A recent report published by Infinium Global Research on 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 global flare gas recovery system market. The global flare gas recovery system market was valued at over USD 2.5 billion in 2022 and is expected to reach more than USD 5 billion in 2030, with a CAGR of over 9% during the forecast period 2023-2030.
The Flare Gas Recovery Unit (FGRU) offers numerous advantages to its users, including decreased fuel and steam consumption, prolonged flare tip lifespan, fast return on investment, reduced plant emissions, and fewer instances of continuous flare operation. It is an efficient method for preventing the burning and venting of flare gas in oil production and refinery plants. Additionally, it provides intangible benefits like reducing the overall amount of flaring, improving public perception of the facility, and minimizing noise and thermal radiation, air pollution and emissions, operating and maintenance costs, fuel gas and steam consumption. By converting flare gas into usable fuel, the FGRU offers a reliable energy source that can lower the cost of power required for refining operations. Overall, the flare gas recovery system is a valuable tool for providing usable energy, reducing costs, and improving the sustainability of oil production and refinery plants.
The global market for flare gas recovery is anticipated to grow due to several factors, including the rising awareness of environmental issues, regulations, and the potential for profit from the recovered gas. However, the lack of technology awareness in underdeveloped nations and emerging economies and a lack of government regulations in these countries are expected to impede the market growth. Additionally, strict government rules regarding carbon emissions will impact the adoption of flare gas recovery systems, and high installation and maintenance costs are also a consideration. Despite these challenges, the power generation applications in the oil and gas industry are expected to create new opportunities and drive demand for the flare gas recovery system in the forecast period. Overall, the market for flare gas recovery is poised for growth and presents opportunities for innovation and investment in the energy sector.
In recent years, countries in the MENA region have become significant players in the flare gas recovery systems market. These countries are major oil and gas producers, with OPEC nations at the center of the production hub. With increasing competition in the oil and gas sector, companies are focusing on reducing their carbon footprint to avoid environmental damage. In this region, sandstorms and high ambient temperatures make it necessary to have specially fitted equipment, which can be expensive due to high import rates. Nevertheless, the demand for flare gas recovery systems is expected to remain high in these regions. The European and North American regions are anticipated to experience the fastest growth in the flare gas recovery system market due to rising demand from end-user industries such as energy and power, chemicals and petrochemicals, and food processing, among others. As industrialization activities increase, this demand is expected to support industry growth over the forecast period. Overall, the global market for flare gas recovery systems is expected to expand due to increasing demand from various industries and regions, including emerging markets in the MENA region.
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.
The report provides profiles of the companies in the market such as ZEECO, John Zink Hamworthy Combustion, MAPRO International, UOP LLC, MoviTherm, Transvac Systems Limited, Aerzener, Gardner Denver, Wärtsilä, and MAN Energy Solutions.
The report provides deep insights into 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 forecasts from 2023-2030. 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.
Please Choose One of them.