USD 1.17 billion
Report ID:
SQMIG15A2434 |
Region:
Global |
Published Date: November, 2024
Pages:
181
|Tables:
91
|Figures:
73
Flare Gas Recovery System Market size was valued at USD 1.24 Billion in 2023 and is poised to grow from USD 1.31 Billion in 2024 to USD 2.05 Billion by 2032, growing at a CAGR of 5.8% during the forecast period (2025-2032).
Increased awareness associated with clean energy is expected to fuel flare gas recovery system market growth during the forecast period. Furthermore, increasing awareness on the negative impacts of various industrial processes, carbon emissions and environmental protection will also fuel the growth of the global flare gas recovery system industry.
Furthermore, the increasing importance of environmental protection activities is estimated to ultimately drive the market growth. Additionally, an increasing number of natural gas and oil companies are looking to implement vapor recovery systems to increase energy efficiency. Many companies view this as a form of corporate social responsibility and increasing demand in the process.
For increasing E&P activity, increasing demand for fossil fuel end-uses like automotive, power generation is expected to trigger a flare gas recovery system market size in oil and gas processing and natural gas processing areas. Gas flaring is the burning of excess gas used in many industrial areas such as manufacturing plants, refineries and chemical plants.
This excess air consumption is recovered and used for different purposes than combustion in the open air, improving overall plant efficiency, satisfying the additional time required. Flare gas recovery systems typically use a recompression unit for reinjection into refinery systems or for injection into payloads for other purposes.
US Flare Gas Recovery System Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 1.17 billion
Largest Segment
Compressor-based
Fastest Growth
Ejector-based
Growth Rate
5.8% CAGR
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Flare Gas Recovery System Market is segmented by Operating Revenue, Configuration, Technology, Flow Rate, Application, and region. Based on Operating Revenue, the market is segmented into Upto Upto 5 bar (small), 6 to 10 bar (medium), 11 to 20 bar (large), 21 to 60 bar (very large). Based on Configuration, the market is segmented into Modular, and Skid Mounted. Based on Technology, the market is segmented into Compressor (Reciprocating, Screw, Liquid Ring, Siding Vane), and Ejector Based. Based on Flow Rate, the market is segmented into Upto 2 MMSCFD, 3 to 5 MMSCFD, 6 TO 10 MMSCFD, 11 TO 20 MMSCFD, and 21 to 50 MMSCFD. Based on Application, the market is segmented into Oil & Gas (Petrochemical Refineries, NGL Plants, CNG Refineries, EOR, Pipeline & Syn Gas, FPSO Offshore platforms, Fuel gas conditioning), Chemical Plants, Storage Tanks, Bio Gas & Landfill, and Industrial flue gas treatment. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.
Flare Gas Recovery System Market Analysis by Operating Pressure
Operating pressure systems up to 5 bars will account for the largest flare gas recovery system market share by 2023. The process involves various analyzers without direct gas injection. Many chemical plants incorporate this system to reduce and control greenhouse gas emissions and save operating costs. Furthermore, the 5-bar operating pressure system requires little maintenance to operate.
The 5 to 10 bar operating pressure system achieved strong revenue share by 2023. This system is designed for oil refineries and specialty chemicals processing high 5 to 10 bar operating pressure handles pressure efficiently during the derivatization or refining process. This system ensures the efficiency of refineries and petrochemical unit production process. Moreover, many companies are planning and developing new efficiencies in this sector to convert gas energy into electricity. These factors are expected to fuel the growth of this segment during the forecast period.
Flare Gas Recovery System Market Analysis by Technology
Compressor-based flare gas recovery system segment accounted for higher flare gas recovery system market share in 2023. The compressor-based systems are designed to absorb the heat of compression and discharge temperature during temperature changes. Many gasoline and oil companies use this system in recycling as well as in auxiliary heat exchangers.
Ejector-based flare gas recovery system segment accounted for a moderate revenue share in 2023. This system supports the delivery of low-pressure gas in a heat exchanger to multistage flow and to underground formation. Underground processes are widely used in power generation and in the analysis of common storage materials.
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North America is expected to be worth US$661.2 Mn by 2022, with a market share of over 32%. Europe and North America together account for about 62% of the market share in terms of revenue during the forecast period. However, markets in developing countries will witness their use, due to increasing awareness of carbon emissions and environmental protection, and the increasing adoption of FGRS for electricity for the purpose of operation. Accelerated adoption of flare gas recovery system due to stringent environmental regulations. North America, particularly the United States and Canada, is at the forefront of technological advances in flare gas recovery systems. With stringent environmental regulations and a focus on greenhouse gas reduction, efficient greenhouse gas recovery systems are required.
Asia-Pacific region in the flare gas recovery system market is expected to grow from emerging economies of Asia-Pacific Oil and Gas in developing economies in Asia -Pacific during the forecast period. Knowledge of innovative quality control techniques, economic expansion and growing interest from foreign investors are driving the flare gas recovery systems market in Asia-Pacific. In the Asia-Pacific region, countries such as China, India and South Asian countries are experiencing rapid industrialization. This has led to an increase in greenhouse gas emissions from industries such as oil refining, petrochemicals and construction. Due to growing population and urbanization, the demand for energy is increasing in the Asia Pacific region. Combustion systems can help meet this demand by capturing and using hydroelectric gas to generate electricity or other industrial applications.
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Flare Gas Recovery System Market Drivers
Installation of Flare Gas Recovery Systems and Flare Management
Regulatory Compliance
Flare Gas Recovery System Market Restraints
High Installation Costs
Cost Savings
Complex Integration
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The competitive environment of the flare gas recovery system market is dynamic and characterized by the presence of a mix of well-established brands, emerging players, and niche producers. Innovation is a key competitive factor. The global market competitive landscape provides detailed information from competitors. Detailed information includes company overview, company financials, earnings, market potential, investment in research and development, new market strategy, global presence, manufacturing regions and locations of production, manufacturing capacity, company strengths and weaknesses, product launches, product expansion and expansion, application authority.
Flare Gas Recovery System Market Top Player’s Company Profiles
Flare Gas Recovery System Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
The flare gas recovery system market is expected to grow at a CAGR of over 2% during the period 2024-2031. Factors such as increased environmental awareness, regulations, possible prospects of flare gas recovery product are expected to drive the market growth but lack of technology in underdeveloped countries and in developing countries and government regulations in such countries will restrain the growth of the market.
The increasing demand for power generation has been a major factor in the global demand for gas capture systems for flares. Most manufacturers re-flame natural gas production wells to maintain optimal pressure in the wells. This will drive down the demand over the next few years. Growing concerns and awareness about the negative impacts of various industrial productions on the environment is another factor expected to drive the demand for FGRS. The importance of environmental protection activities is increasing rapidly, ultimately leading to greater adoption of greenhouse gas capture systems. The expansion of the oil and gas sector and increased investments by leading companies will be key to market growth during the forecast period.
Report Metric | Details |
---|---|
Market size value in 2023 | USD 1.24 Billion |
Market size value in 2032 | USD 2.05 Billion |
Growth Rate | 5.8% |
Base year | 2024 |
Forecast period | 2025-2032 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Flare Gas Recovery System Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Flare Gas Recovery System Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Flare Gas Recovery System Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Flare Gas Recovery System Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Flare Gas Recovery System Market size was valued at USD 1.24 Billion in 2023 and is poised to grow from USD 1.31 Billion in 2024 to USD 2.05 Billion by 2032, growing at a CAGR of 5.8% during the forecast period (2025-2032).
The competitive environment of the Global Flare Gas Recovery System Market is dynamic and characterized by the presence of a mix of well-established brands, emerging players, and niche producers. Innovation is a key competitive factor. The global market competitive landscape provides detailed information from competitors. Detailed information includes company overview, company financials, earnings, market potential, investment in research and development, new market strategy, global presence, manufacturing regions and locations of production, manufacturing capacity, company strengths and weaknesses, product launches, product expansion and expansion, application authority. 'John Zink Hamworthy Combustion LLC ', 'Gardner Denver Holdings Inc ', 'Honeywell UOP ', 'Cimarron Energy, INC. (Jordan Technologies) ', 'Zeeco, Inc ', 'SoEnergy International Inc ', 'Wärtsilä Oyj Abp ', 'Transvac Systems Ltd ', 'Aerzener Maschinenfabrik GmbH ', 'Schneider Electric ', 'Siemens ', 'ABB ', 'Eaton ', 'Legrand ', 'Mitsubishi Electric Corporation ', 'Fuji Electric FA Components & Systems Co., Ltd. ', 'CNC ELECTRIC GROUP CO., LTD. ', 'Rockwell Automation ', 'Hitachi, Ltd. '
Installation of Flare Gas Recovery Systems and Flare Management
Manufacturers are using advances in electrolysis to reclaim domestic air. This reclaimed gas is injected into natural gas wells to maintain optimal pressure in the wells. Carbon emissions into the environment are a global concern. With increasing awareness, companies are investing heavily in these exhaust solutions. Today, as a serious global theme, it is facing global warming. They are used by increased levels of CO2, CH4, and other greenhouse gases (GHGs) in the atmosphere. Combusted gas is very similar to natural gas. It is a cleaner source of energy than commercial fossil fuels. Growing concerns about oil and gas scarcity are predicted to spur interest in wind turbines.
North America is expected to be worth US$661.2 Mn by 2022, with a market share of over 32%. Europe and North America together account for about 62% of the market share in terms of revenue during the forecast period. However, markets in developing countries will witness their use, due to increasing awareness of carbon emissions and environmental protection, and the increasing adoption of FGRS for electricity for the purpose of operation. Accelerated adoption of flare gas recovery system due to stringent environmental regulations. North America, particularly the United States and Canada, is at the forefront of technological advances in flare gas recovery systems. With stringent environmental regulations and a focus on greenhouse gas reduction, efficient greenhouse gas recovery systems are required.
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Report ID: SQMIG15A2434
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