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| Flare Gas Recovery Systems Market |
The global Flare Gas Recovery Systems Market is estimated to be valued at US$ 3.93 billion in 2023 and is expected to exhibit a CAGR of 7.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Flare gas recovery systems are used to recover hydrocarbon gases emitted during
flaring at oil & gas production facilities. These systems help capture
flare gases and redirect them for reuse. They play a vital role in reducing greenhouse
gas emissions and meeting emission compliance standards.
Market key trends:
One of the key trends driving the growth of flare gas recovery systems market
is the increasing adoption of cloud-based systems. These cloud-based monitoring
and control systems offer remote access to plant operations and performance
metrics in real-time. They provide advanced analytics capabilities to optimize
plant efficiency and minimize flaring events. The growing emphasis on
data-driven decision making is prompting several oil & gas companies to
integrate cloud solutions with their existing flare gas recovery
infrastructure. This is expected to boost the demand for these systems over the
forecast period.
Segment Analysis
The global flare gas recovery systems market is segmented by technology,
component, and end-user. Based on technology, the thermal oxidizer segment
dominated the market in 2022 owing to its wide usage in oil & gas
production, refineries, and petrochemical facilities to treat all types of
flare gases. It is a cost-effective option for recovering gases from
low-pressure flares and other sources.
Key Takeaways
The global Flare
Gas Recovery Systems Market Growth is expected to witness high growth,
exhibiting CAGR of 7.5% over the
forecast period, due to increasing stringent regulations regarding GHG
emissions and oilfield waste reduction.
Regional analysis - North America dominated the global market in 2022 and is
expected to continue its dominance over the forecast period. This is attributed
to the increasing shale gas production activities in the US. Asia Pacific is
expected to grow at the fastest pace during the forecast period due to the
increasing oil & gas production in China, India, and other Asian countries.
Key players - Key players operating in the flare gas recovery systems market
are UOP-A Honeywell Company, MPR Industries PLC, John Zink Company LLC, Zeeco
Europe and Zeeco India, Gardener Denver, and Ro-Flo Compressors. UOP-A
Honeywell Company dominates the market owing to its wide range of flare gas
recovery products and global presence across major countries.
For more insights, read- https://www.ukwebwire.com/flare-gas-recovery-systems-market-trends-size-and-share-analysis/
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