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Flare Monitoring System Market, Size, Share, Opportunities and Forecast, 2020-2027

 



(EnergyIndustry.Net, June 25, 2020 ) Market Overview
• The Global Flare monitoring system Market is expected to grow at a high CAGR of 7.26% during the forecasting period (2020-2027).
• Flaring systems are commonplace across many industries, perhaps none more so than in oil and gas, and are used to burn gases before they enter the atmosphere. The safe operation of a flaring system requires the continuous monitoring of pilot flames and flared gases to ensure that vented gases are ignited. Gas and liquid flaring is an essential safety measure to burn the hydrocarbons and other harmful gases and liquids through a dedicated piping network and a combustion device called “flare” used in industrial plants such as petroleum refineries, chemical plants, natural gas processing plants as well as at oil or gas production sites having oil wells, gas wells, offshore oil and gas rigs and landfills.

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Market Dynamics
• The rising need for controlling waste gas combustion parameters and expansion of oil & gas and petrochemical industries are the major driving factors for the market growth. Flaring systems are commonplace across many industries, perhaps none more so than in oil and gas, and are used to burn gases before they enter the atmosphere. The South American country Brazil is leading the world in terms of planned offshore projects, like the U.S. and the U.K., All the East Margin besides the pre-salt region and Equatorial Margin, including new frontier areas and a significant number of large mature fields are conventional offshore in Brazil. The expansion of offshore oil and gas operation in the South America region is one of the vital reasons for market growth.
• Companies are focusing to expand their oil and gas operations worldwide. For instance, As the leading international oil company in the Asia-Pacific region, Chevron provides energy for millions of people, creates local economic opportunity and contributes to the energy security of the region’s nations which act as a key driving factor for the growth of the flare monitoring market. They are the top natural gas resource holder in Australia, where they have two mega gas projects. Exploration and production operations in China and Myanmar round out our Asia-Pacific portfolio.
• Technological challenges in adhering to regulatory norms and change in focus towards eliminating flaring by major countries are the key restraints hampering the growth of the market.

Market Segment Analysis
• By the end-use industry, the flare monitoring system market is segmented into refineries, onshore Oil & Gas production sites, petrochemical, landfills and others. Others include metal and steel production, and, Offshore. The global flare monitoring system market size by oil and gas production sites was worth USD YY million in 2018 and is estimated to reach USD YY million by 2026, at a CAGR of YY% during the forecast period. In petroleum refineries, it is a common practice to flare up the exhaust gases before releasing them to the atmosphere in order to reduce environmental pollution. Presently, the flare is manually observed by the operator and doing so reliably on a 24*7 basis is a difficult job.
• The area or volume of the flare indicates the quantity of gas that is getting released in the refining process and the color of the flare at any given time is decided by the constituents of the gases in the flare and the volume of the flare indicates the quantity of gas that is released. New launches of flaring monitoring systems are increasing gradually. For instance, New refinery flaring monitoring system launched in Southern California, with all but one of the sources in the South Bay. Adding to this, Southern California’s air-quality watchdog has launched its first large-scale air-monitoring project, using sophisticated light sensors to measure pollutants around the Torrance Refinery and generate near real-time.
• On the basis of the mounting method, the flare monitoring system market is segmented is classified into remote and in-process. Remote is further classifies into multi-spectrum infrared imagers (MSIR) and thermal imagers (IR). In-Process is again divided into gas analyzers, flowmeters, calorimeters, mass spectrometers and gas chromatographs. The global flare monitoring system market size by remote was worth USD YY million in 2018 and is estimated to reach USD YY million by 2026, at a CAGR of YY% during the forecast period.

Market Geographical Analysis
• The North America flare monitoring system market size was worth USD YY million in 2018 and is estimated to reach USD YY million by 2026, at a CAGR of YY% during the forecast period. North America is the dominating region for the global flare monitoring system market in 2018 and estimated to hold the largest market size over the forecast period (2020-2027). The vast majority of drilling in the United States currently takes place in highly capital-intensive shale and other tight formations. Since 2010, the United States has been in an oil-and-gas boom. In 2015, domestic production was at near-record levels. North American Oil and gas exploration companies especially the US players are increasing their production which acts as a key reason for the growth of the flare monitoring market. For instance, According to the New Oxford Economies, the U.S. has become the world leader in oil and gas output, making extraction (or mining) the nation's fastest-growing industry in the next year 2020.

Market Competitive Trends
• The Flare Monitoring System market is competitive with existing players in the market.
• Some of the major players include Emerson Electric Co, MKS Instruments, Honeywell, Ametek Inc., Siemens Group, Lumasense Technologies Inc., Eaton Hernis Scan Systems, ABB, Fluenta and John Zink Company, LLC.
• The key players are adopting various key strategies such as product launches, collaborations, mergers & acquisitions which are contributing to the growth of the Flare Monitoring System Market.
• In December 2019, The South Coast Air Quality Management District (South Coast AQMD) has introduced a new, enhanced version of its Flare Event Notification System (FENS), designed to better provide realtime information and improve public access to information.
• In January 2019, Endress + Hauser AG introduced Micropilot NMR81 which is used for measurement of the liquid gauge more than 80 GHz.
• In November 2018, TKH Security Solutions has released Automatic Flare Stack monitoring system that can be used in oil & gas and marine industries.
• In October 2018, FLIR Systems Incorporation introduced black hornet vehicle reconnaissance system that enables the warfighter in order to maintain the circumstantial awareness.

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