Flare Monitoring Market Share

Flare Monitoring Market Snapshot

Flare Monitoring Market Size was valued at USD 1100 million in 2022. The Flare monitoring industry is projected to grow from USD 1,169.64 Million in 2023 to USD  1,312.2 Million by 2032, exhibiting a compound annual growth rate (CAGR) of 7.83% during the forecast period (2023 - 2032).

The flare monitoring market is expected to grow substantially due to the factors such as strict environmental regulations to curb harmful emissions and raise the combustion efficiency of flare systems, followed by the benefits offered by remote flare monitoring systems and the steady expansion of oil gas and petrochemicals industries. Stringent government environmental regulations related to industrial gas emission, the requirement of real time flare monitoring system, and the requirement of enhanced & increased safety norms & global industry standardization are driving the growth of the flare monitoring market. Restricting and controlling the hazardous element's emissions in the environment to withstand the global environment and avoid global warming.

The flare monitoring is used to monitor the characteristics of the flare out of the flames from the industrial sector and restore the gases for environment prevention, for cost-saving which can be reused and also helps maintain the standardized gases footprints according to the Environmental Protection Agency (EPA). 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

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 Flare Monitoring Market.

Flare Monitoring Market Key Companies

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.

Recent Developments in Flare Monitoring Market

The growing demand from major oil and gas producing countries across the Middle East & Africa and significant oil refining countries in the Asia Pacific and Europe are offering new growth opportunities to the players in the flare monitoring market. However, governments, oil companies, and development institutions worldwide are encouraged to endorse the Zero Routine Flaring by 2030 Initiative, which is expected to restrict market growth. The flare monitoring system has functions owing to which, it is capable of automatic generation of the signal and flare size tracking so that the hazard can be avoided. It is gaining the pace across Oil & Gas Industry. The United States is recognized as the largest market for oil and gas in North America. The country's newfound shale resources and government policies that aim to make the country the top oil and gas producer in the next few years are expected to drive the demand for the flare monitoring market in the oil and gas industry.

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.

In August 2017, Zeeco Inc., a manufacturer of combustion and environmental equipment launched a new system for the real-time industrial flare monitoring called The FlareGuardian.

The report covers the development strategies adopted by the companies between 2022 to 2030.  Market players adopted various strategies to retain and/or expand their market share.

Flare Monitoring Market Segmentation

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.

Type Analysis

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.

Application Analysis

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.