Flare Tips Market Size, Share, Growth, and Global Industry Growth by Type (Open Pipe Flare Tips, Air Assisted Flare Tips, Coanda Flare Tips, and Others) By Application (Flare Tip Replacement, Newbuilt for Onshore, Newbuilt for Offshore), Covid-19 Impact, Latest Trends, Segmentation, Driving Factors, Restraining Factors, Key Industry Players, Regional Insights, and Forecast From 2024 To 2031

Updated On: 08 April 2024

FLARE TIPS MARKET REPORT OVERVIEW

• 
• Request a Free sample to learn more about this report

The global flare tips market size was USD 80 million in 2022 and is projected to touch USD 101.52 million by 2031, exhibiting a CAGR of 2.6% during the forecast period.

Flare tips are used to safely burn gasses released by chemical facilities, refineries, and LNG plants. BUTTING has been manufacturing flare tips ready for installation according to customer needs for energy and environmental technology since the 1980s. BUTTING provides numerous types of flare tips in the required heat-resistant materials depending on the intended purpose and gas composition. These components are prefabricated and ready to use in our Knesebeck factory. This provides numerous advantages to the customer, as no further welding work on the construction site is necessary. The flare tip must only be attached to the flare pipe.

The flare tips market is expected to grow significantly due to various factors such as tighter environmental regulations aimed at reducing harmful emissions and increasing flare system combustion efficiency, the advantages of remote flare monitoring systems, and the steady expansion of the oil, gas, and petrochemicals industries, particularly in the Middle East and Africa and Asia Pacific.

COVID-19 Impact: Halt on Production and Supply Chain Disruption to Impede Sales. 

The global COVID-19 pandemic has been unprecedented and staggering, with flare tips experiencing lower-than-anticipated/higher-than-anticipated demand across all regions compared to pre-pandemic levels. The spike in CAGR is attributable to the flare tips market growth and demand returning to pre-pandemic levels once the pandemic is over. 

Many ongoing or new projects across the oil and gas value chain are anticipated to experience significant issues due to the pandemic's influence on project execution, planning, and risk management. Some refinery and petrochemical projects in the affected region may have been directly harmed by the Covid-19 outbreak. These circumstances are anticipated to impede the flare monitoring market's expansion.

LATEST TRENDS

"Presence of Prominent Players to Bolster Market Progress"

Flare tips manufacturers are finding that developing markets deliver more advance potential than developed markets in industrialized regions. New flare systems are anticipated to be in short stock in North America and Europe. Moreover, the significance of environmental agreement has provoked some administrations to initiate to recover air quality and report the experiments associated with rising pollution levels. Numerous large-scale organizations in China have been grateful to install emission monitoring tools to measure the concentration of unsafe gases produced from flare stacks to meet regulatory guidelines. The demand for new flare tips will upsurge as a result of the promising government support.

Furthermore, due to the establishment of new oil and gas operations in these regions, the demand for emission monitoring is expanding across the Middle East and some parts of Africa, which would drive the adoption of flare monitoring systems.

FLARE TIPS MARKET SEGMENTATION

• 
• Request a Free sample to learn more about this report

• By Type Analysis

By type, the market is segmented into open pipe flare tips, air-assisted flare tips, coanda flare tips, and others.

• By Application Analysis

Based on application, the market is classified into flare tip replacement, newbuilt for onshore, and newbuilt for onshore.

DRIVING FACTORS

"Various Types of Systems to Facilitate Industry Progress"

Flare systems are monitored utilizing two different types of systems: remote flare monitoring systems and in-process flare monitoring systems. Remote flare monitoring systems make use of multi-spectral infrared imaging technology, which, in addition to enabling remote monitoring of flare system combustion efficiency, also provides other important metrics like SI (Smoke Index). Additionally, these indicators assist operators in compliance with additional laws, such as 40 CFR 63.670 (h) - "visible emission monitoring," while assuring optimal flare performance. In the near future, these elements are predicted to help the rapid rise of optical and thermal imaging-based flare monitoring systems.

"Increasing R&D Activities to Magnify Market Growth"

The growing demand for flare monitoring systems across upstream, i.e., both onshore and offshore oil and gas production sites, is expected to increase in the near future as regional, national, and international environmental jurisdictions tighten their regulations to reduce emissions of harmful VOCs and other pollutants from the extraction to the production of oil and gas. With the rising need for crude oil in various industries such as transportation, industrial operations, and electric generation, more upstream activities are required, resulting in a demand for flare monitoring. Furthermore, the flare monitoring system is capable of automatic signal production and flare size tracking, reducing the risk.

RESTRAINING FACTORS

"Environmental Damage to Impede Market Progress"

A number of end-user sectors that aren't as reliant on open combustion systems are shifting their attention to closed combustion systems. Closed-combustion systems have a higher potential for mitigating environmental harm than open-combustion systems. Furthermore, the World Bank's "Zero Routine Flaring by 2030" effort has changed industries' focus to eliminating routine flaring and reusing produced gases on-site or gathering, processing, and dispatching them to the market.

FLARE TIPS MARKET REGIONAL INSIGHTS

• 
• Request a Free sample to learn more about this report

"Government Restrictions to Bolster Growth in North America"

North America is expected to dominate the flare tips market share due to the increasing government restrictions to address hazardous and flammable gases emitted by the industry. The market is rising as a result of an increase in drilling and shale gas exploration, and a greater focus on reducing emissions from upstream activities.

The growing demand for flare tips from key oil and gas producing countries in the Middle East and Africa, and major oil refining countries in Asia Pacific and Europe, is providing new growth prospects for market players. Governments, oil firms, and development organizations all across the world are urged to support the Zero Routine Flaring by 2030 Initiative, which is likely to limit flare tips market growth.

KEY INDUSTRY PLAYERS

"Companies Adopt Technologically Advanced Production Techniques to Improve Market Position"

The Flare tips market is made up of a number of companies that operate in the industry. Market conditions, government legislation, and industry development all influence company growth potential. The majority of firms are concentrating on enhancing their market position, global presence, and product portfolio.

INDUSTRY DEVELOPMENT-

• July 2019: Fluenta announced a collaboration with Techstars. TechStar will represent Fluenta's gas measuring technology in Texas, New Mexico, Arkansas, Oklahoma, and Kansas, where it has more than 30 years of experience in the oil and gas business.

List of Market Players Profiled

• UOP (Honeywell) (U.S.)
• Zeeco (U.S.)
• GBA Flare Systems (Italy)
• BUTTING Group (Germany)
• AEREON (U.S.)
• INMA Steel (U.S.)
• Agro Flare (India)

REPORT COVERAGE

The research is based on firsthand knowledge, qualitative and quantitative analysis by industry analysts, and contributions from industry experts and participants across the value chain. The research examines parent market trends, macroeconomic data, and controlling factors in-depth, and market appeal by segment. The qualitative influence of key market factors on market segments and regions is also mapped out in the report.