Growing Concern for Worker Health to Spur
Flare Monitoring Market Growth
The energy and power industry is expanding at a high
pace. Rapid industrialization and an increase in the need for renewable energy
are significantly contributing to the growth of the energy and power sector.
The increase in energy requirements, leading to greater movements in the
chemical and petroleum industry is generating gaseous waste. This is leading to
an increase in the need for proper waste gas disposal. Hence, flare monitoring
is facing high demand. This is identified as a potential cause for the expansion
of the global flare monitoring market. Flare stacks are extensively being used
for safe disposal of excess gases that are generated by industries. Unwanted
waste gases and flammable gases are processed to prevent any excessive
pressurizing of plant machinery that can lead to industrial accidents.
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The growing cases of occupational hazards are
pressing the need for flare monitoring equipment. As the concern towards the
health of employees grows, governments and employers are actively engaging
themselves in taking safety measures. These are factors that are expected to
boost the growth of the flare monitoring market. Another factor that is
significantly contributing to the expansion of the flare monitoring market is
the growing concern towards the environment. When untreated hydrocarbons from
industries are released in the air, they create environmental hazards. However,
if hydrocarbon, such as methane is burned in flare stacks that produce carbon
dioxide and water into the atmosphere that are less damaging for humans and
animals. In addition, environmental regulations also mention about adequate
monitoring of flare stacks that prevent pollutants, especially unburnt
hydrocarbon to get released in the atmosphere.
Technological Advacnements Play Crucial Role
in Flare Monitoring Market Expansion
Modern flare monitoring equipment has advanced
infrared systems and cameras that are noted to serve the purpose of flare
monitoring with greater efficacy. Hence, technological advancements are gaining
high traction for the global flare monitoring market. Alongside, the growing
number of refineries and expansion of the petroleum industry are also
contributing to the expansion of the global flare monitoring market. Moreover,
offshore drilling activities are also noted to boost the growth of the flare
monitoring market. Market Research Future (MRFR), a rapidly expanding market
research organization, conducted a study on the global monitoring market.
Modern, failsafe research technologies have been employed to comprehend the
flare monitoring market. Top-up and button-down approaches are maintained
throughout the study to estimate growth statistics. As per MRFR, the global
market of flare monitoring is expected to expand at a CAGR of 7.83% during the
forecast period (2018-2025).
Technological advancements in North America are
observed to push the growth of the flare monitoring market in the region.
Similarly, a firm infrastructural base in Europe is noted to contribute to the
expansion of the market. In Asia Pacific, the fast-growing oil and power
industry, and the continuous presence of numerous refineries and off-shore
drilling activities are likely to boost the flare stake adoption. This is
expected to surge the flare monitoring market in APAC. However, the market can
encounter certain limitations. In some cases, when the flames are transparent,
the monitoring system only with its visibility sensors might not detect it.
This is a potential drawback. However, technology is backing the market
expansion by countering such limitations and allowing the market for a smooth
escalation in its valuation.
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