Flare Gas Recovery Systems Market, By Capacity (Small, Large, Medium, Very large), By Application Outlook (Upstream, Downstream, Others), By Region – Global Analysis Forecast Till 2030

The Flare Gas Recovery Systems Market size was estimated at USD 3.4 Billion in 2021, projected to grow at a CAGR of 7.8% from 2022 to 2030.

Plants use flares as combustion devices to efficiently and safely burn waste gases. They are essentially safety mechanisms that prevent unburned gas from being released into the atmosphere. These gases could ignite or even detonate in the presence of a flame source outside the plant. Flare gas recovery is a term used to describe the process of recycling waste gases. Due to population expansion and rising living standards, particularly in emerging countries, greenhouse gas emissions today have increased.

Large amounts of co-produced gas have been flared as a waste byproduct to fulfil the expanding demand for oil and gas, which has resulted in the formation of enormous gas reserves. It is projected that end-use industries' rising desire to reduce H2S flaring and increase the cost-effectiveness of flare gas applications will drive the market.

Market Dynamics

Drivers:

The increased demand for carbon emission reduction has accelerated the deployment of flare gas recovery systems across refineries, which is anticipated to accelerate the market growth for these systems. Flare gas recovery systems collect the unburned gas emitted from the production facilities and use captured gas for reinjection into the production well for power generation.

Because these systems allow for energy reuse, rising demand from the oil and gas industry is anticipated to propel market expansion. The need for a flare gas recovery system is expected to increase due to the growing need to reduce energy consumption in the oil and gas industry, which is very energy-intensive. Over the projected time, this element is anticipated to boost flare gas recovery systems market expansion.

Restraints:

High initial outlay for the flare gas recovery system because the marketing of a system involves design, production, installation, and test runs, all of which raise the system's final cost. The deployment of a flare gas recovery system is anticipated to be constrained by this issue over the projection period.

Manufacturers believe installing flare systems is unprofitable because there is uncertainty about return on investment across the oil and gas industry, which has lowered demand for flare systems. It is anticipated that this may impede the flare gas recovery systems market.

Opportunity:

It is anticipated that manufacturers would increasingly focus on providing flare gas recovery system packages that include installation, aftermarket, and post-sales servicing. Because they are simple to install, small and medium capacity flare gas recovery systems are in high demand, which is expected to support market expansion during the forecast period.

The flare gas recovery systems market is anticipated to increase as a result of emerging economies and rising consumer spending per capita. Over the forecast period, the market growth is anticipated to be boosted by growing corporate social responsibility toward carbon emissions. Furthermore, market growth is expected to be accelerated by tightening government laws governing the installation of a flare system in response to consumer desire for environmental sustainability.

Key players:

• Wärtsilä Hamworthy

• MPR Industries PLC

• John Zink Company LLC

• Zeeco Europe and Zeeco India

• Gardener Denver

• Ro-Flo Compressors

Market Segmentation:

Flare Gas Recovery Systems Market, By Capacity        

• Small

• Medium

• Large

• Very large

Flare Gas Recovery Systems Market, By Application   

• Temperature Control

• Temperature Monitoring

• Others

Flare Gas Recovery Systems Market, By Region

• North America

• Europe

• Asia-Pacific

• Latin America

• Middle East & Africa (MEA)

Regional Analysis:

The two most significant flare gas recovery systems market over the forecast period will continue to be North America and Europe. Europe is anticipated to have fallen market growth due to relatively lower natural gas output and saturated market circumstances.

By 2020, North America is anticipated to hold a market share of more than XX% and represent a value of over US$ XX Mn. In terms of market revenues, Europe and North America will together account for close to XX% of the market. But due to growing public awareness of carbon emissions and environmental protection, as well as the rapid uptake of FGRS for use in power generation applications, markets in developing economies are expected to see growth.

Scope of the Report:

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