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The Global Flare Monitoring Market size was valued at around USD 1.3 billion in 2023 & is estimated to reach around USD 2.5 billion by 2030. The market is also expected to grow at a CAGR of around 10.1% during the forecast period, i.e., 2024-30.
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Key Findings of the Study: Flare Monitoring Market
Global Flare Monitoring Market Driver: Strict Regulations Driving Market Growth
Global warming and climate change have been a growing concern for the world, and industrial emissions are a significant contributor to pollution and greenhouse gases which are the main cause of global warming. This instigated various debates and protests against the inappropriate disposal of industrial waste in the environment. Prompted by the reports from environmental agencies and international organizations, governments around the globe made the regulatory framework surrounding industrial emissions stricter, to lower the emissions and the negative impacts of industrial growth on the environment. Strict regulations nudged the industries to dispose of the gases more responsibly, which requires constant monitoring of emissions from flare stacks, increasing the demand for monitoring equipment, which uses various technologies to observe the combustion efficiency to ensure the gases are properly burnt before releasing into the environment.
Scope of the Report and Flare Monitoring Market Segmentation
By Component
-Hardware
- the hardware segment holds the largest share of the Fare Monitoring Industry on a global scale.
-Software
-Services
By End-User
-Refineries
-Chemical and Petrochemical Plants
-Natural-Gas Processing Plants
-Offshore Exploration Platforms
-Well Heads and Landfills
-Metals and Steel Industry
By Deployment Location
-On-shore
-Off-shore
Flare Monitoring Market Development
- April 2024: The VISR method developed by Providence Photonics for flare compliance monitoring has been published by the EPA as method OTM-56. the U.S. EPA has published Other Test Method 56 (OTM-56) for monitoring flare regulatory compliance parameter NHVcz (or NHVdil for perimeter air-assisted flares). This is a significant milestone because there has been no EPA method for flare efficiency monitoring other than procedures specified in recent flare regulations.
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Geographical analysis:
North America: US, Canada, Mexico
Europe: Germany, The UK, France, Spain, Italy, Rest of Europe
Asia-Pacific: China, India, Japan, South Korea, Australia, Rest of Asia-Pacific
South America: Brazil, Argentina, Rest of South America
Middle East & Africa: UAE, Saudi Arabia, South Africa, Rest of MEA
- Out of all the regions North America dominates the Global Flare Monitoring Market.
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