Flare Monitoring is the efficiency of the system to monitor and control the level of thermal radiations and size of flares generated during the removal process of unwanted gases in various manufacturing and extraction industries. The flare monitoring equipment must be efficient enough to track the flare size and generate an automatic alarm, so as to eliminate danger in case of exceeding volume.
Flare monitoring system are much common in the onshore and offshore oil and gas, mining and petrochemical industries. The other end users of the system involve the metal and steel manufacturing plants, where the combustion of fuel takes place.
According to MarkNtel Advisors’ research report “Global Flare Monitoring System Market Analysis, 2020”, the global Flare Monitoring System market is anticipated to grow at a CAGR of around 8.50% during 2020-25. Surging investment in the oil and gas industries, increasing demand from the expanding crude oil refineries, along with the inflexibility in the environment regulations and operational standards for industrial gas emissions, has been favoring the market growth of flare monitoring system.
The government at regional, national as well as the international levels are undertaking strict initiatives to curb out the global pollution problems that has been immensely impacting the development off the ecosystem.
Onshore Oil and Gas Production had the Highest Market Share
Based on the industrial application segmentation, the onshore oil and gas industry along with its aligned verticals which includes refineries, petrochemicals and landfill sites contributed to the largest share in the overall revenue of the flare monitoring system market, as revealed by MarkNtel Advisors’ research report “Global Flare Monitoring System Market Analysis, 2020”. Owing to the extensive need for flare monitoring at onshore oil and gas production sites with more than 80% of the major combustion occurring along the upstream activities is projected to result in the highest growth of the sector during 2020-25.
North America the Hotspot for Flare Monitoring System
According to MarkNtel Advisors, North America region dominated the global flare monitoring system market in 2019. The region’s oil and gas industry comprises of heavy capitalized assets. US is the largest contributing country in the region followed by Canada, owing to their mature oil and gas industry and world leading presence of onshore oil reserves. Moreover, the rising shale plays and coal bed methane production in the region is anticipated to augment the flare equipment demand over the forecast period, resulting into the continuation of market leadership position by the region.
During 2020-25, Asia Pacific region excluding Japan, along with Europe is projected to attain the highest and the following growth rate as an outcome of proliferating investments in the onshore and offshore in oil and gas industries across these regions.
The list of key leading players in the global Flare Monitoring System market includes, Emerson Electric, ABB, Siemens Group, Flir Systems, Zeeco Inc., MKS Instruments, Lumasense Technologies Inc., etc. The prominent players in the global flare moitoring system market are undertaking strategic initiatives such as mergers and acquisitions, interwoven with the product enhancement and technological developments.
For instance, Emerson Electric, a US based flare monitoring system manufacturer undertook an acquisition of Advanced Engineering Valves (A.E. Valves) in 2018. A.E. Valves is the world leading vendor of valve technology which is equipped in the LNG sector. The acquisition of the company by Emerson, would help in the product portfolio expansion of valves and to improve the process performance and reliability at the customer’s end.
“Global Flare Monitoring System Market Analysis, 2020” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decision, hotspots and opportunities available for Flare Monitoring System providers across the Globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.
1. By Mounting Method (In- Process and Remote)
2. By Industry (Oil & Gas Production, Refineries, Petrochemicals, Landfills, and Others)
3. By Region (North America, South America, Europe, Middle East and Africa, and Asia- Pacific)
4. By Country (US, Canada, Mexico, Brazil, Argentina, UK, Russia, Germany, Italy, Spain, France, Saudi-Arabia, UAE, South Africa, China, India, Japan, Indonesia, South Korea, and Malaysia)
5. By Company (Emerson Electric, ABB, Siemens Group, Flir Systems, Zeeco Inc., MKS Instruments, Lumasense Technologies Inc., and Others)
Key questions answered in the study:
1. What are the current and future trends of the Global Flare Monitoring System industry?
2. How the industry has been evolving in terms of end-user demand and application areas?
3. How the competition has been shaping across the countries followed by their comparative factorial indexing?
4. What are the key growth drivers and challenges for the Global Flare Monitoring System industry?
5. What are the customer orientation, purchase behavior, and expectations from the Flare Monitoring System suppliers across various regions?