Flare
Monitoring Market Scenario
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).
Continuous growth
of the petrochemical industry and introduction of stricter emission laws is
supporting the growth of flare monitoring market. A sparp 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.
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.
Global Flare
Monitoring Market: 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. 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. During the forecast period, the segment is expected
to post a CAGR of 7.71% and retain its leading position. The remote segment is
expected to exhibit a relatively higher CAGR.
On the basis of application, the 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.
The petrochemical segment currently accounts for second largest share in
the market and is likely to retain its second spot over 2025.
Competitive
Landscape
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.
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.
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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