Summary
Hydraulic power drives a variety of devices in a multitude of industries, and due to its versatility and power, the market is expected to grow up to $11.93 billion by 2022. Construction, agriculture, material handling, oil and gas, aerospace, defense, and mining are some of the industries where hydraulic power use is so widespread. Nonetheless, in spite of its usage, yet the monitoring of the hydraulic tool is not accurate neither obtained at real-time. Consequently, these industries still face equipment downtime & replacement which trigger billion euros production losses, environmental damages, and human safety threats.
In response, we have developed the first Internet-of-things (IoT) hydraulic system in the high-pressure hydraulic tools market that monitors the hydraulic tool performance, analyses and certifies the validity and quality of the operation performed by the device at the time of its completion. Our high-efficient digitalized portable hydraulic system consist on embedded sensors that record the performance of the tool (i.e. time, pressure, energy use, n° of cycles), and a connectivity system that transfers the data to our App and our platform for data analysis. Our IoT system is commercialized within our tools, a pipeline of more than 40 models, and is also available for other tools providers (including some old tools where our solution can be integrated)
Our IoT system will enable a reduction of the productivity losses of our customers & human safety and environmental risks. We can estimate revenue gains of €2.4M/year (11.7% of gain) for a single industrial company. Furthermore, after 4-year sales, it will give net revenues of ~€50.65M, net profits of ~€22.36M and considering the investment of €1.05M, a ROI of ~5.14 euro per € invested.
In response, we have developed the first Internet-of-things (IoT) hydraulic system in the high-pressure hydraulic tools market that monitors the hydraulic tool performance, analyses and certifies the validity and quality of the operation performed by the device at the time of its completion. Our high-efficient digitalized portable hydraulic system consist on embedded sensors that record the performance of the tool (i.e. time, pressure, energy use, n° of cycles), and a connectivity system that transfers the data to our App and our platform for data analysis. Our IoT system is commercialized within our tools, a pipeline of more than 40 models, and is also available for other tools providers (including some old tools where our solution can be integrated)
Our IoT system will enable a reduction of the productivity losses of our customers & human safety and environmental risks. We can estimate revenue gains of €2.4M/year (11.7% of gain) for a single industrial company. Furthermore, after 4-year sales, it will give net revenues of ~€50.65M, net profits of ~€22.36M and considering the investment of €1.05M, a ROI of ~5.14 euro per € invested.
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More information & hyperlinks
| Web resources: | https://cordis.europa.eu/project/id/867633 |
| Start date: | 01-05-2019 |
| End date: | 31-08-2019 |
| Total budget - Public funding: | 71 429,00 Euro - 50 000,00 Euro |
Cordis data
Original description
Hydraulic power drives a variety of devices in a multitude of industries, and due to its versatility and power, the market is expected to grow up to $11.93 billion by 2022. Construction, agriculture, material handling, oil and gas, aerospace, defense, and mining are some of the industries where hydraulic power use is so widespread. Nonetheless, in spite of its usage, yet the monitoring of the hydraulic tool is not accurate neither obtained at real-time. Consequently, these industries still face equipment downtime & replacement which trigger billion euros production losses, environmental damages, and human safety threats.In response, we have developed the first Internet-of-things (IoT) hydraulic system in the high-pressure hydraulic tools market that monitors the hydraulic tool performance, analyses and certifies the validity and quality of the operation performed by the device at the time of its completion. Our high-efficient digitalized portable hydraulic system consist on embedded sensors that record the performance of the tool (i.e. time, pressure, energy use, n° of cycles), and a connectivity system that transfers the data to our App and our platform for data analysis. Our IoT system is commercialized within our tools, a pipeline of more than 40 models, and is also available for other tools providers (including some old tools where our solution can be integrated)
Our IoT system will enable a reduction of the productivity losses of our customers & human safety and environmental risks. We can estimate revenue gains of €2.4M/year (11.7% of gain) for a single industrial company. Furthermore, after 4-year sales, it will give net revenues of ~€50.65M, net profits of ~€22.36M and considering the investment of €1.05M, a ROI of ~5.14 euro per € invested.
Status
CLOSEDCall topic
EIC-SMEInst-2018-2020Update Date
27-10-2022
Geographical location(s)
Structured mapping
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