Increasing Integration of Data Analytics and Automation- states the recently published analytical report description by Markntel Advisors (a leading consulting, data analytics, and market research firm). The report describes the trending factors, facilitate lucrative growth of the global flare monitoring industry. Integration of data analytics helps in transforming technology with advanced innovation. The incorporation of data analytics in monitoring equipment enables advanced sensors to detect a variety of flare characteristics such as combustion efficiency, flame stability, heat release, gas flow, etc. with high precision, data analytics makes flare monitoring much more efficient. This seeks comprehensive attention from the large population, therefore resulting in augmenting the growth of the flare monitoring market.
The report further comprises “Global Flare Monitoring Market Research Report: Global Flare Monitoring Industry Bifurcations – By Component (Hardware, (By Mounting Method, (Remote, (Infrared (IR) Flame Detectors, Multi-Spectrum Infrared (MSIR) Flame Detectors, Ultraviolet (UV) Flame Detectors, Single Infrared (IR) Flame Detectors, Visual Flame Detectors), In-Process, (Calorimeter, Spectrometer, Gas Chromatograph, Flow Meter, Gas Analyser), Software, Services))), By End-User (Refineries, Chemical and Petrochemical Plants, Natural-Gas Processing Plants, Offshore Exploration Platforms, Well Heads and Landfills, Metals and Steel Industry), By Deployment Location (On-shore, Off-shore), and Others Forecast (2024-2030)”, According to the report, the Global Flare Monitoring Market size was valued at around USD 1.3 billion in 2023 & is estimated to reach around USD 2.5 billion by 2030. The market is also expected to grow at a CAGR of around 10.1% during the forecast period, i.e., 2024-30. The market growth is also driven by a strict regulatory framework, increasing awareness and corporate social responsibility, technological advancement, and global industrial expansion.
Leading Segmentation Analysis Based On Product Type, Application, and Region
The Global Flare Monitoring market is segmented into four segments based on component, end user, deployment location, and region.
· Based on components, the market is segmented into Hardware, (By Mounting Method, (Remote, (Infrared (IR) Flame Detectors, Multi-Spectrum Infrared (MSIR) Flame Detectors, Ultraviolet (UV) Flame Detectors, Single Infrared (IR) Flame Detectors, Visual Flame Detectors), In-Process, (Calorimeter, Spectrometer, Gas Chromatograph, Flow Meter, Gas Analyser), Software, Services, in upcoming years, Hardware segment is projected to lead the Global Flare Monitoring market.
· Based on End User, the market is segmented into Refineries, Chemical and Petrochemical Plants, Natural-Gas Processing Plants, Offshore Exploration Platforms, Well Heads and Landfills, Metals, and the Steel Industry, in upcoming years, the refineries segment is expected to dominate the Global Flare Monitoring Market.
· Based on Region, the market is segmented into North America, South America, Europe, The Middle East & Africa, and Asia-Pacific, in upcoming years, the North America region is expected to dominate the global Flare Monitoring market.
Rising Global Warming Propels Strict Regulations Driving Market Expansion
Establishing strict regulations and regulatory framework owing to growing global warming and climate change which is majorly caused by industrial emissions that led to increasing air pollution. Strict regulations nudged the industries to dispose of the gases more responsibly, which requires constant monitoring of emissions from flare stacks. This ultimately resulted in the growing demand for the flare-monitoring industry.
Key Manufacturers and Recent Updates: Establishing the Industry Development
Highlighting the recent update that demonstrates the further growth and market expansion:
- The VISR method developed by Providence Photonics has been published by the EPS as method ITM-56 un 2024, EPA has published Other Test Method 56 (OTM-56) for monitoring flare regulatory compliance parameter NHVcz (or NHVdil for perimeter air-assisted flares). This is a significant milestone because there has been no EPA method for flare efficiency monitoring other than procedures specified in recent flare regulations.
Additionally, to strengthen their market position, certain market players such as
Zeeco, Ametek Land, Teledyne Flir, Providence Photonics, Extrel CMS, Emerson, Thermo Fisher Scientific Inc., Fluenta, Baker Hughes, Accuopt, ABB (Analytical Solution and Products), Williamson IR, Advanced Energy, MKS Instruments, Hikvision are operating, not only to raise revenue but also to seek comprehensive attention and popularity from large customers. Therefore, looking forward towards futuristic growth and betterment.
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