Flare monitoring is an important aspect of operating oil and gas facilities. Continuous growth of the petrochemical industry and introduction of stricter emission laws is supporting the growth of flare monitoring market. The global flare monitoring Industry report by type, application and region.
Market Research Future (MRFR’s) latest study reveals that the global flare monitoring market will grow at a compound annual growth rate of 7.83% during the forecast period (2018-2025). Flare monitoring devices are installed to monitor the fluctuations in the stack flame and spot abnormalities, if any. Modern flare monitoring devices come with visual cameras and advanced infrared systems. They are capable of non-contact monitoring using thermal imaging and pyrometry that are specifically designed for the continuous monitoring of emissions.
Use of flare monitoring in petrochemicals industry, chemical process plants, gas distribution infrastructure, refineries, and oil & gas production sites is widespread. The oil & gas sector strives for efficiency and reliability, which creates application opportunities for surveillance system and security solutions.
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A sharp rise in drilling activities from offshore locations, along with increased automation in the oil and gas sector is creating lucrative market opportunities. Gas and liquid flaring is a common activity in extraction facilities, however, it involves a significant level of caution. This is where flare monitoring is so important. Flare monitoring devices are found in industrial plants such as refineries, gas processing plants, and chemical plants.
MRFR’s study includes a thorough segmental analysis of the market based on type application and region.
On the basis of application, the Flare Monitoring market has been segmented into refineries, oil & gas production sites, and petrochemicals. The oil & gas production sites segment currently accounts for major share of the market.
On the basis of type, the market has been segmented into In-process and remote. The In-process segment in further sub-segment into mass spectrometers, gas chromatographs, gas analyzers. The remote segment is further sub-segmented in remote-IR imagers and MSIR imagers. The In-process segment accounts for the larger share of the market.
Some of the leading companies operating in the global flare monitoring market are ABB, Thermo Fisher Scientific Inc., Siemens AG, Honeywell International Inc. AMETEK.Inc., Zeeco, Inc., FLIR Systems Inc., LumaSense Technologies, Inc., Fluenta AS., Williamson Corporation, Extrel CMS, LLC and Providence Photonics, LLC. among others.
In the report, the market has been covered across regions such as North America, Europe, Asia Pacific, the Middle East & Africa (MEA), and Latin America.
North America accounted for largest share in the flare monitoring market in 2017. The region is expected to remain a key market for flare monitoring during the forecast period. The market in North America is entering a maturity phase and undergoing technological and structural transformation. North America is followed by Europe and Asia-Pacific.
The Europe flare monitoring market is currently valued at over USD 150 Mn and projected to surge at a healthy growth rate over the next couple of years. Meanwhile, the market in APAC is expected to surpass a valuation of USD 200 Mn by the year 2025, reflecting a CAGR of 8.06%. There has been a rapid expansion of the facilities in the upstream oil and gas sector in the region, which is likely to provide the business opportunities in the market in APAC region.
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List Of Tables
Table 1 List Of Assumptions
Table 2 Flare Monitoring Market Estimates & Forecast, By Type, 2019–2024 (USD Million)
Table 3 Flare Monitoring Market Estimates & Forecast, By Application, 2019–2024 (USD Million)
Table 4 Global Flare Monitoring Market, By Region, 2017–2024 (USD Million)
Table 5 North America: Flare Monitoring Market, By Country, 2017-2024 (USD Million)
Table 6 North America: Flare Monitoring Market, By Type, 2017–2024 (USD Million)
Table 7 North America: Flare Monitoring Market, By Application, 2017–2024 (USD Million)
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