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.