ARQ soars with remote oil monitoring solution
Former naval officers Conor O’Sullivan and Ronan Carey formed ARQ Asset Solutions when they saw that Irish companies were losing around €1bn annually through poor management of lubricants in their machinery.
“Enterprise Ireland rowed in and helped us figure out how to put our unique knowledge to good use,” said Conor O’Sullivan. “We developed an industrial IoT [Internet of Things] solution that allows companies to remotely monitor their valuable oil assets.
“It’s like an early warning system giving data on the oil in components like the gear box in a wind turbine. Our monitor can predict when you need to change the oil.
People were changing oil too frequently. Our tool allows them to reduce their maintenance by 20-30%, both planned and unplanned.
The IoT market is currently around $3bn globally, and is set to grow to $12bn by 2023. The value of the UK’s offshore wind turbine market alone is set to double from £24bn to £48 (€27bn to €54bn) by 2030.
Up to 70% of machinery failures are due to poor lubrication practices. ARQ’s founders believe there is a global market for their solution.
ARQ is one of a handful of companies getting fast-tracked marine technology mentoring with Proto Atlantic. Enjoying rapid growth within the energy sector, ARQ’s solution is also being used in pharma and other manufacturing settings.
ARQ is one of the exhibitors at the Our Ocean Wealth conference in Cork City Hall. ARQ was chosen by LEO South Cork for the National Enterprise Awards.
