The market for flare monitoring is being driven primarily by the expanding oil and gas sector. During the manufacturing and refining stages, this industry heavily depends on flaring processes, thus efficient monitoring is essential. The need to reduce flare emissions is growing as industry expands due to an increase in the world's energy demands. Companies want for cutting edge flare monitoring systems to maximize productivity, guarantee operational safety, and comply with strict environmental laws. As a result, this spike in demand propels market expansion as suppliers adapt to satisfy changing industry demands.
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Data Bridge Market Research analyses that the Global Flare Monitoring Market is expected to reach a value of USD 2.72 billion by 2031, from USD 1.2 billion in 2023, growing at a CAGR of 10.7% during the forecast period of 2024 to 2031.
Key Findings of the Study
Adherence to Strict Environmental Guidelines
The market for flare monitoring is largely driven by adherence to tight environmental regulations because it is necessary to reduce emissions. In order to mitigate the impact on the environment, regulations require industries to monitor and control flaring in order to eliminate dangerous emissions like methane and volatile organic compounds. Industries must invest in cutting-edge flare monitoring technologies for the real-time identification and mitigation of flare incidents in order to comply with these strict criteria. As a result, the market for flare monitoring is expanding due to the rising demand for creative monitoring systems that guarantee compliance with environmental requirements.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2024 to 2031
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Base Year
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2023
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Historic Years
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2022 (Customizable to 2016-2021)
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Quantitative Units
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Revenue in USD Billion
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Segments Covered
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Offering (Hardware, Software and Services), Mounting Method (Remote Mounting and In Process Mounting), Connectivity (Wired and Wireless), Product Type (Pipe Flares, Steam Assisted Flares, Gas Assisted Flares, High Pressure Flares, Specialty Flares, Ring-Of-Fire Flares and Others), Industry (Oil & Gas, Petrochemical & Chemical, Industrial Sector, Iron & Steel, Landfills, Water Treatment and Others)
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Countries Covered
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U.S., Canada, Mexico, Russia, U.K., Norway, Denmark, Netherlands, France, Germany, Spain, Sweden, Finland, Poland, Italy, Turkey, Belgium, Switzerland, Rest of Europe, China, Indonesia, Malaysia, India, Australia, Vietnam, Thailand, Philippines, New Zealand, South Korea, Japan, Rest of Asia-Pacific, Brazil, Argentina, Rest of South America, Saudi Arabia, U.A.E., Israel, Kuwait, Qatar, Oman, Egypt, South Africa, Bahrain, and Rest of Middle East and Africa
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Market Players Covered
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Advanced Energy (U.S.), VisionTIR (Spain), Tecnovideo S.r.l (Italy), Sensia Solutions S.L (Spain), Honeywell International Inc. (U.S.), Baker Hughes Company (U.S.), Teledyne FLIR LLC (Italy), AMETEK Land (Land Instruments International Ltd) (England), Tempsens Instrument Pvt. Ltd. (India), and ZEECO, INC. (U.S.) among others
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Data Points Covered in the Report
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In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.
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Segment Analysis
The global flare monitoring market is segmented into five notable segments, which are based on the basis of offering, mounting method, connectivity, product type, and industry.
- On the basis of offering, the market is segmented into hardware, software, and services
In 2024, hardware segment is expected to dominate the Global Flare Monitoring Market
In 2024, hardware segment is expected to dominate the market with 43.78% market share due to its high efficiency and productivity across industries.
- On the basis of mounting, the global flare monitoring market is segmented into remote mounting and in-process mounting
In 2024, remote mounting segment is expected to dominate the Global Flare Monitoring Market
In 2024, remote mounting segment is expected to dominate the global flare monitoring market with 68.30% due to cost efficiency and ease of use property.
- On the basis of connectivity, global flare monitoring market is segmented into wired and wireless. In 2024, wired segment is expected to dominate the global flare monitoring market with 71.86% market share
- On the basis of product type, the global flare monitoring market is segmented into pipe flares, steam assisted flares, gas assisted flares, high pressure flares, specialty flares, ring-of-fire flares and others. In 2024, pipe flares segment is expected to dominate the global flares monitoring market with 27.96% market share
- On the basis of industry, the global flare monitoring market is segmented into oil & gas, petrochemical & chemical, industrial sector, iron & steel, landfills, water treatment and others. In 2024, oil and gas segment is expected to dominate the global flares monitoring market with 40.03% market share
Major Players
Data Bridge Market Research analyzed AMETEK Land (Land Instruments International Ltd). (England), Teledyne FLIR LLC (Wilsonville), Honeywell International Inc. (U.S.), BAKERS HUGHES COMPANY (U.S.), ZEECO,INC. (U.S.) as major players operating in the market.
Market Development
- In March 2024, Baker Hughes' flare.IQ technology assists BP in quantifying methane emissions from flares, a novel application in the upstream oil and gas industry. Through extensive testing, they verified the accuracy of flare.IQ in measuring flare combustion emissions. help company to build brand of its service
- In March 2024, SIEMENS and Iraq have struck a landmark deal to utilize flared gas for electricity generation. This move by the Iraqi Ministry of Electricity and Siemens Energy aims to convert waste gas into valuable energy within six months. The initiative tackles the issue of gas flaring, prevalent in oil-rich nations, by repurposing it for power generation. This collaboration promises to boost Siemens' growth prospects by tapping into the sustainable energy market and fostering environmental stewardship
Regional Analysis
Geographically, the countries covered in the global flare monitoring market report are U.S., Canada, Mexico, Russia, U.K., Norway, Denmark, Netherlands, France, Germany, Spain, Sweden, Finland, Poland, Italy, Turkey, Belgium, Switzerland, rest of Europe, China, Indonesia, Malaysia, India, Australia, Vietnam, Thailand, Philippines, New Zealand, South Korea, Japan, rest of Asia-Pacific, Brazil, Argentina, rest of South America, Saudi Arabia, U.A.E., Israel, Kuwait, Qatar, Oman, Egypt, South Africa, Bahrain, and rest of Middle East and Africa.
As per Data Bridge Market Research analysis:
Middle East and Africa is expected to be the dominant and fastest growing region in the Global Flare Monitoring Market
Middle East and Africa is expected to be the dominant and fastest growing region in the global flare monitoring market due to its strong presence of key players, robust technological advancements, and increased industrial activity and stringent environmental regulations.
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