World Flare Monitoring Market is estimated to grow at a CAGR of 8.24% during 2018–2023 - Exclusive Report by ReportsnReports

Flare Monitoring Market by Mounting Method (In Process-Mass Spectrometers, Gas Chromatographs, Gas Analyzers; Remote-IR Imagers, MSIR Imagers), Industry (Refineries, Petrochemical, Onshore Oil & Gas Production Sites), & Geography - Global Forecast to 2023

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The report profiles the key players in the flare monitoring market, along with their ranking analysis. The prominent players profiled in this report are Siemens (Germany), ABB (Switzerland), FLIR Systems (US), Thermo Fisher Scientific (US), Honeywell (US), John Zink Company, LLC (US), Luma Sense Technologies Inc. (US), Zeeco, Inc. (US), MKS Instruments (US), Land Instruments International Ltd. (UK), Eaton HERNIS Scan Systems AS (Norway), Fluenta (UK), Williamson Corporation (US), Extrel CMS, LLC (Pennsylvania, US), Providence Photonics LLC (US), Powertrol Inc. (US), and TKH Security Solutions (Netherlands).

“The flare monitoring market is estimated to grow at a CAGR of 8.24% during 2018–2023”

The flare monitoring market is estimated to grow from USD 842.3 million in 2018 to USD 1,251.7 million by 2023, at a CAGR of 8.24% between 2018 and 2023. The factors that drive the growth of the flare monitoring market include stringency in environmental regulations leading to growing need for controlling waste gas combustion parameters, benefits offered by remote flare monitoring systems, and steady expansion of oil, gas, and petrochemicals industries across the world. The growing demand from major oil and gas producing countries across the Middle East and Africa and major oil refining countries in Asia Pacific and Europe are offering new growth opportunities to the players in the flare monitoring market. However, shifting focus of many countries toward the elimination of flaring and rising popularity of associated waste gas recovery systems in developed countries across North America and Europe are expected to hinder the long-term growth of the market for certain flare monitoring systems, especially devices based on remote mounting technologies.

“In-process mounting method held a larger market share in 2017”

The in-process mounting method held a larger market share in 2017 and is further expected to lead the market (in terms of value) between 2018 and 2023. Rising demand from expanding crude and shale oil production, discovery of new oil fields, and continuous demand from refineries will further give substantial impetus to in-process flare monitoring market. However, the market for the remote mounting method is expected to witness a higher growth rate. Remote monitoring devices, due to the absence of any contact with harsh and corrosive flare vent gases, are comparatively easy to install and maintain, easy to integrate with other systems, can offer quick analysis of data, and are economical flare stack monitoring solutions (due to reduced operational and maintenance costs) than conventional in-process methods.

“Refineries and petrochemical to hold larger market shares”

Refineries and petrochemicals were the key industries (in terms of market shares)in the global flare monitoring market in 2017.Refineries is the major industry vertical holding major market shares of in-process and remote flare monitoring devices and systems. However, the flare monitoring market across onshore oil and gas production sites is estimated to grow at the highest CAGR during the forecast period. The growing strictness from regional, national, and international environmental jurisdictions to reduce emissions of harmful VOCs and other pollutants right from the extraction to production of oil and gas is expected to boost the flare monitoring market growth across upstream, i.e., both onshore as well as offshore oil and gas production sites in the nearest future.

“North America accounted for a major market share in 2017”

North America accounted for the largest share of the flare monitoring market in 2017, while market across Rest of the World is estimated to grow at the highest CAGR between 2018 and 2023. The growing number of drilling activities and shale gas exploration, and strict requirements for the installation of flare monitoring devices are expected to drive the North American market growth. The highest growth rate of the RoW region is due to the rapid expansion of oil production facilities, oil refineries, gas production plants, and gas flaring activities across major countries in the Middle East, especially Saudi Arabia, the UAE, Iraq, Iran, and Kuwait; and the shifting focus of countries in the RoW region toward harmful waste-gas emission reductions.

In the process of determining and verifying the market size for several segments and subsegments gathered through the secondary research, extensive primary interviews have been conducted with key industry experts in the flare monitoring markets.

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This release was published on openPR.