Flare Monitoring Market Information By Type (In-Process, and Remote), By Application (Refineries, Oil & Gas Production Sites, and Petrochemicals) and Region (North America, APAC, Europe, Latin America, and MEA) – Forecast Till 2025
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Flare Monitoring Market Overview
The global flare monitoring market is set to exhibit a CAGR of 7.83% between 2018 and 2025 to reach a valuation of USD 1,314.1 Mn. The increased focus on safety and enforcement of stringent labor safety continue to drive the adoption of advanced monitoring systems including flare monitoring systems in the oil and gas facilities. 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.
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Monitoring the fluctuations in stack flame is the primary function of flare monitoring devices. Integration of leading-edge infrared systems and visual cameras has made these systems extremely effective and credible. The latest versions of the flare monitoring systems are capable of non-contact monitoring and continuous monitoring of emissions. Flare monitoring systems are common in chemical process plants, refineries, petrochemicals industry, oil & gas production sites, and gas distribution infrastructure. With the oil and gas industry striving for more efficiency in both upstream and downstream activities, technologies such as flare monitoring will remain crucial.
Type Analysis:
The In-process segment holds a significant share of the market. Furthermore, the segment is set to grow at a CAGR of 7.71% during the forecast period. The process instruments used in flare monitoring are intelligent tools that store and analyze data in real time. For accurate measurement, these devices are usually installed near the flare exhaust.
Application Analysis:
The oil & gas production sites segment is expected to remain highly attractive during the forecast period. Currently, the segment commands close to 60% market share in terms of value.
Top Manufacturers:
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.
Flare Monitoring Industry Segmental Analysis:
MRFR’s study includes a thorough segmental analysis of the market based on type, application and region.
On the basis of type, the market has been segmented into In-process and remote.
On the basis of application, the market has been segmented into refineries, oil & gas production sites, and petrochemicals.
On the basis of region, the Flare Monitoring Market covers its growth opportunities and latest trends across North America, Asia Pacific (APAC), Europe, Latin America, and the Middle East & Africa (MEA).
Flare Monitoring Market Regional Outlook:
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.
List of Tables
Table 1 Market Synopsis
Table 2 Global Flare Monitoring Production (Thousand Units) And CAGR (%) Comparison By Type (2013- 2025)
Table 3 Global Flare Monitoring Production (Thousand Units), By Type, (2013 To 2018)
Table 4 Global Flare Monitoring Production Share, By Types, (2013 To 2018)
Table 5 Global Flare Monitoring Consumption (Thousand Units) By In-Process (2013-2025)
Table 6 Global Flare Monitoring Consumption (Thousand Units) By Remote (2013-2025)
Continued……
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