The global Flare Gas Recovery Systems Market size was USD 1.05 Billion in 2021 and is expected to register a revenue CAGR of 5.3% over the forecast period, according to the latest report by Reports and Data.
Flare Gas Recovery Systems and flaring control are necessary in petrochemical, oil, and gas production. The World Bank, through the Global Gas Flaring Reduction Partnership, has recommended various advancements in flaring management, operational improvement, and the use of modern technologies to remove flare gas from the environment. The installation of Flare Gas Recovery Systems in refineries and processing facilities is also increasing due to the United Nations' 17 sustainable development goals to address economic, social, and environmental concerns in the oil and gas industry by 2030.
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Top Lading Players: Aerzener Maschinenfabrik GmbH, Transvac Systems Limited, Koch Industries, Inc., Birwelco Ltd, MAN Energy Solutions SE, Zeeco, INC., Mitsubishi Heavy Industries Compressor, LTD., HeatMatrix Group B.V., Exodraft A/S, Gardner Denver, and Baker Hughes Company, among others.
Some Key Highlights from the Report:
- In 2021, the compressor-based Flare Gas Recovery Systems sector accounted for a higher revenue share. Flare Gas Recovery Systems based on compressors are suited for handling hydrogen to heavy hydrocarbon gases. Compressor-based systems are designed to absorb compression heat as well as discharge temperatures when temperatures vary. This technology is used in many petrochemical and oil industries for recirculation as well as auxiliary heat exchangers.
- In 2021, the Asia Pacific market will have a bigger revenue share. Rapid industrialization and government export promotion measures are propelling the expansion of the Flare Gas Recovery Systems market in this area. Plastics, rubbers, resins, synthetic fibres, adhesives, petroleum-derived paints and coatings are all manufactured and exported from Asia Pacific. Over 100 global chemical centres and some of the world's top downstream companies, including Shell, Chevron, and ExxonMobil, are located in Asia Pacific.
- Baker Hughes Firm, a U.S.-based worldwide industrial service company, inked a collaboration agreement with Egyptian General Petroleum Corporation (EGPC) on June 29, 2022, to deliver and install a Flare Gas Recovery Systems. As part of greenhouse gas elimination efforts, the Egyptian Ministry of Petroleum and Mineral Resources (MoPMR) intends to minimise emissions and increase the efficiency of OG operations.
Segments covered in the report:
Operating Pressure Outlook (Revenue, USD Billion; 2019-2030)
- Up to 5 bar (small)
- 5 to 10 bar (medium)
- 10 to 20 bar (large)
- 20 to 60 bar (very large)
Technology Outlook (Revenue, USD Billion; 2019-2030)
- Compressor
- Ejector based
Flow rate Outlook (Revenue, USD Billion; 2019-2030)
- Up to 2 MMSCFD
- 2 to 5 MMSCFD
- 5 to 10 MMSCFD
- 10 to 20 MMSCFD
- 20 to 50 MMSCFD
Application Outlook (Revenue, USD Billion; 2019-2030)
- Oil Gas (OG)
- Chemical Plants
- Industrial gas treatment
- Bio-gas treatment
- Others
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Regional Outlook:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Key Questions Addressed in the Report:
- What are the dominating factors that are influencing the growth of the industry?
- In the forecast period, which market segment is expected to rise the most?
- What are the risks and challenges that the industry is facing?
- In the coming years, which area is projected to dominate the market?
- Who are the major players in the market?
- What kind of strategic business plans have they made?
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