve manufacturing processes.
More and more companies are realizing that the proper implementation of the internet and wireless technologies can augment solutions to solve the desired security concerns and the availability of services across multiple industrial plants and departments. This technological inclusion has further proven to create opportunities to revamp manufacturing operations through IIoT strategies.
The Transformational Effect Of IIoT In The Valve Industry
The transformational outcome from the union of the valve business and automation technology is decreasing the cost of maintenance and operations by altering the way plant maintenance is executed on certain critical assets. IIoT also prevents production delay, equipment failure as well as unplanned shutdown.
It also regulates the maintenance cost of pumps, generators, motors, and compressors. Through IIoT, the machinery installed in the valve plant is able to collect, store and analyze data at low costs with high periodic frequency, thereby enabling speedy business operations like never before.
A derivative of IIoT- Distributed Control System (DCS) and Programmable Logic Controllers (PLC) can help operation managers to process logical, more vigilant operations and control through the use of Human Machine Interface (HMI).
This is critical and one of the first steps in the determination of the overall longevity of the valve. Additionally, cloud-based technologies are able to give sound predictions about the nature and frequency of potential failure in the functioning of the valve.
IIoT provides encrypted data connections through the use of Secure Socket Layer (SSL) and comes up with opportunities that analyze the service of valve signatures.
One of the services in IIoT is the characteristic of interoperability. Interoperability is considered as the “holy grail” in the valves sector. Interoperability between the IT (Information Technology) and OT (Operational Technology) has the ability to transform the sector.
Through the ability to securely access and foresee client feedback through digitally equipped tools and sensors, manufacturers can generate improved and more credible product performance and in turn ensure financial and brand sustainability.