Flare Gas Recovery System Market Overview
According to a research survey conducted by ChemView Consulting, the current valuation of the Global Flare Gas Recovery System Market is worth US$ 1,492.0 Mn in 2022. The market value of stainless steel is expected to reach US$ 2,827.1 Mn by 2032, growing at a CAGR of 6.6% over the forecast period.
Since the release of unburned gas results in a rise in carbon emissions flare, gas recovery devices are employed across the refinery industry for maintenance and safety purposes. Flare systems are deployed throughout refineries to reduce these emissions since they effectively stop the escape of unburned gases.
Every hydrocarbon processing sector needs a flare system to burn the vent gases before they are released into the atmosphere. Flare systems are necessary for safe and effective operational purposes. Among flare gas recovery systems’ most important end customers are refineries, gas processing facilities, and gas-producing facilities.
ChemView Consulting has analyzed that refineries have adopted flare gas recovery systems in response to the growing need to minimize carbon emissions, which is projected to accelerate the market growth for these systems. Flare gas recovery systems recover unused gas from production facilities, which then inject the gas back into the production well to produce electricity.
Compressors are anticipated to become the most popular technology in the global flare gas recovery market. It is the most popular option for gas recovery applications because of its straightforward and small construction, low-pressure fluctuation, and compression. Over the projected period, the sector is anticipated to represent over 44.8% of the flare gas recovery systems market.
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Segments Covered in Report
By Operating Pressure:
- Up to 5 bar (small)
- 5 to 10 bar (medium)
- 10 to 20 bar (large)
- 20 to 60 bar ( very large)
- Skid Mounted
- Ejector Based
By Flow Rate:
- Upto 2 MMSCFD
- 2 to 5 MMSCFD
- 5 TO 10 MMSCFD
- 10 TO 20 MMSCFD
- 20 to 50 MMSCFD
- Oil & Gas
- Chemical Plants
- Storage Tanks
- Bio Gas & Landfill
- Industrial flue gas treatment
By Region and Country:
- North America (U.S., Canada)
- Latin America (Brazil, Mexico, Rest of Latin America)
- Europe (Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, Rest of Europe)
- Asia-Pacific (China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Rest of Asia-Pacific)
- Middle East (Saudi Arabia, Turkey, UAE, Rest of Middle East)
- Africa (South Africa, Nigeria, Egypt, Rest of Africa)
Key Takeaways from the Flare Gas Recovery System Market
- Based on the technology, the compressor has consistently been in higher demand. It is the most popular option for gas recovery applications because of its straightforward and small construction, low-pressure fluctuation, and compression.
- Based on the application, oil & gas will continue to be a major application area for Flare Gas Recovery System globally. These systems are necessary for flare gas recovery in several sectors, including petrochemical refineries, NGL facilities, fuel gas conditioning, and others in the oil and gas sector.
- Through 2032, the U.S. is anticipated to hold more than 76.0% of the North American market. With gas flaring reducing by 32.1% between 2019 and 2020 due to an 8.0% loss in oil output and new infrastructure to utilize gas that would otherwise be flared, the U.S. was responsible for 70.1% of the global flaring decline. This shows that regulations have been implemented well and that the nation uses more renewable energy.
Key companies covered in the market study are Honeywell UOP, Cimarron Energy, INC.( Jordan Technologies), Wärtsilä, Zeeco, Inc, SoEnergy International, John Zink Hamworthy Combustion, Ramboll Group, Inc.
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Report Key Highlights
- Detailed information on factors that will assist Global Flare Gas Recovery System’s growth during the next ten years
- Assessment of the historical and current Global Flare Gas Recovery System Market size (2017-2021), market projections (2022-2032), and its contribution to the parent market
- The growth of the market across North America, Europe, East Asia, South Asia & Pacific, Latin America, Middle East, and Africa
- Segment-wise, country-wise, and region-wise market analysis
- Key drivers, restraints, opportunities, and key emerging trends impacting market growth
- Predictions on critical supply, demand, and technological trends and changes in consumer behavior
- Value chain analysis (list of manufacturers, distributors, end-users, average profitability margins, etc.)
- Competition mapping, market share analysis, key strategies adopted by top players, and competitive tactical intelligence
- Covid-19 impact on the market and how to navigate
- Strategic market analysis and recommendations on crucial winning strategies
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