PUBLISHER: KBV Research | PRODUCT CODE: 1555860
PUBLISHER: KBV Research | PRODUCT CODE: 1555860
The Global Flare Monitoring Market size is expected to reach $2 billion by 2031, rising at a market growth of 8.5% CAGR during the forecast period.
Environmental laws in this region are very harsh, notably those that are implemented by the Industrial Emissions Directive (IED) of the European Union. This region is differentiated by these rules. Refineries, oil and gas companies, and petrochemical companies are among the businesses that are required to comply with this directive's tight restrictions on flare emissions. Consequently, the European region would acquire nearly 28% of the total market share by 2031.
The major strategies followed by the market participants are Product Launches as the key developmental strategy to keep pace with the changing demands of end users. For instance, In July, 2024, Ametek, Inc. introduced the LWIR-640 thermal imager for battery storage, advancing fire prevention with early detection of thermal runaway. Features include precise temperature measurement, continuous monitoring, alarm triggering, and data logging, ensuring proactive safety and seamless system integration. Moreover, in November, 2023, Emerson Electric Co. introduces the Fisher FIELDVUE DPC2K digital process controller, enhancing pneumatic controllers with improved closed-loop control, reliability, and safety. It features extensive remote connectivity, easy maintenance, and versatile applications for pressure, flow, level, and temperature control in hazardous environments.
Market Growth Factors
Infrared (IR) and ultraviolet (UV) sensing technologies have greatly enhanced the precision and dependability of these systems, allowing industries to detect even the smallest emissions. The improvements in sensor technology have driven the widespread adoption of these systems, particularly in emission-heavy industries such as oil and gas, petrochemicals, and refineries. Hence, the continuous evolution of monitoring technologies, particularly in sensor capabilities, is a key factor propelling the growth of the market.
With considerable expansion in a variety of regions, particularly in the Middle East, North America, and Asia, the oil and gas industry around the world is continuing to expand and see tremendous growth. Furthermore, the Russian Federation, the Islamic Republic of Iran, Iraq, the United States, Republica Bolivariana de Venezuela, Algeria, Libya, Nigeria, and Mexico remain the top nine flaring countries in 2023. Thus, as the global energy demand grows, the market will continue to expand.
Market Restraining Factors
Cutting-edge systems like infrared sensors, mass spectrometry, and optical gas imaging require substantial capital to purchase, configure, and integrate into existing infrastructure. Small and medium-sized enterprises frequently operate with restricted financial resources and are more susceptible to capital-intensive investments. Hence, the high cost of these technologies has emerged as a key factor obstructing market growth.
Mounting Method Outlook
Based on mounting method, the market is bifurcated into in-process and remote. The remote segment procured 44% revenue share in the market in 2023. Remote monitoring systems are gaining traction because they offer non-invasive methods of tracking flare emissions from a distance.
Industry Outlook
Based on industry, the market is segmented into refineries, petrochemicals, onshore oil & gas production sites, landfills, and others. The petrochemicals segment acquired 27% revenue share in the market in 2023. Petrochemical plants are responsible for the production of a wide variety of chemicals that are obtained from natural gas and petroleum.
Regional Outlook
Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The North America segment recorded 34% revenue share in the market in 2023. The oil and gas industry's substantial presence in the United States and Canada is the primary reason for this dominance, as it is responsible for a substantial portion of global flare emissions.
Recent Strategies Deployed in the Market
List of Key Companies Profiled
Global Flare Monitoring Market Report Segmentation
By Mounting Method
By Industry
By Geography