Flare Monitoring Market Scenario
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.
Use of flare monitoring in petrochemicals industry, chemical process plants, gas distribution infrastructure, refineries, and oil & gas production sites is widespread. The oil & gas sector strives for efficiency and reliability, which creates application opportunities for surveillance system and security solutions.
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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.
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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.
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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