Growing Concern for Worker Health to Spur Flare Monitoring Market Growth

The energy and power industry is expanding at a high pace. Rapid industrialization and an increase in the need for renewable energy are significantly contributing to the growth of the energy and power sector. The increase in energy requirements, leading to greater movements in the chemical and petroleum industry is generating gaseous waste. This is leading to an increase in the need for proper waste gas disposal. Hence, flare monitoring is facing high demand. This is identified as a potential cause for the expansion of the global flare monitoring market. Flare stacks are extensively being used for safe disposal of excess gases that are generated by industries. Unwanted waste gases and flammable gases are processed to prevent any excessive pressurizing of plant machinery that can lead to industrial accidents.

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The growing cases of occupational hazards are pressing the need for flare monitoring equipment. As the concern towards the health of employees grows, governments and employers are actively engaging themselves in taking safety measures. These are factors that are expected to boost the growth of the flare monitoring market. Another factor that is significantly contributing to the expansion of the flare monitoring market is the growing concern towards the environment. When untreated hydrocarbons from industries are released in the air, they create environmental hazards. However, if hydrocarbon, such as methane is burned in flare stacks that produce carbon dioxide and water into the atmosphere that are less damaging for humans and animals. In addition, environmental regulations also mention about adequate monitoring of flare stacks that prevent pollutants, especially unburnt hydrocarbon to get released in the atmosphere.

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Technological Advacnements Play Crucial Role in Flare Monitoring Market Expansion

Modern flare monitoring equipment has advanced infrared systems and cameras that are noted to serve the purpose of flare monitoring with greater efficacy. Hence, technological advancements are gaining high traction for the global flare monitoring market. Alongside, the growing number of refineries and expansion of the petroleum industry are also contributing to the expansion of the global flare monitoring market. Moreover, offshore drilling activities are also noted to boost the growth of the flare monitoring market. Market Research Future (MRFR), a rapidly expanding market research organization, conducted a study on the global monitoring market. Modern, failsafe research technologies have been employed to comprehend the flare monitoring market. Top-up and button-down approaches are maintained throughout the study to estimate growth statistics. As per MRFR, the global market of flare monitoring is expected to expand at a CAGR of 7.83% during the forecast period (2018-2025).

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Technological advancements in North America are observed to push the growth of the flare monitoring market in the region. Similarly, a firm infrastructural base in Europe is noted to contribute to the expansion of the market. In Asia Pacific, the fast-growing oil and power industry, and the continuous presence of numerous refineries and off-shore drilling activities are likely to boost the flare stake adoption. This is expected to surge the flare monitoring market in APAC. However, the market can encounter certain limitations. In some cases, when the flames are transparent, the monitoring system only with its visibility sensors might not detect it. This is a potential drawback. However, technology is backing the market expansion by countering such limitations and allowing the market for a smooth escalation in its valuation.

Also Read: https://www.marketwatch.com/press-release/flare-monitoring-market-2019-industry-analysis-by-future-demand-size-share-opportunities-leading-players-emerging-technologies-revenue-and-growth-rate-through-2025-2019-07-05

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