The flare gas recovery system market was valued at $2.9 billion in 2023, and is projected to reach $6.8 billion by 2033, growing at a CAGR of 8.9% from 2024 to 2033.
Flare gas recovery unit is designed to recover and repurpose waste gases, thereby reducing methane emissions and routine flaring events. Gas flaring involves burning excess gases that are generated during various industrial processes, particularly in the oil & gas sectors and chemical and petrochemical production. Flaring these gases is a common practice that has been raising alarming concerns about environmental sustainability. Hence, flare gas recovery systems are being increasingly deployed to mitigate the environmental impact of gas flaring.
The growth of the flare gas recovery system market is majorly driven by increase environmental concerns due to rise in emission of hazardous gases. In addition, implementation of stringent government regulations to mitigate greenhouse gas emissions and address the issue of gas flaring and associated environmental impact is boosting the deployment of flare gas recovery units in industries. For instance, the U.S. Environmental Protection Agency has enforced the the Clean Air Act, which is responsible for regulating gas flaring. Moreover, increase in government initiatives to regulate the emission of air pollutants from flaring activities and to promote the conservation and efficient use of natural gas resources significantly contribute toward the growth of the global market. For instance, the World Bank’s Zero Routine Flaring by 2030 Initiative aims to eliminate routine flaring globally by 2030. Many countries and oil companies have planned to comply with this initiative, which will considerably aid in lowering the environmental concerns associated with gas flaring. Furthermore, surge in installation of flare gas recovery systems acts as a key driving force of the global market, as recovering flare gas and repurposing it as a fuel or feedstock reduces the need for purchasing additional fuel, leading to significant cost savings. Installation of flare gas systems further helps companies to lessen the risk of emissions-related fines and penalties, thus offering dual benefits of reducing operational costs and improving environmental stewardship simultaneously. However, high initial capital investment and operational costs act as the key deterrent factors of the market. In addition, complexity of integrating these systems into existing infrastructure pose technical challenges and require specialized expertise. These systems further require regular inspection and servicing to ensure optimal working conditions, which incur additional costs, thereby restraining the growth of the market. On the contrary, continuous technological advancements in flare gas recovery systems are expected to offer remunerative opportunities for the expansion of the market during the forecast period. For instance, modern flare gas recovery systems are being integrated with cutting-edge components such as high-efficiency compressors and real-time monitoring-enabled control systems.
The flare gas recovery system market is segmented on the basis of component, application, end use, and region. By component, the market is classified into compressors, control systems, and others. On the basis of application, it is divided into onshore and offshore. Depending on end use, it is categorized into oil and gas, petrochemicals, power generation, and others. Region wise, the flare gas recovery system market is studied across North America, Europe, Asia-Pacific, and LAMEA.?
On the basis of application, the onshore segment is expected to showcase fastest growth during the forecast period.
Depending on end use, the oil & gas segment is anticipated to gain high prominence in the coming years.
Region wise, Asia-Pacific is likely to maintain its dominance by 2033.
Flare gas recovery unit is designed to recover and repurpose waste gases, thereby reducing methane emissions and routine flaring events. Gas flaring involves burning excess gases that are generated during various industrial processes, particularly in the oil & gas sectors and chemical and petrochemical production. Flaring these gases is a common practice that has been raising alarming concerns about environmental sustainability. Hence, flare gas recovery systems are being increasingly deployed to mitigate the environmental impact of gas flaring.
The growth of the flare gas recovery system market is majorly driven by increase environmental concerns due to rise in emission of hazardous gases. In addition, implementation of stringent government regulations to mitigate greenhouse gas emissions and address the issue of gas flaring and associated environmental impact is boosting the deployment of flare gas recovery units in industries. For instance, the U.S. Environmental Protection Agency has enforced the the Clean Air Act, which is responsible for regulating gas flaring. Moreover, increase in government initiatives to regulate the emission of air pollutants from flaring activities and to promote the conservation and efficient use of natural gas resources significantly contribute toward the growth of the global market. For instance, the World Bank’s Zero Routine Flaring by 2030 Initiative aims to eliminate routine flaring globally by 2030. Many countries and oil companies have planned to comply with this initiative, which will considerably aid in lowering the environmental concerns associated with gas flaring. Furthermore, surge in installation of flare gas recovery systems acts as a key driving force of the global market, as recovering flare gas and repurposing it as a fuel or feedstock reduces the need for purchasing additional fuel, leading to significant cost savings. Installation of flare gas systems further helps companies to lessen the risk of emissions-related fines and penalties, thus offering dual benefits of reducing operational costs and improving environmental stewardship simultaneously. However, high initial capital investment and operational costs act as the key deterrent factors of the market. In addition, complexity of integrating these systems into existing infrastructure pose technical challenges and require specialized expertise. These systems further require regular inspection and servicing to ensure optimal working conditions, which incur additional costs, thereby restraining the growth of the market. On the contrary, continuous technological advancements in flare gas recovery systems are expected to offer remunerative opportunities for the expansion of the market during the forecast period. For instance, modern flare gas recovery systems are being integrated with cutting-edge components such as high-efficiency compressors and real-time monitoring-enabled control systems.
The flare gas recovery system market is segmented on the basis of component, application, end use, and region. By component, the market is classified into compressors, control systems, and others. On the basis of application, it is divided into onshore and offshore. Depending on end use, it is categorized into oil and gas, petrochemicals, power generation, and others. Region wise, the flare gas recovery system market is studied across North America, Europe, Asia-Pacific, and LAMEA.?
Key Findings
By component, the compressors segment is expected to exhibit strong growth by 2033.On the basis of application, the onshore segment is expected to showcase fastest growth during the forecast period.
Depending on end use, the oil & gas segment is anticipated to gain high prominence in the coming years.
Region wise, Asia-Pacific is likely to maintain its dominance by 2033.
Competition Analysis
Competitive analysis and profiles of the major players in the global Flare Gas Recovery System Market include Zeeco, Inc., Honeywell International Inc., John Zink Hamworthy Combustion, Wärtsilä Corporation, Transvac Systems Limited, Baker Hughes Company, Garo, Bharat Petroleum Corporation, GTUIT, and Gardner Denver Nash LLC. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships to strengthen their foothold in the global market.Additional benefits you will get with this purchase are:
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Key Market Segments
By Component
- Compressors
- Control Systems
- Others
By Application
- Onshore
- Offshore
By End-use
- Oil and Gas
- Petrochemicals
- Power Generation
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- France
- Germany
- Italy
- Spain
- UK
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- South Africa
- Saudi Arabia
- Rest of LAMEA
- 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
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET LANDSCAPE
CHAPTER 4: FLARE GAS RECOVERY SYSTEM MARKET, BY COMPONENT
CHAPTER 5: FLARE GAS RECOVERY SYSTEM MARKET, BY APPLICATION
CHAPTER 6: FLARE GAS RECOVERY SYSTEM MARKET, BY END-USE
CHAPTER 7: FLARE GAS RECOVERY SYSTEM MARKET, BY REGION
CHAPTER 8: COMPETITIVE LANDSCAPE
CHAPTER 9: COMPANY PROFILES
LIST OF TABLES
LIST OF FIGURES
Companies Mentioned
Key Market Players in the Flare Gas Recovery System Market include:- 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
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 280 |
| Published | June 2024 |
| Forecast Period | 2023 - 2033 |
| Estimated Market Value ( USD | $ 2.9 billion |
| Forecasted Market Value ( USD | $ 6.8 billion |
| Compound Annual Growth Rate | 8.9% |
| Regions Covered | Global |
| No. of Companies Mentioned | 11 |
