Globe Flare Monitoring System Market is segmented By Mounting Method (Remote, In-Process), By End-Use Industry (Refineries, Onshore Oil & Gas Production Sites, Petrochemical, Landfills, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031
Flare Monitoring System Market Overview
The "Global Flare Monitoring Systems Market" is expected to grow at a CAGR of 7.26% during the forecast period 2024-2031.
Flaring systems, which are used to burn gases before they enter the atmosphere, are commonplace in many industries, perhaps none more so than in the oil and gas industry. Flaring of gas and liquid is a critical safety measure used to burn hydrocarbons and other harmful substances.
Flare Monitoring System Market Summary
|
Metrics |
Details |
|
Market CAGR |
7.26% |
|
Segments Covered |
By Mounting Method, By End-Use Industry and By Region |
|
Report Insights Covered |
Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights. |
|
Fastest Growing Region |
Asia Pacific |
|
Largest Market Share |
North America |
For More Insights Request Free Sample
Flare Monitoring System Market Dynamics
Drivers:
Rising need for controlling waste gas combustion parameters and Expansion of the oil and gas industries.
Extraction of highly flammable liquids and gases from the earth is a potentially hazardous operation. It entails precise technology combined with decades of experience and expertise. Flaring systems, which are used to burn gases before they enter the atmosphere, play a crucial role in this aspect. Excess gas is burned by flare systems as a safety precaution. This often takes place during start-ups and shutdowns in production when the volume of gas being extracted can be uncertain. Allowing the gas to escape would result in significant pressure buildup and the risk of explosion. With the rising demand for petroleum and natural gas, the processing plants and refineries require flare monitoring systems to ensure safety of the environment as well as the workers. According to data given by Statista, in 2019, the world's natural gas production totaled 4 trillion cubic meters. The global share of natural gas in energy sources is expected to rise in the future. In 2019, India produced more than 262 million metric tons of petroleum products, with refinery capacity reaching nearly 90 million metric tons. Globally, it is estimated that the oil and gas industry will experience constant growth during the forecast period. Therefore, the Flare monitoring systems market is expected to be boosted by this.
Restraints:
The factors restraining the global Flare monitoring systems market include restrictive measures being taken by countries to reduce flaring and the technological challenges that arise in adhering to the pre-existing regulations.
COVID-19 Impact Analysis on Flare Monitoring System Market
The COVID-19 Pandemic has impacted industries all over the world, including the Flare monitoring systems market. Due to social distancing restrictions being implemented in various countries, fuel consumption all over the world has hit an all-time low, as people prefer to stay home most of the times. According to the International Energy Agency’s latest Gas report 2020, global consumption of Natural gas is expected to drop down by 150 million cubic meters or 4% per year during the pandemic, it states. As a result, the market prices have dropped, production has slowed down and many processing plants shut down. This is expected to affect the Flare Monitoring systems market negatively on a global scale. According to data provided by the US Bureau of Research and Statistics, in 2020, the demand for oil in China dropped by over 3 million barrels per day, which was approximately 20% of its total oil consumption. These disruptions in the production and supply chains in the oil and gas industries have significantly affected the Flare Monitoring Systems market.
Flare Monitoring System Market Segmentation Analysis
Based on Mounting Method
The global Flare Monitoring Systems market based on Mounting method is segmented into Remote and In-Process.
Based on Region
The Global Flare Monitoring Systems Market based on region is segmented into: North America, South America, Europe, Asia-Pacific, Middle East & Africa
North America dominated the global flare monitoring system market in 2019 and is expected to hold the largest market size during the forecast period. Currently, the vast majority of drilling in the United States takes place in highly capital-intensive shale and other tight formations. The United States has been experiencing an oil and gas boom since 2010. Currently, the United States produces more oil than any other country on the planet. According to data, in 2019, the United States' oil production peaked at 17 million barrels per day, the highest level in history. North American oil and gas exploration companies, are increasing production, which is driving the growth of the flare monitoring systems market. According to research conducted by New Oxford Economies, the United States surpassed Russia as the world leader in oil and gas output, making extraction the nation's fastest-growing industry in 2020. In Canada also, the revenue of petroleum refineries is growing continuously and is expected to reach 62 billion US dollars by 2024. These positive developments in the oil and gas industry are expected to boost the demand for the Flare monitoring systems market.
The Asia-Pacific region is expected to grow at the highest CAGR during the forecast period with respect to the Flare Monitoring systems market. This can be attributed to the growing fuel and oil consumptions in countries such as India and China. For example, during the fiscal year 2020, India consumed nearly 25 million metric tons of liquefied petroleum gas, an increase from the previous year. The Natural gas consumption in India's heavy industries exceeded 48 million metric standard cubic metres per day in 2019 and is expected to increase during the forecast period. Natural gas accounted for approximately 8% of total energy consumed in China in 2019. Since Flare monitoring systems are used mostly in petroleum refineries and natural gas processing plants, the demand is expected to increase in the forecast period.
Flare Monitoring System Market Companies and Competitive Landscape
The Flare Monitoring System market is competitive and fragmented, with many key players employing various strategies to contribute to market growth, such as product launches, collaborations, mergers and acquisitions. Endress + Hauser AG, for example, introduced the Micropilot NMR81 in January 2019, which is used for measuring liquid gauges at frequencies greater than 80 GHz. In December 2019, The South Coast Air Quality Management District (South Coast AQMD) released a new, improved version of its Flare Event Notification System (FENS), which provides better real-time information and improved public access to information.
Emerson Electric Co., MKS Instruments, Honeywell, Ametek Inc., Siemens Group, Lumasense Technologies Inc., Eaton Hernis Scan Systems, ABB, Fluenta, and John Zink Company, LLC are among the major players in the global Flare monitoring systems market.
Company Profile: John Zink Company
Overview: John Zink Company, also known as John Zink Hamworthy Combustion, is a Limited Liability Corporation headquartered in Oklahoma, USA. The company, which is part of Koch Industries' chemical technology group, specializes in the design, manufacture, and installation of equipment and systems used to burn fossil fuels cleanly.
Product Portfolio: The company specializes in Process, duct, and boiler burners; flaring systems and accessories; flare gas recovery systems; vapour recovery and combustion systems; landfill and biogas; and thermal oxidation systems. It also provides testing and modelling services, engineering, repair, and equipment rental.
Recent Developments: 1) John Zink Hamworthy Combustion® (JZHC) announced a strategic collaboration agreement with The Babcock & Wilcox Company (B&W) in March 2019 to provide design, installation, and air-source testing services for steam-generation systems using JZHC's Coen® brand.
Why Purchase the Report?
- Visualize the composition of the flare monitoring system in terms of various types of end-use industry and their mounting method highlighting the key commercial assets and players.
- Identify commercial opportunities in the flare monitoring system market by analyzing trends and co-development deals.
- Excel data sheet with thousands of data points of flare monitoring system market-level 4/5 segmentation.
- A PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.
- Product mapping in excel for the key product of all major market players
The flare monitoring system report would provide access to approximately, 53 data tables, 43 figures, and 200 pages.
Target Audience
- Service Providers/ Buyers
- Industry Investors/Investment Bankers
- Education & Research Institutes
- Research Professionals
- Emerging Companies
- Manufacturers
