The flare monitoring market is estimated to grow from USD 842.3 million in 2018 to USD 1,251.7 million by 2023, at a CAGR of 8.24% between 2018 and 2023
Summary
Remote monitoring devices, due to the absence of any contact with harsh and corrosive flare vent gases, are comparatively easy to install and maintain, easy to integrate with other systems, can offer quick analysis of data, and are economical flare stack monitoring solutions (due to reduced operational and maintenance costs) than conventional in-process methods.However, the flare monitoring market across onshore oil and gas production sites is estimated to grow at the highest CAGR during the forecast period.The growing strictness from regional, national, and international environmental jurisdictions to reduce emissions of harmful VOCs and other pollutants right from the extraction to production of oil and gas is expected to boost the flare monitoring market growth across upstream, i.e., both onshore as well as offshore oil and gas production sites in the nearest futureThe growing number of drilling activities and shale gas exploration, and strict requirements for the installation of flare monitoring devices are expected to drive the North American market growth.The highest growth rate of the RoW region is due to the rapid expansion of oil production facilities, oil refineries, gas production plants, and gas flaring activities across major countries in the Middle East, especially Saudi Arabia, the UAE, Iraq, Iran, and Kuwait; and the shifting focus of countries in the RoW region toward harmful waste-gas emission reductions.