by The global Flare Gas Recovery Systems Market is estimated to be valued at US$ 3.93 Billion in 2023 and is expected to exhibit a CAGR of 7.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Flare gas recovery systems are used to recover waste gases from oil and gas facilities and convert them into more usable fuel sources. These systems help recover hydrocarbons from flare gas streams which can then be used as fuel for power generation or other industrial applications. They play an important role in conserving energy and reducing greenhouse gas emissions from flaring operations.
Market key trends:
One of the key trends in the flare gas recovery systems market is the development of advanced and more efficient technologies that can help recover gases from low-pressure flare streams. Companies are focusing on innovating compact and modular systems that offer capabilities such as vapor recovery, liquids management and power generation. They are also coming up with more cost-effective solutions to make flare gas recovery viable even for marginal field applications. This is expected to boost the adoption of such systems across onshore and offshore oil and gas facilities.
SWOT Analysis
Strength: Flare gas recovery systems help reduce greenhouse gas emissions and generates additional revenue from captured gases. It improves process efficiency and fuel gas utilization.
Weakness: High initial investment requirements for installation and maintenance of flare gas recovery systems. Equipment failure can cause unplanned downtime.
Opportunity: Stringent government regulations regarding emission control and utilization of flared gases present an opportunity. Growing demand for energy generates need to utilize captured gases.
Threats: Availability of alternative techniques for emissions control pose competition. Economic slowdowns can decrease demand.
Key Takeaways
The global Flare Gas Recovery Systems Market Growth is expected to witness high growth, exhibiting CAGR of 7.5% over the forecast period, due to increasing stringent government regulations regarding greenhouse gas emissions control.
Regional analysis: North America dominated the flare gas recovery systems market in 2022 due to stringent government regulations and high shale gas production activities. Asia Pacific is expected to witness fastest growth due to increasing oil & gas production activities and demand for energy in China and India.
Key players operating in the flare gas recovery systems market are UOP-A Honeywell Company, MPR Industries PLC, John Zink Company LLC, Zeeco Europe and Zeeco India, Gardener Denver, and Ro-Flo Compressors. UOP-A Honeywell Company leads the market with wide product portfolio and global presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
