Flare Monitoring Market : In-Depth Industry Analysis on Size, Cost Structure and Prominent Key Players Analysis Forecast 2022-2031

“A research report on Flare Monitoring Market was added by SDKI in its database which discusses the product as well as the scope of its market in detail. The report provides the business clients with an in-depth overview of the market, giving an analysis of the market trends, market size, market value and market growth over the forecast period on a compound as well as on a yearly basis. Further, the market study gives an overview of the industry on the basis of several factors such as the geographical extent, market segmentation, growth drivers and challenges prevalent in the market.

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Global flare monitoring market is forecast to exhibit a CAGR of over 8%, growing from $ 773 million in 2018 to $ 1219 million by 2024. Flare monitoring is the ability of a system to detect the level of thermal radiations and the size of flare generated during the removal of unwanted gases in various processes by the industry. The flare monitoring market is expected to grow substantially, backed by factors such as strict environment regulations aimed at curbing harmful emissions and increasing combustion efficiency of flare systems, benefits offered by remote flare monitoring like close monitoring of flare, prevention of unplanned over pressuring of plant equipment, etc.
In terms of end-use industry, global flare monitoring market is categorized into oil & gas production sites, refineries & petrochemicals and others. Of these industries, refineries & petrochemicals segment accounted for majority share in global flare monitoring market in 2018, on account of growing consumption of petroleum & petrochemicals products. The segment is anticipated to maintain its dominating market position during the forecast period. The oil & gas production sites category is likely to witness the fastest growth in global market during 2019-2024, owing to increasing exploration & production activities in the oil & gas industry, globally.
In terms of region, global flare monitoring market is categorized into Asia-Pacific, North America, Europe, Middle East & Africa and South America. North America dominates global flare monitoring market, backed by growing government regulations to address poisonous and combustible gases coming out from industries.

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