Global flare monitoring market is forecast to exhibit a CAGR of over 8% during 2019-2024, growing from $ 773 million in 2018 to $ 1219 million by 2024. 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 environmental regulations aimed at curbing harmful emissions and increasing the 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.
In terms of end-user industry, global flare monitoring market is categorized into oil & gas production sites, refineries & petrochemicals and others. Of these industries, refineries & petrochemicals segment accounted for a majority share in the global flare monitoring market in 2018, on account of the growing consumption of petroleum & petrochemicals products. The segment is anticipated to maintain its dominating market position during the forecast period. The oil & gas production sites category is likely to witness the fastest growth in the global market during 2019-2024, owing to increasing exploration & production activities in the oil & gas industry, globally.
In terms of region, global flare monitoring market is categorized into Asia-Pacific, North America, Europe, Middle East & Africa, and South America. North America dominates the global flare monitoring market, backed by growing government regulations to address poisonous and combustible gases coming out from industries.
The objective of the Study:
• To analyze and forecast global flare monitoring market size.
• To forecast the global flare monitoring market based on mounting method, end-use industry, and regional distribution.
• To identify drivers and challenges for global flare monitoring market.
• To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in a global flare monitoring market.
• To conduct the pricing analysis for a global flare monitoring market.
• To identify and analyze the profile of leading players operating in a global flare monitoring market.
Some of the major companies operating in a global flare monitoring market are
• Honeywell International Inc.
• Siemens AG
• Emerson Electric Company
• ABB Ltd.
• Ametek Inc.
• Thermo Fisher Scientific Inc.
• Zeeco Inc.
• Lumasense Technologies Inc.
• Endress+Hauser Ag
• KJohn Zink Company LLC.
Key Target Audience:
• Flare monitoring system and solution providers and other stakeholders
• Flare monitoring end-user industries
• Government bodies such as regulating authorities and policymakers
• Organizations, forums and alliances related to flare monitoring market
• Market research and consulting firms