Market Trends of Flare Monitoring Industry
This section covers the major market trends shaping the Flare Monitoring Market according to our research experts:
Oil & Gas Industry to Account for Maximum Share
- 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 demand for flare monitoring systems across upstream, i.e., both onshore as well as offshore oil and gas production sites in the near future.
- With the increasing demand for crude oil in different industries such as transportation, industrial activities, and electric power drives the need for more upstream activities which in return will create a demand for flare monitoring market.
- Moreover, the flare monitoring system is capable of automatic generation of the signal, and flare size tracking, so that the hazard can be avoided. Hence the flare monitoring market is gaining the pace across Oil & Gas Industry.
- The United States is the largest market for oil and gas in North America. The country's newfound shale resources and government policies that aim at making the country the top oil and gas producer in the next few years is expected to drive the demand for flare monitoring market in the oil and gas industry.
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North America To Account for Largest Market Share
- North America dominates global flare monitoring market, backed by growing government regulations to address poisonous and combustible gases coming out from industries.The growth of the market is driven by the growing number of drilling activities and shale gas exploration, coupled with the growing focus on emission reduction from upstream activities.
- Moreover, a strong requirement for the installation of flare monitoring devices imposed by federal, state, and local agencies are further expected to drive the flare monitoring market growth in North America.
- Further, according to the U.S. Energy Information Administration, the United States will become a net energy exporter in 2020 and will remain so throughout the projection period as a result of large increases in crude oil, natural gas, and natural gas plant liquids (NGPL) production coupled with slow growth in U.S. energy consumption.This is fueling the market growth in the region.
- North America is expected to capture the significant share in the field of the flare monitoring systems during the forecast period due to increase in the industrialization and power plants in the North American countries, such as US and Canada. Furthermore, the rapid growth in the chemical and petrochemical industries is ultimately fueling the growth of the flare monitoring market in the region.
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