Flare Monitoring Market Size, Share & Industry Analysis, By Type ( In-Process Mounting, Remote Mounting ), By Application ( Refinery, Oil & Gas Production, Petrochemicals, Landfill, Others ) and regional Forecast, 2024-2032

Flare Monitoring is the method used to determine the size and intensity of the flare and the level of thermal radiation generated by the industry. This method is used in various industries like manufacturing industries, petrochemicals, oil and gas, and others. The flare monitoring market is growing as it is necessary to monitor flare in the industries. If not monitored, these emissions can lead to be contributors to global warming, weather change and also influence the environment through the emission of black carbon, carbon dioxide, and other hazardous pollutants. A flare monitoring system is capable of automatic generation of a signal, tracking the flare size so that the hazard can be avoided. Also, it is used to restore the gases for environmental prevention and also in maintaining the standardized footprints according to Environmental Protection Agency (EPA).

Based on type, the market is segmented into in-process mounting and remote mounting. The remote mounting holds the larger share in the market owing to ease of process monitoring, inexpensive in comparison to in-process mounting and compliance with most of the environmental norms. The remote mounting also helps in neutralizing the hazardous compounds and thereby minimizing the environmental impact. Further, the growth in oil refineries, chemical plants, and oil and gas drilling operations will fuel the market growth. Based on the application, the market is segmented into refinery, oil and gas production, petrochemicals, landfill, and others. Refineries have the largest share in the market due to increased demand for various end products produced in refineries like diesel and petrol. This has led to an increase in refining capacity from each country in recent years.

The key market driver of this market is the various objectives achieved by flare monitoring that include controlling the size of the flare controlling pollutants and carbon dioxide emissions, which helps in minimizing global warming and other harmful environmental impacts. The other market drivers include protection from the replacement of the machine and parts, generation of less waste, increasing combustion efficiency of the flare system, and expansion of oil and gas and petrochemicals. 

The key market restraint is technological changes required in adhering to regulatory norms. It stands as a very difficult challenge for manufacturing industries to make it up in a product or equipment. The other restraints which hamper the growth of the market include the high cost of the system and changing government regulations.

Key Market Driver -

Controlled emissions as per the government regulation that help in avoiding negative impacts on environment.

Key Market Restraint -

Technological changes in adhering to regulatory norms.

Key Players Covered:

 Some of the major companies in the flare monitoring market are Siemens, FLIR Systems, Thermo Fisher Scientific, Honeywell, Emerson, AMETEK, Zeeco Inc, MKS Instruments, LumaSense TechnologiesInc., John Zink Hamworthy Combustion, Providence Photonics, LLC., Williamson Corporation, Fluenta, and Endress+Hauser Group.

Regional Analysis:

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The global flare monitoring market is studied across different regions like North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. In North America, the drivers for the market include high refining capacity in countries like the US, which has pushed its total crude oil refining capacity to 24.6 million barrels per day in 2019. While Canada is expected to reach its refining capacity with new-build projects of 132.5 mbd by 2024. Europe region has emerged as the second-largest market for flare monitoring and is expected to witness healthy growth in the coming years owing to many manufacturing, and petroleum industries are developing in the constituent countries. Germany, Italy, and Spain are the major contributors in the European crude oil refining industry and account for more than 35% of the active refining capacity among all the countries in the region. Germany had the highest active refining capacity of 2,136 thousand barrels per day (mbd) in 2017. The Asia Pacific flare monitoring market is also expected to drive the market due to an increase in disposable income and living standards, which will result in an increased demand for air travel and aviation fuel. Also, growth in the automotive sector will lead to an increase in the demand for LNG and will boost the market. Latin America and Middle East & Africa regions are seen to have developed in this market due to the growing of refineries and petroleum industries in the country like UAE and Iraq, where oil is the major source of fuel.

Segmentation

Key Industry Developments

• In October 2017, Automatic Flare Stack Monitoring was designed, which rings alarm if the flare becomes too small or too big, and it becomes crucial to ensure no unburned toxic waste gas is released into the atmosphere. It was first tested in Rotterdam Botlekarea in Netherland.


• In February 2017, ZeecoInc., headquartered on a 250-acre campus in BrokenArrow, launched a new system for real-time industrial flare monitoring. ‘The Flare Guardian’ which meets key U.S. Environmental Protection Agency requirements for ensuring that flares used in typical petroleum refinery meet mandatory emission standard and operate at peak efficiency. The new method for flare monitoring has been proven accurate through the series of large scale validation tests. This technology is known as “Video Imaging Spectro Radiometry” which measures combustion efficiency and also measures and reports the level of smoke to inflame in day and night, resulting in less assist fuel consumption, more efficient combustion and lower overall flare emissions.