Flare gas recovery systems capture hydrocarbon gases from industrial flaring operations that would otherwise combust and emit greenhouse gases into the atmosphere. Flare gas recovery systems facilitate separation and extraction of valuable hydrocarbon components like methane, ethane and propane from waste gases.
The global Flare Gas Recovery Systems Market is estimated to be valued at Us$ 4.53 Billion in 2024 and is expected to exhibit a Cagr Of 11% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends fueling the growth of flare gas recovery systems market is the increasing demand for recovery of flare gas emissions from refineries and oil & gas industry. Flaring at industrial operations emits greenhouse gases like methane into the atmosphere which is a major contributor to global warming. Strict environmental regulations worldwide are pushing industries to reduce routine flaring and recover valuable hydrocarbons from waste gases. Flare gas recovery systems help industries comply with emission norms, recover commercially important hydrocarbon components from flared gases, and generate additional revenue from the sale of recovered gases. This has significantly driven the adoption of flare gas recovery systems across various industrial verticals in recent years.
SWOT Analysis
Strength: Flare gas recovery systems help recover hydrocarbon gases from refineries and oil & gas facilities that would otherwise be burnt or released into the atmosphere. This helps reduce greenhouse gas emissions and leads to financial gains.
Weakness: High initial investment costs for installing flare gas recovery systems hampers their adoption, especially in developing regions. Technical challenges in recovering gases efficiently also poses a weakness.
Opportunity: Stringent government regulations to curb flare stacking and minimize environmental impact present opportunities for market growth. Rising awareness about green technologies also opens up opportunities.
Threats: Economic slowdowns threaten new investments in oil & gas sectors which impacts demand for flare gas recovery systems. Availability of alternative pollution control methods acts as a threat.
Key Takeaways
The Global Flare Gas Recovery Systems Market Demand is expected to witness high growth over the forecast period.
The Asia Pacific region currently holds the largest share of the flare gas recovery systems market owing to the presence of some of the largest oil & gas producers such as China, India, and Indonesia. These countries are focusing on reducing emissions which benefits market growth.
Key players operating in the flare gas recovery systems market are GE Healthcare (US), Siemens Healthineers (Germany), Koninklijke Philips N.V. (Netherlands), Block Imaging (US), SOMA TECH INTL. (US), Avante Health Solutions (US), Hilditch Group (UK), Everx Pvt Ltd. (Australia), Integrity Medical Systems, Inc. (US), Radiology Oncology Systems, Inc. (US), Master Medical Equipment (US), US Med-Equip (US), Fair Medical Co. Ltd. (Japan), Future Health Concepts (US), US Medical Systems, LLC. (US), Nationwide Imaging Services (US), Pacific Healthcare Imaging, LLC (US), Venture Medical ReQuip, Inc. (US), Desert Tech Medical Systems (US), Hi Tech International Group, Inc. (US), CURA Healthcare (India).
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
