After the emergence of innovations and technologies, the energy sector is transforming rapidly. In 2014, when oil prices dropped suddenly, the companies’ first reaction was to slash the prices. But the lower-for-longer scenarios that persisted between 2014 to 2016 forced companies and industries worldwide to reduce capital expenditure by about 40%.

However, the market’s stability at this stage has caused the need to change its business models, marking a shift toward the digital world, which is none other than augmented and virtual reality (AR and VR). 

By using this technology, industries have improved processes for engineers, resulting in better decisions, higher efficiency, and cost reduction. Traditionally, product designs have been rendered in 3-D on a computer. After the approval, an instruction or prototype was created to determine whether the physical rendering fits well. 

But with the help of VR devices, now a product can be viewed in the early stages of the designing process. Companies can analyze, compare, and detect errors at this stage before making a final call. 

VR technology has been a boon in the energy industry-

Nowadays, most businesses are strategizing and finding ways to reduce costs and improve efficiency, and with this comes none other than augmented and virtual reality. 

These digital technologies have brought multiple benefits to the energy sector. With their help, industries can extract more energy while controlling their costs. 

For example - AR is being used in remote consulting. The higher company experts guide their junior field workers in the comfort of their own in real-time, which is quite interesting. This way, the company can save travel expenses and keep these highly experienced experts on the payroll. 

When companies invested in large machinery, the representatives moved around and supervised the machine’s functioning, which was time-consuming. But with virtual technology, managers and team members can get hands-on experience on how it operates. Hence, it allows making a wise purchase while minimizing the environmental impact. 

How AR and VR are transforming the energy sector?

Augmented Reality (AR) and Virtual Reality (VR) are being used to revolutionize the energy sector by improving efficiency, safety, and cost-effectiveness in various areas of the industry.

Effective and Efficient Training and Safety -

The technology can train employees in a simulated environment, reducing the risks of accidents and injuries. Employers can use AR and VR headsets for training purposes. The headsets can run software showing workers and providing hands-on training to handle hazardous materials. 

In addition, the immersive training will also allow the workers to gain a deeper understanding of the potential hazards they may encounter on the job and improves their awareness of how to respond.

Also, VR in the energy industry can be used for collaborative training, allowing workers to practice teamwork and communication skills in a simulated environment. This helps to improve their ability to work together effectively in real-life scenarios.

Reduce maintenance and repair costs -

Technicians and workers using virtual reality devices can have live access to necessary service documents and manuals on their tablets. In addition, it will provide real-time information to the technicians in the field, such as schematics and operating instructions, helping to diagnose and resolve problems more quickly and accurately. This planning and strategy can reduce a lot of time and cost spent on maintenance. 

Enhance designing and planning skills -

VR can create virtual prototypes of energy plants and infrastructure, allowing engineers to test designs, identify potential problems and make improvements before construction begins. It will enable engineers to visualize their structures in a virtual environment, allowing them to see how the design will look and function in the real world. 

In addition, multiple engineers work together on a design in real time, regardless of their physical location. This improves the efficiency of the design process and allows for more effective collaboration between team members.

Increase customer engagement -

With the help of augmented and virtual reality, companies and industries can educate customers about energy conservation and usage, allowing them to analyze and visualize the impact of their behaviour on the environment. Also, it can monitor and control energy production from remote locations, reducing the need for on-site visits and increasing efficiency.

Boosting overall operational efficiency -

Keeping the operating costs down is one of the crucial considerations currently required in the energy sector. But with the help of virtual devices and technology, it is possible to explore oil fields and make accurate decisions about where to place the drill sites without personally visiting. 

It allows the experts and technicians to monitor virtually and support several locations. This planning helps companies to conserve time, money, and management. 

Future Challenges that AR and VR in the energy sector -

According to the World Economic Forum, adopting digital technology can create about US $ 1 trillion in value for oil and gas companies. The latter figure includes US$10 billion in productivity savings, US$430 billion in lower emissions, US$ 30 billion from lower water usage, and US$ 170 billion in lower consumers. These are positive figures that demonstrate the effectiveness of VR and AR. 

In conclusion, AR and VR are improving and enhancing training, safety, design, and efficiency in the energy industry by providing engineers with new tools to visualize, test, and refine their techniques, improving collaboration and communication and ultimately leading to more efficient, effective, and cost-saving projects.