Flare monitoring market is set to exhibit a CAGR of 7.83% between 2018 and 2025 to reach a valuation of USD 1,314.1 Mn.
The increased focus on safety and enforcement of stringent labor safety continue to drive the adoption of advanced monitoring systems including flare monitoring systems in the oil and gas facilities.
Monitoring the fluctuations in stack flame is the primary function of flare monitoring devices. Integration of leading-edge infrared systems and visual cameras has made these systems extremely effective and credible. The latest versions of the flare monitoring systems are capable of non-contact monitoring and continuous monitoring of emissions. Flare monitoring systems are common in chemical process plants, refineries, petrochemicals industry, oil & gas production sites, and gas distribution infrastructure. With the oil and gas industry striving for more efficiency in both upstream and downstream activities, technologies such as flare monitoring will remain crucial.
Global Flare Monitoring Market, By Region, 2017
By region, the flare monitoring market is segmented into North America, Asia Pacific (APAC), Europe, Latin America, and the Middle East & Africa (MEA). North America currently accounts for the largest share of the market and is likely to retain its dominant position over 2025. Demand for flare monitoring is expected to remain healthy in North America during the assessment period. The oil and gas industry is undergoing structural reforms where facility upgradation is a key focus area. This is expected to create lucrative opportunities for market players during the forecast period. Meanwhile, Europe has emerged as second largest market for flare monitoring. Currently, the market in Europe stand at more than USD 150 Mn. In addition, it is likely to post a healthy growth rate in the coming years. The APAC market is also expected to exhibit a tremendous growth rate during the review period. This is mainly owing to the substantial growth of the oil and gas sector in APAC. India and China have emerged as two of the largest consumers of oil and gas in the world and present attractive growth opportunities to the global market.
Providence Photonics, LLC., ABB, Siemens AG, AMETEK.Inc., LumaSense Technologies, Inc., Williamson Corporation, Thermo Fisher Scientific Inc., Extrel CMS, LLC, FLIR Systems Inc., Honeywell International Inc., Fluenta AS., and Zeeco, Inc.
A number of companies are operating in the global flare monitoring market. Growth opportunities for market participants depend on market condition, government policies and industry development. Most of the players are focusing on improving market position, global presence, and expanding product portfolio. In 2017, ABB (Switzerland), Siemens AG (Germany), Thermo Fisher Scientific Inc. (US), AMETEK.Inc (US), and Honeywell International Inc. (US) collectively accounted for major share of the market.
ABB is engaged in the business of electrification products, industrial automation, power grids, utilities services, and transport & infrastructure services. Siemens AG offers products and services for building technologies and drive technology. It caters to sectors such as energy, healthcare, industrial automation, mobility, financing, services, software, and consumer products. Thermo Fisher Scientific Inc. is one of the leading technology providers with expertise in Thermo Scientific, Applied Biosystems, Invitrogen, Fisher Scientific, and Unity Lab Services.
AMETEK.Inc. is a global manufacturer of electronic instruments and electromechanical devices. It operates through two business segments - electronic instruments and electromechanical. Honeywell International Inc. is a diversified technology providing company and operates in sectors such as aerospace, home and building technologies, performance materials and technologies, and safety and productivity solutions.
The report covers the development strategies adopted by the companies between 2015 to 2018. Market players adopted various strategies to retain and/or expand their market share.
By Type- In-Process (mass spectrometers, gas chromatographs, gas analyzers), and Remote (remote-IR imagers and MSIR imagers).
By Application- Refineries, Oil & Gas Production Sites, and Petrochemicals.
The In-process segment holds a significant share of the market. Furthermore, the segment is set to grow at a CAGR of 7.71% during the forecast period. The process instruments used in flare monitoring are intelligent tools that store and analyze data in real time. For accurate measurement, these devices are usually installed near the flare exhaust.
The oil & gas production sites segment is expected to remain highly attractive during the forecast period. Currently, the segment commands close to 60% market share in terms of value.
Key questions addressed by the report
|Market Size||2025:USD 1,314.1 Million|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type and Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Providence Photonics, LLC., ABB, Siemens AG, AMETEK.Inc., LumaSense Technologies, Inc., Williamson Corporation, Thermo Fisher Scientific Inc., Extrel CMS, LLC, FLIR Systems Inc., Honeywell International Inc., Fluenta AS., and Zeeco, Inc.|
|Key Market Opportunities||Government policies and industry development|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
The worldwide market of flare monitoring can thrive at 7.83% CAGR from 2018 to 2025.
The flare monitoring market can value at USD 1,314.1 Mn by 2025.
ABB, Siemens AG, LumaSense Technologies, Inc., AMETEK.Inc, and Williamson Corporation are reputed companies that can function in the flare monitoring market.
The growing requirement for monitoring of fluctuations in stack flame can promote the flare monitoring market expansion.
By 2025, the flare monitoring market in North America can strike a high CAGR as the oil and gas industry is experiencing numerous infrastructural developments.