A recent report published by Infinium Global Research on the flare gas recovery system market provides in-depth analysis of segments and sub-segments in the global as well as regional flare gas recovery system market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional flare gas recovery system market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of the global flare gas recovery system market. According to the report, the global flare gas recovery system market is projected to grow at a CAGR of 11.38% over the forecast period of 2021-2027. The market growing from nearly USD 2.26 billion in 2021 to about USD 4.32 billion in 2027.

Market Insight

The flare gas recovery unit (FGRU) provides many benefits to its end-user, including a reduction of plant fuel and steam consumption, an increase in flare tip life, a rapid return on investment, a decrease in plant emissions, and a reduction in continuous flare operation. It is considered to be an efficient way to prevent burning and venting flare gas in oil production and refinery plants. Furthermore, Flare gas recovery also provides some intangible benefits, such as reducing the amount of flaring overall reduces the visibility of the flare, improving public perceptions of the facility. Flare gas recovery helps in reducing noise and thermal radiation, operating and maintenance costs, air pollution and emission, and fuel gas and steam consumption. The flare gas recovery system converts the flare gas into a fuel that may be used in the refineries or sold to a third party for profit. A flare gas recovery system provides for a reliable mechanism usable energy, which can reduce the cost of power required to run the refining operations

The factors such as increasing environmental awareness, regulations, and potential chances of gaining profit from the flare gas recovery product are expected to propel the market growth. Furthermore, lack of technology awareness in underdeveloped nations and emerging economies and lack of government regulations in these countries are expected to hinder the market growth. Moreover, strict rules have been imposed by the government regarding carbon emission also to impact the adoption of flare gas recovery systems. It also requires high maintenance and installation costs for its setup. The boom in power generation applications over the forecast period in the oil and gas industry drives its demand and is expected to create lucrative opportunities in the global market

Middle East countries are emerging as prominent players in Flare Gas Recovery System over the few years. They are the leading oil and gas producers with OPEC countries being the center of production hub. Due to the rising competition in the oil and gas sector in this region companies have to also focus on carbon footprints in order to avoid environmental harmful factors. Due to ambient temperatures in this region and sandstorm, they occur more often, Ly it require special fitting and the price are also high due to high import rates so the demand is expected to remain high in these regions. The European and North American region is expected to grow at the fastest rate in the Flare Gas Recovery System. Due to the rising demand from the end-user industries such as energy & power, chemicals & petrochemicals, food processing, etc., due to rising industrialization activities will support industry growth over the forecasting years

Segment Covered

The report on global flare gas recovery system market covers segments such as capacity, and application. On the basis of capacity, the sub-markets include small, medium, large, and very large. On the basis of application, the sub-markets include upstream, downstream, and others.

Companies Profiled:

The report provides profiles of the companies in the market such as Zeeco, John Zink Hamworthy Combustion, MPR Industries, UOP Honeywell, Movitherm, Transvac Systems Ltd, Aerzener Maschinenfabrik GmbH, Gardner Denver Nash LLC, Wartsilia, and MAN Energy Solutions SE.

Report Highlights:

The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the flare gas recovery system market. Moreover, the study highlights current market trends and provides forecast from 2021-2027. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.