11-19-2018 03:37 PM CET - Advertising, Media Consulting, Marketing Research
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Global Flare Monitoring Market Major Players are ABB, Thermo Fisher Scientific Inc., Eaton Hernis Scan Systems, Honey well Technology Solutions Inc, Endress+Hauser Group and others

Press release from: Data Bridge Market Research
Global Flare Monitoring Market
Global Flare Monitoring Market


Drivers:

The raise in the air pollution has turned into the fourth most hazardous factor causing unexpected deaths which has compelled many regional governments to take further initiatives in order to control this issue. According to the World Health Organization (WHO), more than 12.5 million people die from environmental health risks annually that have subsequently raised the need for installing flare monitoring systems.
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As per of instance approximately 2.1 million death in African region, 846500 deaths in American region, 853400 deaths in Eastern Mediterranean region, more than 1.3 million deaths in European region, 3.75 million deaths in South-East Asia region and more than 3.4 million deaths in Western Pacific region every year. So due to high numbers of deaths, regional government takes initiative to control this situation by monitoring flare.

Expansion of Oil & Gas and Petrochemical Industries

In recent years, Oil and Gas Industry has started the usage of unconventional gas sources instead of conventional gas sources. By moving towards unconventional gas source, the Oil and Gas Industry can reduce the reliance on conventional gas sources that further reduces its carbon footprint, thereby ensuring healthy environmental conditions across the globe. Adoption of latest technologies such as Quasar 2 (It is high-resolution optical system which can monitor flare from 400meters) and increased usage of advanced equipment is spurring the global Oil and Gas Industry that is also supplementing the global flare monitoring market and Flare Section offers operation remotely, automatically and shows the difference in heat signatures of the flare.

As per of instance around 140 to 170 billion cubic meters of gases are flared or vented every year which is one fourth of the US gas consumption or around 25 to 30% of the European Union’s gas usage every year. Hence, the rapid expansion of oil & gas industry, petrochemical industries and latest technologies are significantly contributing the global market growth.

Restraint

Zero Routine Flaring by 2030

The production of oil and gas, carbon dioxide methane and other gases results into huge amount of flare release which disturbs the landscape and overall environment. This has led to the integration of Zero Routine Flaring by 2030 Initiative by the governments, oil companies, and development institutions in order to bring sustainability to the environment. This in turn is likely to minimize the adoption of flare monitoring systems in the various industry verticals, thereby hampering the global flare monitoring market growth. As of instance some of the countries such as Africa, America and others have been witnessing high death rates in recent years owing to increased flares across industries. For instance, around 2.1 million deaths in African region, 846500 deaths in the US, more than 1.3 million deaths in European region, 3.75 million deaths in South-East Asia region and more than 3.4 million deaths in Western Pacific region. Thus, to eliminate the cause, several governments are incorporating unique flaring methods that ensure complete safety of the personnel and equipment during oil production. This has replaced the adoption of traditional flare monitoring methods, including analyzers, sensors, and other instruments.

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OPPORTUNITIES

Rapid Industrialization in Developing Economies

The consumption of crude oil in these developing countries, particularly in India is expected to increase from 221.6 metric ton to 500 metric ton by 2040. Whereas Brazil consumed one metric ton more Crude oil from last year i.e. 2016. The adoption of flaring monitoring systems in these economies is likely to offer potential opportunities to the flare monitoring systems manufacturers. As of instance in developing countries like India, Korea, Brazil and others are witnessing rapid growth in most of the sectors, such as oil & gas, petrochemical, refineries, and others. Considering industrial production of developing country like India has increased by more than 4.2 % from last year. Production of oil in Brazil increases by one metric ton from year 2016 to 2017. Production of oil products in Iran increases by 6 metric ton from year 2015 to 2017 and oil consumption increases by four metric ton from year 2016 to 2017. So many developing countries like India are growing rapidly

CHALLENGES

Absence of Gas Utilization Infrastructure

The ratio of gas utilization is very low as compared to gas flared in developing countries especially in Cameroon, Equatorial Guinea, and Iraq. The main problem is, in most developing countries such as Nigeria, Iran, Cameroon and other, are gas utilization, lack of clear operational processes and efficient regulatory procedures. As of instance around 110 billion cubic meters of natural gas being flared and vented in the world. In Africa 37 billion cubic meter gas being flared, every year could generate 200 terawatt-hours of electricity which approximately half the energy consumption of the continent. According to America & European market, approximately more than US$19.5 billion valued gas flared and vented. As claimed by Russian Federation around more than 15 billion cubic meters gas flares annually. Developing countries like Nigeria, Iran and other represents more than 84% of gas flaring and venting which is around 10 to 20 billion cubic meters gas every year.

Market Trends

On the basis of mounting method the global flare monitoring market is segmented into in- process and remote. In 2018, remote segment is growing at a specific CAGR.

On the basis of industry the global flare monitoring market is segmented into offshore & onshore oil & gas production sites, refineries, petrochemical, landfills, and metal and steel production. In 2018, offshore & onshore oil & gas production sites segment is growing at a specific CAGR.

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About Data Bridge Market Research:

Data Bridge Market Research set forth itself as an unconventional and neoteric Market research and consulting firm with unparalleled level of resilience and integrated approaches. We are determined to unearth the best market opportunities and foster efficient information for your business to thrive in the market. Data Bridge endeavors to provide appropriate solutions to the complex business challenges and initiates an effortless decision-making process.

Contact:

Data Bridge Market Research
Tel: +1-888-387-2818
Email: sopan.gedam@databridgemarketresearch.com

This release was published on openPR.
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