Oil and gas are produced all over the world, from private wells on farms in Indiana, to production wells in Pennsylvania, deep sea wells in the Gulf of Mexico and oil fields on the Norwegian Continental Shelf. Production ranges from small wells of 100 barrels per day, to others with a daily output exceeding half a million barrels. Smaller fields may cost less than $10,000, while the cost of larger offshore rigs can exceed $10 billion.
Hydraulic systems power our everyday lives. They power everything from our cars' components to our dishwashers, from construction equipment to amusement park rides. Hydraulics can move small devices and extremely heavy loads. These extreme applications include heavy construction equipment, such as Caterpillar’s 612OB hydraulic shovel with an operating weight of 1400 tons, and SMS Group’s forging press that can produce 60,000 tons of force.
Hydraulics truly touch so many areas of our lives. We can’t go through a day without some form of hydraulics powering us along. Some of the often unrecognized hydraulic applications include:
The hydraulics industry shows significant promise in staying strong as inflation continues to increase costs worldwide. According to Technavio, the hydraulic equipment market is slated to grow by over $15 billion by 2025.
Automation and Training
With faltering economic recovery, companies are scrambling to deal with continued supply shortages, increasing commodity prices and higher wages triggered by labor shortages. In 2021, the producer price index (PPI) rose 10% in the industrialized world. The PPI measures the postproduction prices of goods and is a barometer of the pressures on corporations. The last time there was this level of increase in PPI was in the first half of 2008. Enough said.
FORE! On Monday, August 22nd, Brennan participated in the Solon Chamber of Commerce’s Swing for the Green Annual Golf Outing held at Signature of Solon.
Material traceability is an important quality control process in the manufacturing of metal products. It protects buyers and sellers from the liability of defective products. A paper or electronic record is often needed for tax credits, insurance, quality control and environmental certifications. Traceability is essential for the manufacturer and end-user alike. A material traceability system is required to document and verify the origin of every steel component, from the mill to its destination.
The modern supply chain is more transparent than ever before. Because of IoT (Internet of Things), shipments are seen in real-time. IoT devices are connected to systems through data and Wi-Fi. They come in many forms and provide the ability to enhance quality management throughout the supply chain.
It’s a fact — every day we use, or even depend on, something powered by hydraulics. Hydraulic systems and components are in our cars, elevators, snowplows, bakeries, gas pumps and even desk and barbershop chairs. It’s true in the current industry 4.0 environment that digital technology powers almost everything. However, we often overlook that digital technology powers the hydraulics that do the “heavy lifting.”
My friend wanted to expand the size of his garage to make room for a large woodworking shop. At the beginning of the pandemic, a contractor gave a $22,000 estimate. However, the job was postponed for reasons unrelated to the cost. Recently, he decided to move forward, and the same contractor returned with a new quote last month: over $45,000.
With today’s supply chain challenges, companies must be more strategic in managing supplier and distributor relationships. Complications can often arise, and companies must be prepared to respond promptly and efficiently.
A boss fitting walks into a bar and the bartender says, "I'm sorry, we don't serve boss fittings in here." The irate fitting angrily says, "Why not?" and the bartender says, “Because you’re too well connected.”
