Wilmington, Delaware, Aug. 23, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Flare Gas Recovery System Market by Component (Compressors, Control Systems, and Others), Application (Onshore and Offshore), and End-Use (Oil and Gas, Petrochemicals, Power Generation, and Others): Global Opportunity Analysis and Industry Forecast, 2024-2033”. The global flare gas recovery system market was valued at $2.9 billion in 2023 and is estimated to reach $6.8 billion by 2033, exhibiting a CAGR of 8.9% from 2024 to 2033.
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Prime determinants of growth
The flare gas recovery system market is driven by stringent environmental regulations mandating emission reductions, spurring adoption. Economic benefits, such as cost savings and revenue generation from recovered gas, further boost the market growth. However, high initial costs, operational complexities, and technical challenges restrain market expansion. Opportunities lie in emerging markets, technological advancements, and diversification into non-traditional sectors. Continued innovation and global sustainability initiatives present avenues for FGRS to contribute to environmental stewardship while meeting industrial demands.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2024-2033 |
| Base Year | 2023 |
| Market Size in 2023 | $2.9 Billion |
| Market Size in 2033 | $6.8 Billion |
| CAGR | 8.9% |
| No. of Pages in Report | 280 |
| Segments Covered | Component, Application, End-use and Region. |
| Drivers |
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| Opportunities |
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| Restraint |
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The compressors segment is expected to lead throughout the forecast period
In the flare gas recovery system market, the compressors segment is expected to lead throughout the forecast period. These crucial devices are integral to the functionality of flare gas recovery system, responsible for compressing and transporting flare gas for reintegration into industrial processes or conversion into energy. Compressors used in flare gas recovery system include liquid ring compressors, reciprocating compressors, and screw compressors, each tailored to handle different volumes and pressures of flare gas efficiently. Their role in ensuring reliable and efficient operation of FGRS makes compressors the leading segment, driving technological innovations and market demand for improved performance and reliability in flare gas recovery system.
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The onshore segment is expected to exhibit fastest growth throughout the forecast period
In the flare gas recovery system market, the onshore segment is expected to exhibit fastest growth throughout the forecast period. Onshore applications refer to flare gas recovery system deployed in land-based oil and gas production facilities, refineries, and petrochemical plants. These sites typically have substantial flare gas emissions due to their large-scale operations and are subject to stringent environmental regulations that mandate the reduction of flaring activities. Implementing flare gas recovery system onshore helps companies comply with these regulations while capturing and repurposing flare gas for energy generation or other industrial processes. The onshore segment leads due to the sheer volume of facilities and operations requiring efficient flare gas management solutions to minimize environmental impact and optimize resource utilization.
Asia-Pacific to maintain its dominance by 2033
The Asia-Pacific flare gas recovery system market is poised for significant growth driven by rapid industrialization, stringent environmental regulations, and increase in energy demands across the region. Countries such as China, India, Japan, South Korea, and Southeast Asian nations are witnessing robust economic growth, accompanied by a surge in industrial activities, particularly in the oil and gas sector. This industrial expansion has led to higher levels of flare gas emissions, prompting governments to enforce stricter environmental standards to mitigate greenhouse gas emissions.
Flare gas recovery system (FGRS) plays a crucial role in helping industries comply with these regulations by capturing and repurposing flare gas that would otherwise be flared into the atmosphere. By integrating FGRS, companies not only reduce their environmental footprint but also enhance operational efficiency and resource utilization. The adoption of flare gas recovery system is further incentivized by the potential economic benefits, including cost savings from recovered gas and opportunities for energy generation.
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Players: -
- Zeeco, Inc.
- Honeywell International Inc.
- John Zink Hamworthy Combustion
- Wärtsilä Corporation
- Transvac Systems Limited
- Baker Hughes Company
- Garo
- Bharat Petroleum Corporation
- GTUIT
- Gardner Denver Nash LLC
The report provides a detailed analysis of these key players in the global flare gas recovery system market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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