Market Research Future (MRFR’s) latest study reveals that the global flare monitoring market will grow at a compound annual growth rate of 7.83% during the forecast period (2018-2025).
Flare monitoring is an important aspect of operating oil and gas facilities. Flare monitoring devices are installed to monitor the fluctuations in the stack flame and spot abnormalities, if any. Modern flare monitoring devices come with visual cameras and advanced infrared systems. They are capable of non-contact monitoring using thermal imaging and pyrometry that are specifically designed for the continuous monitoring of emissions.
Use of flare monitoring in petrochemicals industry, chemical process plants, gas distribution infrastructure, refineries, and oil & gas production sites is widespread. The oil & gas sector strives for efficiency and reliability, which creates application opportunities for surveillance system and security solutions.
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Continuous growth of the petrochemical industry and introduction of stricter emission laws is supporting the growth of flare monitoring market. A sparp rise in drilling activities from offshore locations, along with increased automation in the oil and gas sector is creating lucrative market opportunities. Gas and liquid flaring is a common activity in extraction facilities, however, it involves a significant level of caution. This is where flare monitoring is so important. Flare monitoring devices are found in industrial plants such as refineries, gas processing plants, and chemical plants.
Global Flare Monitoring Market: Segmental Analysis
MRFR’s study includes a thorough segmental analysis of the market based on type application and region.
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Global Flare Monitoring Market: Regional Outlook
In the report, the market has been covered across regions such as North America, Europe, Asia Pacific, the Middle East & Africa (MEA), and Latin America. North America accounted for largest share in the flare monitoring market in 2017. The region is expected to remain a key market for flare monitoring during the forecast period. The market in North America is entering a maturity phase and undergoing technological and structural transformation. North America is followed by Europe and Asia-Pacific. The Europe flare monitoring market is currently valued at over USD 150 Mn and projected to surge at a healthy growth rate over the next couple of years. Meanwhile, the market in APAC is expected to surpass a valuation of USD 200 Mn by the year 2025, reflecting a CAGR of 8.06%. There has been a rapid expansion of the facilities in the upstream oil and gas sector in the region, which is likely to provide the business opportunities in the market in APAC region.
Global Flare Monitoring Market: Competitive Landscape
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Table Of Contents
1 Executive Summary 14
1.1 Market Attractiveness Analysis 16
1.1.1 Global Flare Monitoring Market, By Type 16
1.1.2 Global Flare Monitoring Market, By Application 17
1.1.3 Global Flare Monitoring Market, By Region 19
2 Market Introduction 20
2.1 Definition 20
2.2 Scope Of The Study 20
2.3 Market Structure 21
2.4 Key Buying Criteria 21
3 Research Methodology 22
3.1 Research Process 22
3.2 Primary Research 23
3.3 Secondary Research 24
3.4 Market Size Estimation 24
3.5 Forecast Model 25
3.6 List Of Assumptions 26
Continued…
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