Flare Monitoring Market

The flare monitoring market is expected to be worth USD 1,251.7 by 2023, growing at a CAGR of 8.24% between 2018 and 2023. The requirement for flare monitoring systems is majorly propelled by the growing stringency in environmental regulations enforced to curb harmful emissions and raise combustion efficiency of flare systems, benefits offered by remote flare monitoring systems, and steady expansion of oil, gas, and petrochemical industries worldwide.

Flare Monitoring companies include:

• Siemens AG (Germany),
• ABB Ltd. (Switzerland),
• FLIR Systems (US),
• Thermo Fisher Scientific (US),
• Honeywell International Inc. (US).

The in-process mounting method accounted for a major market share in 2017 and is further estimated to lead the market (in terms of value) between 2018 and 2023. The high demand from expanding crude and shale oil production facilities, discovery of new oil fields, and continuous demand from refineries will further give substantial impetus to the market for in-process flare monitoring systems. However, the market for the remote mounting method is expected to witness the highest growth rate in the near future. Ease of process monitoring, lesser price compared to in-process technologies, and compliance with most of the environmental norms are some of the key driving factors for the growth of the market for remote flare monitoring systems. The growing popularity of multi-spectrum infrared (MSIR) imagers will further add to the substantial growth of the remote flare monitoring market.

Onshore oil and gas production sites are estimated to emerge as the fastest-growing industry in the flare monitoring market driven by the major deployment of thermal (IR) imagers and other remote flare monitoring devices. Refineries and petrochemicals are at the forefront in implementing flare monitoring devices across the world. The oil and gas industry (comprising onshore oil and gas production sites, refineries, and petrochemicals) together accounted for a major share of the global market in 2017. Among end-user industries that deploy the flare monitoring technology, refineries accounted for a major share of the market in 2017 owing to the high deployment of both in-process and remote flare monitoring devices.

North America accounted for the largest share of the market in 2017, and Rest of the World is expected to grow at the highest CAGR between 2018 and 2023. The highest growth rate of the RoW region is majorly attributed to the rapid expansion of oil production plants, oil refineries, gas production, and gas flaring activities across major countries in the Middle East, especially Saudi Arabia, the UAE, Iraq, Iran, and Kuwait; and shifting focus of countries in the RoW region toward harmful waste-gas emission reductions. In Asia Pacific, demand from China, India, and countries in Central Asia are expected to contribute significantly to the growth of the flare monitoring market across this region.

Related Reports:

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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