The Fourth Industrial Revolution, also known as Industry 4.0 or 4 IR refers to the current trend of automation and data exchange in manufacturing and other industries. It builds on the digital revolution of the Third Industrial Revolution and is characterized by a fusion of technologies that blur the lines between the physical, digital, and biological spheres. This includes developments in areas such as artificial intelligence, the Internet of Things, advanced robotics and autonomous systems, which are leading to significant changes in the way goods and services are produced, consumed, and distributed.
It is the fourth major industrial era since the initial Industrial Revolution of the 18th century. The first three industrial revolutions were characterized by the use of steam power, electricity, and computer technology, respectively. The Fourth Industrial Revolution is characterized by the emergence of new technologies such as artificial intelligence, the Internet of Things, and quantum computing. The term was first coined by Klaus Schwab, the founder and executive chairman of the World Economic Forum, in 2016.
First Industrial Revolution, 1760~1840
The First Industrial Revolution is marked by a transition from hand production methods to machines through the use of steam power and water power. The implementation of new technologies took a long time and this period was between 1760 and 1820, or 1840 in Europe and the United States. The first industrial revolution significantly affected textile manufacturing, the iron industry, agriculture, and mining.
Second Industrial Revolution, 1870~1914
The Second Industrial Revolution, also known as the Technological Revolution, is the period between 1871 and 1914. This period resulted from the installation of extensive railroad and telegraph networks, which allowed for faster transfer of people and ideas, as well as electricity. Increasing electrification allowed factories to develop modern production lines. It was a period of great economic growth, with an increase in productivity.
Third Industrial Revolution, 1969~2000
The Third Industrial Revolution, also known as the Digital Revolution, occurred in the late 20th century and is known for the development and application of computers, information technology, and automated production. The production of the Z1 computer, which used binary floating-point numbers and Boolean logic, a decade later, was the beginning of more advanced digital developments. The next significant development in communication technologies was the supercomputer, with extensive use of computer and communication technologies in the production process; machinery began to abrogate the need for human power.
Main Impacts of the Fourth Industrial Revolution on the Oil & Gas Industry
The Fourth Industrial Revolution (Industry 4.0) is expected to have a significant impact on the oil and gas industry. The 4IR has resulted in the digital transformation of the petrochemical, oil & gas and oil refining sectors. Some of the ways in which it is likely to affect the oil and gas industry include: