Flare Monitoring Market

Flare Monitoring Market Overview

The global flare monitoring market is estimated to exceed US$ 1,800 Mn by the end of 2032. The sales of flare monitoring are expected to reach US$ 780 Mn by 2022, exhibiting growth at a robust CAGR of 8% to 9% during the forecast period 2022-2032. Increasing government emphasis on implementing stringent regulations for restricting and controlling emission of hazardous elements and gases in the environment in order to lessen the effect of global warming is anticipated to bolster the demand for flare monitoring in the global market.

Flare monitoring systems are electronic devices that are used to monitor and determine the level of thermal radiation and size of flare generated by the facility. Flaring is an important process extensively used across diverse plants and refineries as its assist in preventing unplanned over-pressurizing of facility equipments by safely disposing unwanted gases through combustion.

If these gases with hydrocarbons are released untreated into the air, they can cause more air pollution and damage to the environment, hence these gases are necessarily burned. Attributed to this, the process of flaring is increasingly used across oil & gas production plants, chemical & petrochemical refineries, and others, which is in turn, bolstering the demand for flare monitoring systems in the market.

Flare monitoring systems gaining huge popularity across various sectors owing to their capability to automatically generation signals and track flare size across the production plants and refinery in case of unplanned operational flaring, failure of safety devices, to avoid the occurrence of hazards. This is projected to bolster the sales of flare monitoring in the global market.

Which are Some Prominent Drivers Spearheading Flare Monitoring Market Growth?

As the trend of industrialization continues to create deeper inroads across the world, a significant rise in demand for oil and petroleum derivatives such as diesel, gasoline, liquefied petroleum gas (LPG), and others are being registered.

Hence, governments across several countries are aiming at increasing their production capacity to cater to this surging demand. For instance, according to a report by the India Brand Equity Foundation, the Indian Government has announced its plan to invest nearly US$ 2.86 billion to double the production of natural gas and drill more than 120 exploration wells across the country by 2022. As flare process are increasingly used across production and refining crude oil & natural gas, such initiatives are estimated to augment the demand for flare monitoring in the market.

Also, growing concerns regarding environmental sustainability and rising implementation of stringent regulations to curb industrial gases emission by mandating adoption of real-time monitoring solutions such as flaring monitoring are projected to create lucrative growth opportunities in the market.

What are the Challenges Faced by the Flare Monitoring Market?

Numerous international and governmental organizations are aiming at undertaking several initiatives, programs, and campaigns to curb flaring due to its hazardous effects on the environment. For instance, the World Bank has announced launching a campaign, “Zero Flaring by 2030,” for eliminating the flaring process through appropriate financial arrangements, regulations, and adoption of innovative technologies. Such initiatives are estimated to hinder the sales of flare monitoring in the market.

In addition to this, high initial cost, cost of installation & maintenance, and need for technological changes to comply with constantly changing regulatory norms are factors further harming the growth in the flare monitoring market.

Why is Asia Pacific Excluding Japan Emerging as an Opportunistic Flare Monitoring Market?

Future Market Insights states that Asia Pacific excluding Japan is estimated to account for the dominant share in the global flare monitoring market between 2022 and 2032.

Demand for oil & gas derivatives is surging at a rapid pace across Asia Pacific, owing to rapid industrialization and sales of automotive vehicles across the countries such as China, India, Australia, and others. Hence, leading industry players are increasingly emphasizing on expanding their oil & gas production and refining capacity to cater to the existing trend.

For instance, in 2021, Bharat Petroleum Corp. Ltd., an petroleum refineries company based in India announced its plan to invest nearly 13.66 Bn over a period of 5 years to enhance its petrochemical production capacity, improve refining efficiency, and increase its petroleum derivatives production. As flare monitoring is increasingly used at production and refining facilities, such developments are expected to bolster the demand in the market.

Nikhil Kaitwade

Principal Consultant

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How is North America Contributing to the Growth of the Flare Monitoring Market?

As per FMI, North America is anticipated to projected rapid growth in the global flare monitoring market during the forecast period 2022-2032.

Governments in the countries across North America are focusing on mandating the adoption of flare monitoring to keep a track of industrial gas emissions, owing to the rising concerns pertaining to air pollution, creating strong demand for monitoring systems.

To capitalize on such norms, key players in the market are investing in research and development activities to develop novel products. For instance, in 2019, FLIR Systems Inc., a thermal imaging cameras and sensors manufacturer announced investing in a developer of advanced software, Providence Photonics, to quantify the emission of invisible gas using FLIR Optical Gas Imaging cameras. A slew of such developments is anticipated favor the sales of flare monitoring in the North America market.

Market Competition

Some of the leading players in the flare monitoring market are ABB, Emerson Electric Co., Siemens AG, HERNIS Scan Systems AS, John Zink Company, LLC, Thermo Fisher, Honeywell International Inc, AMETEK.Inc., Advanced Energy Industries, Inc., Powertrol, Inc., FLIR Systems, Inc., MKS Instruments, and others.

The market for flare monitoring is highly competitive, due to large number of participants and increasing introduction of novel monetization technologies to strengthen the market share.

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Report Scope

Key Segments Profiled in the Flare Monitoring Market Survey

By Mounting Type:

• In Process-mass Spectrometers
• Remote-IR Imagers
• MSIR Imagers
• Gas Chromatographs

By End Use Industry:

• Refineries
• Onshore Oil & Gas Production Sites
• Chemicals and Petrochemicals

By Region:

• North America
• Latin America
• Western Europe
• Eastern Europe
• APEJ
• Japan
• Middle East and Africa