Flare Monitoring Market- Global Industry Size, Share, Trends, Opportunity, and Forecast, 2016-2026
Growing industrialization coupled with government norms to protect the environment to drive global flare monitoring market through 2024
According to TechSci Research report, “Global Flare Monitoring Market By Mounting Method, By End-Use Industry, By Region, Competition, Forecast & Opportunities, 2024”, global flare monitoring market is projected to grow at a CAGR of over 8% during 2019-2024, on account of strict environmental regulations aimed at controlling harmful emissions and increasing combustion efficiency of flare systems. Moreover, steady growth of oil & gas and petrochemicals industries and benefits offered by remote flare monitoring systems like close monitoring of flare, prevention of unplanned over pressuring of plant equipment, etc., are some of the other factors that would drive flare monitoring market, globally, during forecast period.
Browse market data Tables and Figures spread through 130 Pages and an in-depth TOC on “Global Flare Monitoring Market”
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In terms of mounting method, global flare monitoring market is categorized into in-process and remote. In-process segment dominated the market in 2018 and is expected to maintain its dominating market position in coming years as well, on account of increasing crude & shale oil production, discovery of new oil fields and continuous demand from refineries. North America is the largest demand generating region for flare monitoring across the globe. The growth of the North American market can be majorly attributed to increasing number of shale gas exploration and drilling activities in the region. Moreover, growing focus to reduce emissions from upstream activities is expected to aid the region’s flare monitoring market. United States is the largest market for flare monitoring in the region, backed by stringent environmental norms in the country.
Global flare monitoring market is forecast to exhibit a CAGR of over 8% during 2021-2026, growing more than $ 823 million in 2019. Flare monitoring is the ability of a system to detect the level of thermal radiations and the size of flare generated during the removal of unwanted gases in various processes by the industry. The flare monitoring market is expected to grow substantially, backed by factors such as strict environment regulations aimed at curbing harmful emissions and increasing combustion efficiency of flare systems, benefits offered by remote flare monitoring like close monitoring of flare, prevention of unplanned over pressuring of plant equipment, etc.
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“Growing stringent environmental norms to reduce emissions of harmful volatile organic compounds and various pollutants from national, regional and international jurisdictions are expected to positively influence global flare monitoring market. Moreover, increasing demand from major oil & gas producing countries in the Middle East & Africa and major oil refining countries in Asia-Pacific and Europe are expected to offer growth opportunities to players operating in global flare monitoring market.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Flare Monitoring Market By Mounting Method, By End-Use Industry, By Region, Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of global flare monitoring market and provides statistics and information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global flare monitoring market.
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