Flare Monitoring Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The flare monitoring market is expected to grow at a CAGR of 8% during the forecast period, 2021 - 2026. The flare monitoring market is expected to grow substantially due to the factors such as strictness in environmental regulations to curb harmful emissions and raise combustion efficiency of flare systems, benefits offered by remote flare monitoring systems, and steady expansion of oil, gas, and petrochemicals industries, especially across the Middle East & Africa and Asia Pacific.

Key Highlights

• Moreover, stringent government environmental regulations related to industrial gas emission, requirement of real time flare monitoring system, and requirement of enhanced & increased safety norms & global industry standardization are driving the growth of the flare monitoring market.
• Restricting and controlling the hazardous elements emission in the environment in order to withstand the global environment and avoid the global warming. These factors are fueling the growth of the global flare monitoring system market.However, technical issues resulting from the adherence to restrictive norms while bringing down the global cost of systems is a key challenging factor for the expansion of the flare monitoring market.
• The growing demand from major oil and gas producing countries across the Middle East & Africa and major oil refining countries in Asia Pacific and Europe are offering new growth opportunities to the players in the flare monitoring market. However, governments, oil companies, and development institutions around the world are encouraged to endorse the Zero Routine Flaring by 2030 Initiative which is expected to restrict the market growth.
• Due to the impact of Covid-19 pandemic, many ongoing or new projects across oil and gas value chain are likely to face numerous challenges in terms of project execution, planning and risk management aspect from the pandemic.In the affected region, some of the refinery and petrochemical projects may have been directly impacted due to Covid-19 outbreak .These situations are likely to hinder the market growth of flare monitoring market.

Key Market Trends

Oil & Gas Industry to Account for Maximum Share

• The growing strictness from regional, national, and international environmental jurisdictions to reduce emissions of harmful VOCs and other pollutants right from the extraction to production of oil and gas is expected to boost the demand for flare monitoring systems across upstream, i.e., both onshore as well as offshore oil and gas production sites in the near future.
• With the increasing demand for crude oil in different industries such as transportation, industrial activities, and electric power drives the need for more upstream activities which in return will create a demand for flare monitoring market.
• Moreover, the flare monitoring system is capable of automatic generation of the signal, and flare size tracking, so that the hazard can be avoided. Hence the flare monitoring market is gaining the pace across Oil & Gas Industry.
• The United States is the largest market for oil and gas in North America. The country’s newfound shale resources and government policies that aim at making the country the top oil and gas producer in the next few years is expected to drive the demand for flare monitoring market in the oil and gas industry.

North America To Account for Largest Market Share

• North America dominates global flare monitoring market, backed by growing government regulations to address poisonous and combustible gases coming out from industries.The growth of the market is driven by the growing number of drilling activities and shale gas exploration, coupled with the growing focus on emission reduction from upstream activities.
• Moreover, a strong requirement for the installation of flare monitoring devices imposed by federal, state, and local agencies are further expected to drive the flare monitoring market growth in North America.
• Further, according to the U.S. Energy Information Administration, the United States will become a net energy exporter in 2020 and will remain so throughout the projection period as a result of large increases in crude oil, natural gas, and natural gas plant liquids (NGPL) production coupled with slow growth in U.S. energy consumption.This is fueling the market growth in the region.
• North America is expected to capture the significant share in the field of the flare monitoring systems during the forecast period due to increase in the industrialization and power plants in the North American countries, such as US and Canada. Furthermore, the rapid growth in the chemical and petrochemical industries is ultimately fueling the growth of the flare monitoring market in the region.

Competitive Landscape

The Flare Monitoring Market consist of number of companies which are operating in the segment. Growth opportunities for companies depend on market condition, government policies and industry development. Most of the players are focusing on improving market position, global presence, and expanding product portfolio.Some of the key development in the market are:

• December 2019 - FLIR Systems Inc. made a strategic investment in Providence Photonics, developers of advanced software used to quantify invisible gas emissions using FLIR Optical Gas Imaging (OGI) cameras.As part of the strategic investment, FLIR will gain exclusive access to certain elements of Providence Photonics’ intellectual property, while helping to expand FLIR Systems’ set of offerings to its oil and gas industry customers.
• July 2019 - Fluenta announced its partnership with Techstar.With more than 30 years’ experience in the oil and gas industry, TechStar will represent Fluenta’s gas measurement technology in the key territories of Texas, New Mexico, Arkansas, Oklahoma, and Kansas.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
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