According to Markntel Advisors Report, Flare Monitoring Market is expected to grow at a significant growth rate, and the analysis period is 2025-2030, considering the base year as 2024.Consistent monitoring and evaluating of market dynamics to stay informed and adapt your strategies accordingly. As a market research and consulting firm, we offer market research reports that focus on major parameters including Target Market Identification, Customer Needs and Preferences, Thorough Competitor Analysis, Market Size & Market Analysis, and other major factors. At the end, we do provide meaningful insights and actionable recommendations that inform decision-making and strategy development.
Flaring is common in petrochemicals, refineries, steel plants, and other industries. It is the open-air burning of gases that are considered waste or unwanted. Methane makes up a large portion of these waste gases, and it is several times more harmful to the environment than CO2, which makes the process of flaring crucial. Flare monitoring is vital to this process to observe and evaluate emissions from flare stacks and maintain combustion efficiency to ensure a very low impact on the environment.
Global Flare Monitoring Market Research Report & Summary:
The Global Flare Monitoring Market size was valued at around USD 1.3 billion in 2023 & is estimated to reach around USD 2.5 billion by 2030. The market is also expected to grow at a CAGR of around 10.1% during the forecast period, i.e., 2024-30.
Time Period Captured in the Report:
- Historical Years: 2020-2023
- Base Years: 2024
- Forecast Years: 2025-2030
Who are the Key Players Operating in the Flare Monitoring Market?
The top companies of the Flare Monitoring Market ruling the industry are:
Zeeco, Ametek Land, Teledyne Flir, Providence Photonics, Extrel CMS, Emerson, Thermo Fisher Scientific Inc., Fluenta, Baker Hughes, Accuopt, ABB (Analytical Solution and Products), Williamson IR, Advanced Energy, MKS Instruments, Hikvision, and others
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Flare Monitoring Industry Recent Development:
- April 2024: The VISR method developed by Providence Photonics for flare compliance monitoring has been published by the EPA as method OTM-56. the U.S. EPA has published Other Test Method 56 (OTM-56) for monitoring flare regulatory compliance parameter NHVcz (or NHVdil for perimeter air-assisted flares). This is a significant milestone because there has been no EPA method for flare efficiency monitoring other than procedures specified in recent flare regulations.
What is Included in Flare Monitoring Market Segmentation?
The Flare Monitoring Market explores the industry by emphasizing the growth parameters and categorizes including geographical segmentation, to offer a comprehensive understanding of the market dynamic. The further bifurcations are as follows:
-By Component
-Hardware
-By Mounting Method
-Remote
-Infrared (IR) Flame Detectors- Market Size & Forecast 2019-2030F, (USD million)
-Multi-Spectrum Infrared (MSIR) Flame Detectors- Market Size & Forecast 2019-2030F, (USD million)
-Ultraviolet (UV) Flame Detectors- Market Size & Forecast 2019-2030F, (USD million)
-Single Infrared (IR) Flame Detectors- Market Size & Forecast 2019-2030F, (USD million)
-Visual Flame Detectors- Market Size & Forecast 2019-2030F, (USD million)
-In-Process
-Calorimeter- Market Size & Forecast 2019-2030F, (USD million)
- Spectrometer- Market Size & Forecast 2019-2030F, (USD million)
-Gas Chromatograph- Market Size & Forecast 2019-2030F, (USD million)
- Flow Meter- Market Size & Forecast 2019-2030F, (USD million)
-Gas Analyser- Market Size & Forecast 2019-2030F, (USD million)
-Software- Market Size & Forecast 2019-2030F, (USD million)
-Services- Market Size & Forecast 2019-2030F, (USD million)
-By End-User
-Refineries- Market Size & Forecast 2019-2030F, (USD million)
-Chemical and Petrochemical Plants- Market Size & Forecast 2019-2030F, (USD million)
-Natural-Gas Processing Plants- Market Size & Forecast 2019-2030F, (USD million)
-Offshore Exploration Platforms- Market Size & Forecast 2019-2030F, (USD million)
-Well Heads and Landfills- Market Size & Forecast 2019-2030F, (USD million)
-Metals and Steel Industry- Market Size & Forecast 2019-2030F, (USD million)
-By Deployment Location
-On-shore- Market Size & Forecast 2019-2030F, (USD million)
-Off-shore- Market Size & Forecast 2019-2030F, (USD million)
-By Region
-North America
-South America
-Europe
-The Middle East & Africa
-Asia-Pacific
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Market Dynamics -Global Flare Monitoring Market:
Strict Regulations Driving Market Growth – Global warming and climate change have been a growing concern for the world, and industrial emissions are a significant contributor to pollution and greenhouse gases which are the main cause of global warming. This instigated various debates and protests against the inappropriate disposal of industrial waste in the environment. Prompted by the reports from environmental agencies and international organizations, governments around the globe made the regulatory framework surrounding industrial emissions stricter, to lower the emissions and the negative impacts of industrial growth on the environment. Strict regulations nudged the industries to dispose of the gases more responsibly, which requires constant monitoring of emissions from flare stacks, increasing the demand for monitoring equipment, which uses various technologies to observe the combustion efficiency to ensure the gases are properly burnt before releasing into the environment.
Increasing Awareness & Corporate Social Responsibility – Increasing awareness about the harm caused by industrial emissions among people and their demand for transparency of industrial emissions data have forced companies to adopt more sustainable practices & make efforts to minimize their impact on the environment and include sustainability into their corporate social responsibility policies. Companies are determined to display their commitment to decreasing their footprint to maintain their reputation and acceptance in the market, driving them to optimize their operations to reduce waste and monitor their flare stacks to collect data for their emissions. This can be opportunistic for the Global Flare Monitoring Market. As companies grow more aware of the importance of sustainability and make efforts via their corporate social initiatives, the market for flare monitoring systems will grow.
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