Market Size of Flare Monitoring Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 8.00 % |
| Fastest Growing Market | North America |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Flare Monitoring Market Analysis
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.
- 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.
