The global Flare Gas Recovery Systems Market is estimated to be valued at US$ 3.93 Bn 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 help in recovering hydrocarbon gases from flare stacks that are generated during plant shutdowns, startups, and other emergency operational situations. These recovered gases can be reused or commercialized to reduce environmental emissions.
Market key trends:
One of the key trends in the flare gas recovery systems market is the stringent government regulations regarding reduction of greenhouse gas emissions. Major oil producing countries and regulatory bodies like the U.S. Environmental Protection Agency (EPA) have imposed specific rules and deadlines to minimize the flaring of associated gas from oil production. For example, the EPA’s New Source Performance Standards require a capture efficiency target of 98% by 2022 for new gas wells to curb methane emissions from flaring. Such regulations are driving higher adoption of flare gas recovery systems across onshore and offshore oilfields.
SWOT Analysis
Strength: Flare gas recovery systems help reduce emissions, minimize wasted hydrocarbons and lower operating costs for oil & gas operators.
Weakness: High initial capital costs for installation and maintenance of advanced flare gas recovery technologies.
Opportunity: Growing natural gas production and demand for cleaner energy provides scope for recovered flare gases to be utilized.
Threats: Technological challenges in achieving near zero-emissions from marginal oil fields and delays in regulatory approval for recovery projects.
Key Takeaways
The Global Flare Gas Recovery Systems Market Size is expected to witness high growth, exhibiting CAGR of 7.5% over the forecast period, due to increasing focus on reducing greenhouse gas emissions and flaring. Asia Pacific region dominated the market in 2023 with China, India and other Southeast Asian countries accounting for over 35% share owing to rapid expansion of oil & gas industry.
The global flare gas recovery systems market size for 2023 is US$ 3.93 Bn. Regional analysis North America and Middle East are also significant markets for flare gas recovery systems led by extensive upstream activities in countries like US, Canada, Saudi Arabia and Iran.
Key players operating in the flare gas recovery systems market are UOP-A Honeywell Company, Wärtsilä Hamworthy, MPR Industries PLC, John Zink Company LLC, Zeeco Europe and Zeeco India, Gardener Denver, and Ro-Flo Compressors. These companies provide customized recovery equipment as well as technical and operational services.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
