Press Release

A USD 1.3 Billion Global Flare Monitoring Market to Grow at a CAGR of Around 10.1% During 2024-30

The Global Flare Monitoring Market size was valued at around USD 1.3 billion in 2023 & is anticipated to reach around USD 2.5 billion by 2030. The market is also anticipated to grow at a CAGR of around 10.1% during the forecast period, i.e., 2024-30, cites MarkNtel Advisors in the recent research report. This growth will be driven primarily by the government's implementation of strict regulations to lower industrial emissions.

Flaring is a common process in petrochemicals, refineries, oil and gas industries, metal industries, and others, it is done to dispose of gases that are deemed wasted during operations or released from pressure safety valves. Gases like methane, Sulphur dioxide, and other volatile gases are to be burned before releasing into the atmosphere to minimize their impact. To ensure that this process is completed with the utmost diligence, governments around the globe have introduced strict regulations and standards making it necessary to deploy flare monitoring systems to ensure combustion efficiency.

Moreover, companies are growing conscious of their environmental impact and taking steps to reduce their carbon footprint. However, this could be due to the pressure to maintain their market image and stay competitive. Nevertheless, they are deploying flare monitors to observe and record data of their flaring process. This data on combustion efficiency, gas composition, gas flow, heat release, etc. can help them optimize their operations and reduce waste.

The Global Flare Monitoring Market size was valued at around USD 1.3 billion in 2023 & is anticipated to reach around USD 2.5 billion by 2030. The market is also anticipated to grow at a CAGR of around 10.1% during the forecast period, i.e., 2024-30, cites MarkNtel Advisors in the recent research report. This growth will be driven primarily by the government's implementation of strict regulations to lower industrial emissions.

Flaring is a common process in petrochemicals, refineries, oil and gas industries, metal industries, and others, it is done to dispose of gases that are deemed wasted during operations or released from pressure safety valves. Gases like methane, Sulphur dioxide, and other volatile gases are to be burned before releasing into the atmosphere to minimize their impact. To ensure that this process is completed with the utmost diligence, governments around the globe have introduced strict regulations and standards making it necessary to deploy flare monitoring systems to ensure combustion efficiency.

Moreover, companies are growing conscious of their environmental impact and taking steps to reduce their carbon footprint. However, this could be due to the pressure to maintain their market image and stay competitive. Nevertheless, they are deploying flare monitors to observe and record data of their flaring process. This data on combustion efficiency, gas composition, gas flow, heat release, etc. can help them optimize their operations and reduce waste.