Flare Gas Recovery System Market is likely to garner US$ 1.7 Billion by 2031 end owing to increased prevalence of Renewable Energy Sources | Future Market Insights, Inc.

Demand in the Middle East and Africa Flare Gas Recovery System Market is expected to rise at nearly 5.0% CAGR over the forecast period. Russia is expected to hold 12.9% of the Europe Flare Gas Recovery System Market share by 2031. Flare Gas Recovery Systems Market to Exhibit Exponential Growth Through 2031; Government Regulations Bolster Market Growth.

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NEWARK, Del, April 06, 2023 (GLOBE NEWSWIRE) -- The global flare gas recovery system market is expected to propel at a robust CAGR of 5.9% throughout the forecast period from 2021 to 2031. The global market was valued at US$ 1.05 Billion in 2021 and is likely to surpass a valuation of around US$ 1.7 Billion by 2031. According to Future Market Insights' historical valuation, the global flare gas market registered year-on-year growth at 4.8% in 2021.

Compressor technology is anticipated to remain one of the highly sought-after, and sales of modular flare gas recovery systems will increase at a steady pace, exhibiting growth at a 5.7% CAGR in 2021. Incredible revenue generated by the oil and gas segment of the flare gas recovery system (FGRS) market rose gradually in 2021. The FGRS market is driven by regulation. Historically, the market witnessed impressive growth after 2015, when the World Bank launched its “Zero Flaring by 2030” initiative.   

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The ‘Zero Flaring by 2030’ was launched in order to end routine flaring by 2030, by facilitating cooperation between stakeholders to find solutions to curb gas flaring through appropriate regulations, adoption of technologies, and financial arrangements. In addition to that, the leading flare gas recovery system manufacturing companies are focusing on offering highly efficient and cost-effective options that reduce the payback period.

Compelling Market Trends

On the basis of configuration, the skid-mounted systems segment is accounted for a dominant market share of around 65% of the flare gas recovery systems market in 2021. These systems are used extensively in end-use sectors owing to their high degree of customization and efficiency.

On the basis of application, the oil and gas sector is anticipated to possess for more than 60% of the total flare gas recovery system market share by 2031. In addition to that, various industries such as petrochemical refineries, NGL plants, fuel gas conditioning, and others from the oil and gas sector require these systems for flare gas recovery.

Based on technology, the liquid ring compressor is expected to emerge as one of the most preferred technology types utilized in the global flare gas recovery market. Being a very simple and compact design, it consists of minimal pressure fluctuation and isothermal gas compression making it the most preferred choice for gas recovery applications.

Growth Drivers

Operating pressure, of more than 5 bar (small) is likely to remain one of the most extensively utilized ranges of flare gas recovery systems. This particular segment is forecasted to account for 36.5% of the total flare gas recovery system market share in 2021.

On the basis of the flow rate, up to 2 MMSCFD segment is predicted to account for over 29.4% of the total flare gas recovery systems market. These systems are widely being adopted as the components are easily available and are cost-effective while reducing the payback period.

Competitive Landscape

Key manufacturers operating in the global flare gas recovery system market are concentrating on expanding their presence in an emerging market to improve sales. Besides this, key players are investing in mergers, acquisitions, strategic collaborations, and partnerships to strengthen their distribution channels and expand production facilities.

Recent Developments

In 2020, Zeeco, Inc., announced that Saudi Aramco has granted 9COM approval to Zeeco for a variety of combustion equipment manufactured at the Zeeco Middle East, Ltd. facility in Dammam.

Key Players:

  • Honeywell UOP
  • Cimarron Energy, INC.( Jordan Technologies)
  • Wärtsilä
  • Zeeco, Inc
  • SoEnergy International
  • John Zink Hamworthy Combustion
  • Ramboll Group, Inc.

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Valuable Insights into the Flare Gas Recovery System Market

The North American region is anticipated to dominate the global flare gas recovery system market over the valuation period. The U.S. is likely to account for over 76% market share through 2031.

According to World Bank, the U.S. accounted for 70% of global flaring decline, with gas flaring falling by 32% from 2019 to 2020, due to an 8% drop in oil production, combined with new infrastructure to use gas that would otherwise be flared. This indicates the successful implementation of regulation and increasing use of renewable energy in the country.

The demand for the flare gas recovery system market in the Middle East and African markets is predicted to surge at nearly 5.0% CAGR over the forecast period. Countries such as Qatar, KSA, Algeria, and Tunisia have emerged as prominent players in the flare gas recovery system market in terms of consumption.

Europe is likely to be one of the primary manufacturers of flare gas recovery systems across the globe. In 2021, the global market accounted for over 14% of total flare gas recovery system sales. As per FMI, Russia is expected to hold 12.9% of the Europe market share in 2031.

Flare Gas Recovery System Market by Category

By Operating Pressure:

  • Upto 5 bar (small)
  • 5 to 10 bar (medium)
  • 10 to 20 bar (large)
  • 20 to 60 bar ( very large)

By Configuration:

  • Modular
  • Skid Mounted

By Technology:

  • Compressor
  • Ejector Based

By Flow Rate:

  • Upto 2 MMSCFD
  • 2 to 5  MMSCFD
  • 5 TO 10 MMSCFD
  • 10 TO 20 MMSCFD
  • 20 to 50 MMSCFD

By Application:

  • Oil & Gas
  • Chemical Plants
  • Storage Tanks
  • Bio Gas & Landfill
  • Industrial flue gas treatment

By Region:

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Pacific
  • Middle East and Africa (MIDDLE EAST AND AFRICA)

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Table of Content

1. Executive Summary

1.1. Global Market Outlook

1.2. Demand Side Trends

1.3. Supply Side Trends

1.4. Technology Roadmap Analysis

1.5. Analysis and Recommendations

2. Market Overview

2.1. Market Taxonomy

2.2. Market Definition

3. Key Market Trends

4. Key Success Factors

4.1. Implementation of Zero Gaseous Emission Measures

4.2. Re-use for Fuel Gas

5. Pricing Analysis

5.1. Regional Pricing Analysis

5.2. Pricing Break-up

5.3. Global Average Pricing Analysis Benchmark

5.4. Cost teardown Analysis by Components

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