Flare monitoring system is an efficient system that identifies the venting of harmful gases in the environment. The instrument is used in the highly flammable industries which involves dealing with harmful chemicals and gases or in the power plants. The oil and gas, petrochemicals, refineries, steel and metal production units are the common application areas of the flare monitoring system.
According to MarkNtel Advisors’ research report titled “Global Flare Monitoring System Market Analysis, 2020”, the Global Flare Monitoring System market is anticipated to rise at a CAGR of around 8.50% during 2020-25. Due to the growing number of oil & gas and petrochemical industries across the Asia-Pacific and Middle East regions and increasing demand for petrochemical products across the globe, the adoption rate of the flare monitoring system is witnessing the upward trend.
Other key factors driving the demand for flare monitoring system include strict government regulations with respect to environmental quality control and system efficiency to offer real-time monitoring eliminating the chances of hazards.
Remote Flare Monitoring System to Outpace in the Future
Based on the mounting method used in the flare monitoring system, the in-process category held the largest market share in 2019 due to its capability to monitor real-time process data. However, the competitive advantage of the remote flare systems over the in-process is anticipated to proliferate the demand for remote category in the near future,
The remote monitoring devices are expected to attain the highest CAGR growth during 2020-25, due to its capability to monitor the flame level without any contact with harmful, harsh and corrosive flare gases. Moreover, the devices are easy to install and maintain, can offer a quick interpretation of data and are economical to operate in comparison to its substitutes.
According to Markntel Advisors, the leading market players in the Global Flare Monitoring System market include Emerson Electric, ABB, Siemens Group, Flir Systems, Zeeco Inc., MKS Instruments, Lumasense Technologies Inc., etc.
Key Questions Answered in the Market Research Report
Market Outlook, Segmentation and Statistics
Frequently Asked Questions
Q. What is the historical year, base year and forecast year considered in the research report on Global Flare Monitoring Market?
A. The historical data has been provided since 2015, while the base year is 2019 and the data is forecast up-to 2025.
Q. What are the units or denomination for measuring market value in the report?
A. The market size/industry size or the market value is measured in terms of USD Million.
Q. What would be the growth rate or CAGR of Global Flare Monitoring Market during 2020-25?
A. The growth rate of Global Flare Monitoring Market during 2020-25 is forecast to be around 8.5%.
Q. Who are the key competitors or players operating in Global Flare Monitoring Market?
A. Emerson Electric, ABB, Siemens Group, Flir Systems, Zeeco Inc., MKS Instruments, Lumasense Technologies Inc. are few of the leading players in the Global Flare Monitoring Market.
Q. Does the report scope cover Industry wise market statistics also?
A. Yes, the scope of the report encompass detailed Industry wise statistics such as market size, market segmentation based on various subcategories.
Q. Which Mounted segment would emerge as an opportunity area for players in Global Flare Monitoring Market?
A. The in-process category grabbed a significant market share continue to grow at a highest CAGR, presenting immense opportunities for manufacturers and suppliers of Global Flare Monitoring Market.
Q. Which Mounted segment would emerge as an opportunity area for players in Global Flare Monitoring Market during 2020-25?
A. The remote monitoring devices are expected to attain the highest CAGR growth during 2020-25, due to its capability to monitor the flame level without any contact with harmful, harsh and corrosive flare gases.
