Abstract: This research paper explores the adoption and impact of Industry 4.0 technologies within the Engineering, Procurement, and Construction (EPC) sector of the oil and gas industry, with a specific focus on operational efficiency and cost management. The study aims to provide empirical insights into the real-world effects of Industry 4.0 implementation in this context.
The research methodology involves a comprehensive survey conducted among 32 EPC companies operating in major oil and gas producing regions across India. The data collected through online surveys and in-person questionnaires were analyzed using frequency counts, percentages, and cross-tabulation analysis.
The key findings of the study reveal that company size, years of industry experience, and the specific Industry 4.0 technologies adopted all influence the level of adoption and the impact on operational efficiency and cost management. Larger companies tend to have higher adoption levels, while longer industry experience leads to greater operational efficiency gains. Moreover, full integration of Industry 4.0 technologies results in significant improvements in cost management.
Keywords: Industry 4.0, oil and gas, Engineering, Procurement, and Construction (EPC), operational efficiency, cost management, technology adoption, India.
Title: Assessing the Adoption and Impact of Industry 4.0 Technologies in Oil and Gas EPC Companies: A Survey-Based Study on Operational Efficiency and Cost Management
Author: Dr.Vijayakumar umasekar
International Journal of Engineering Research and Reviews
ISSN 2348-697X (Online)
Vol. 11, Issue 4, October 2023 - December 2023
Page No: 88-96
Research Publish Journals
Website: www.researchpublish.com
Published Date: 15-December-2023
