PUNE, India, March 1, 2018 /PRNewswire/ --

According to the market research report "Flare Monitoring Market by Mounting Method (In Process-Mass Spectrometers, Gas Chromatographs, Gas Analyzers; Remote-IR Imagers, MSIR Imagers), Industry (Refineries, Petrochemical, Onshore Oil & Gas Production Sites), & Geography - Global Forecast to 2023", published by MarketsandMarkets™, the market is estimated to grow from USD 842.3 Million in 2018 to USD 1,251.7 Million by 2023, at a CAGR of 8.24% between 2018 and 2023. The growth of the market is driven by the growing strictness from regional, national, and international environmental jurisdictions imposed on end-user industries to reduce emissions of harmful pollutants and improve combustion efficiency; benefits offered by direct flare monitoring systems; and steady expansion of oil, gas, and petrochemicals industries worldwide.

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Browse 74 Tables and 42 Figures spread through 295 Pages and in-depth TOC on "Flare Monitoring Market - Global Forecast to 2023"

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The market for the remote mounting flare monitoring systems is expected to grow at a higher CAGR during forecast period 

The market for the remote mounting method is expected to witness the highest CAGR between 2018 and 2013. Remote monitoring devices, due to the absence of any contact with harsh and corrosive flare vent gases, are comparatively easy to install and maintain, easy to integrate with other systems, can offer quick analysis of data, and are economical flare stack monitoring solutions (due to reduced operational and maintenance costs) than conventional in-process monitoring methods. Ease of process monitoring, lesser price compared to in-process technologies, and compliance with most of the environmental norms are some other key driving factors for the remote flare monitoring market growth.

Refineries held the largest share of the flare monitoring market in 2017 

The oil and gas industry (comprising onshore oil and gas production sites, refineries, and petrochemicals) together accounted for over 95% of the global flare monitoring market in 2017. Refineries is the major vertical holding a major market share of the market for in-process and remote flare monitoring devices and systems. However, the flare monitoring market across onshore oil and gas production sites is estimated to grow at the highest rate because a major composition (over 85%) of worldwide gas flaring is done across upstream activities. The growing strictness from regional, national, and international environmental jurisdictions to reduce emissions of harmful VOCs and other pollutants right from the extraction and production of oil and gas is expected to boost the demand for flare monitoring systems across the upstream sector, i.e., both onshore as well as offshore oil and gas production sites in the near future.

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North America held the largest share of the flare monitoring market in 2017 

North America accounted for the largest share of the market in 2017, followed by Europe and Asia Pacific, respectively, of the flare monitoring market. The market across North America is highly matured and is undergoing a pragmatic shift toward the installation of flare monitoring devices, especially for in-process flare monitoring devices, majorly across refineries. However, the RoW and Asia Pacific regions are expected to grow at the highest and second-highest rates, respectively, during the forecast period. Growing investments for the expansion of upstream and midstream oil and gas industries in countries across these regions, and shifting focus of these countries toward the global phenomenon of harmful waste-gas emission reductions are the primary factors supporting the growth across these regions.

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Major players in the global flare monitoring market include Siemens (Germany), ABB (Switzerland), FLIR Systems (US), Thermo Fisher Scientific (US), Honeywell (US), John Zink Company, LLC (US), LumaSense Technologies Inc. (US), Zeeco, Inc. (US), MKS Instruments (US), Land Instruments International Ltd. (UK), Eaton HERNIS Scan Systems AS (Norway), Fluenta (UK), Williamson Corporation (US), Extrel CMS, LLC (Pennsylvania, US), Providence Photonics LLC (US), Powertrol Inc. (US), and TKH Security Solutions (Netherlands).

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