Flare Gas Recovery System Market Size & Share, by Application (Oil & Gas, Chemical Plants, Industrial Gas Treatment, Bio-gas Treatment); Operating Pressure (Up to 5 bar, 5 to 10 bar, 10 to 20 bar, and 20 to 60 bar); Capacity (Small, Medium, Large, Very Large), Type (Upstream, Downstream) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2024-2036

  • Report ID: 5431
  • Published Date: Dec 01, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2024-2036

Flare Gas Recovery System Market size is anticipated to reach USD 2 Billion by the end of 2036, growing at a CAGR of 6% during the forecast period, i.e., 2024-2036. In the year 2022, the industry size of flare gas recovery systems was over USD 1 Billion. The global flare gas recovery system market is expected to experience significant growth due to the increasing awareness of clean energy and the need for environmental conservation. The market is driven by rising concerns about the harmful environmental impact of various industrial processes and carbon emissions. In the year 2022, CO2 emissions due to energy combustion increased by around 1.3 % or 423 megatons. The implementation of stringent regulations by various governments and organizations, coupled with the need for energy-efficient and cost-effective solutions, is expected to drive the market's growth further. These key factors are expected to result in a surge in demand for flare gas recovery systems, driving market growth over the forecast period.

Moreover, it is projected that flare gas recovery system market growth will rise in the long term due to growing importance of environment protection activities. In addition, the deployment of flared gas recovery systems in order to maximise energy efficiency is being sought by an increasing number of oil and gas companies. A number of enterprises are considering this a form of corporate social responsibility, which increases demand for the procedure.


Flare Gas Recovery System Market
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Flare Gas Recovery System Market: Key Insights

Base Year

2023

Forecast Year

2024-2036

CAGR

~ 6%

Base Year Market Size (2023)

~ USD 1 Billion

Forecast Year Market Size (2036)

~ USD 2 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Flare Gas Recovery System Sector: Growth Drivers and Challenges

Market-Growth-Drivers

Growth Drivers

  • Growing applications in the end use sector-The demand for power generation is on the rise, leading to an increase in applications in this field. This growth has created attractive prospects for the oil and gas industry in the global flare gas recovery system market. However, it's worth noting that the adoption of flare gas recovery systems is significantly impacted by government rules governing carbon emissions. These regulations have increased the need for more environmentally friendly solutions, leading to a rise in the use of flare gas recovery systems. The adoption of these systems has been further prompted by the increasing focus on reducing greenhouse gas emissions and reducing the carbon footprint. As a result, the adoption of these systems is expected to continue to grow in the coming years.
  • Volatile Oil Prices- The oil industry has seen unpredictable fluctuations in the prices of oil, causing companies to seek ways to improve their operational efficiency and reduce costs. As a result, there has been an increased adoption of flare gas recovery systems, which help to capture and utilize gas that would otherwise be burned off as waste. This not only helps to reduce emissions, but also allows companies to generate additional revenue from the sale of the recovered gas.
  • Rising Concern related to Energy Conservation - Flare gas recovery systems are an essential part of the oil and gas industry. They capture and utilize the gases that are usually burned off during oil production, helping to reduce the need for additional energy sources & energy storage systems. This process contributes significantly to energy conservation efforts, as it not only saves energy but also helps to reduce greenhouse gas emissions. The recovered gases can be used as fuel or sold on the flare gas recovery system market, making it a profitable and sustainable practice.

Challenges

  • High Installation Costs- Flare gas recovery systems are essential for reducing greenhouse gas emissions and improving overall environmental sustainability. However, the upfront cost of installing such systems can be a significant barrier for small and medium-sized businesses, which may lack the necessary financial resources. Despite this challenge, investing in a flare gas recovery system can ultimately result in long-term cost savings and environmental benefits.
  •  Lack of awareness regarding the benefits and capabilities of flare gas recovery systems, hindering their adoption.
  • Complexities, regarding technical expertise and maintenance, tend to be a barrier for some companies.


Flare Gas Recovery System Segmentation

Application (Oil & Gas, Chemical Plants, Industrial Gas Treatment, Bio-gas Treatment)

Oil & Gas segment is poised to hold 42% share of the global flare gas recovery system market by 2036. Flare gas recovery systems are widely used in climate-compatible oil and gas production. A flare gas recovery system is a crucial piece of equipment for safety and operation in crude oil refineries. This system helps to continually burn vent gases before evacuated in the atmosphere. Also, it is significantly adopting O&G applications for reused gas in furnaces, turbines, and Heat Exchangers.

Operating Pressure (Up to 5 bar, 5 to 10 bar, 10 to 20 bar, and 20 to 60 bar)

Up to 5 bar operating pressure segment in the flare gas recovery system market is expected to hold the majority revenue share over the forecast period. The 5 bar operating pressure systems are designed for the recycling of methane and Lpg gas, as well as efficient transfer into storage tanks. To prevent gas from catching fire directly, the process involves several analyzers. This system has been implemented by several chemical industries to reduce and control greenhouse gas emissions, as well as save operating costs. In addition, the operation of a 5-bar operating pressure system requires less maintenance.

Our in-depth analysis of the global flare gas recovery system market includes the following segments:

Application

  • Oil & Gas
  •  Chemical Plants
  • Industrial Gas Treatment
  • Bio-gas Treatment

Operating Pressure

  • Up to 5 bar
  •  5 to 10 bar
  •  10 to 20 bar
  • 20 to 60 bar

Capacity

  • Small
  • Medium
  • Large
  • Very Large

Type

  • Upstream
  • Downstream

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Flare Gas Recovery System Industry - Regional Synopsis

North American Market Forecast

North America is estimated to hold around 44% share of the flare gas recovery system market by 2036. This can be attributed to the growing public consciousness of carbon emissions and the importance of environmental protection. In addition, the rapid implementation of flare gas recovery systems for power production applications is expected to fuel this expansion further. As a result, there is a significant increase in demand for eco-friendly technologies and sustainable solutions shortly.

European Market Statistics

European flare gas recovery system market is poised to hold a significant revenue share. Flare gas recovery systems are primarily used in the oil and gas industry during production, refining, and other processes to capture gas that would otherwise be burned or released into the atmosphere. They are also known as flare gas utilization systems. The increase in greenhouse gas emissions and other pollutants caused by flaring has prompted companies in Europe to adopt flare gas recovery systems. Flaring leads to environmental issues such as air pollution and climate change. To mitigate these problems, companies are increasingly using flare gas recovery systems to capture and redirect flare gas to more productive uses. This trend will drive steady growth in the Europe flare gas recovery system market.

Research Nester
Flare Gas Recovery System Market  size
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Companies Dominating the Flare Gas Recovery System Landscape

top-features-companies
    • Koch Industries, Inc
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Gardner Denver
    • Honeywell International Inc.
    • MAN
    • SoEnergy
    • KASRAVAND Co.
    • GENERON
    • CHEM Group MPR Services, LLC.
    • MPR Associates, Inc.

In-the-news

In The News

  • The newly constructed Enclosed Ground Flare (EGF) at the ExxonMobil Fife Ethylene Plant has become officially operational. The confined nature of the flame in the new unit sets it apart from the high flares that are currently in place at Mossmorran. The unit doesn't require a lot of steam to function because it is made to run entirely smokeless. When combined, these technologies greatly lessen the occasional light, noise, and vibration that come with the present flares.
  • The market's leading creator of the most efficient and cost-effective carbon dioxide (CO2) capture technology, ION Clean Energy, and Koch Engineered Solutions (KES) have signed a comprehensive strategic cooperation agreement.

Author Credits:  Payel Roy, Dhruv Bhatia


  • Report ID: 5431
  • Published Date: Dec 01, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

Growing awareness about clean energy, volatile oil prices, growing applications in end sector, concerns related to energy conversation are some the major market growth factors.

The market size of flare gas recovery system anticipated to attain a CAGR of 6% over the forecast period, i.e., 2024-2036.

The major players in the market are Gardner Denver, Honeywell International Inc., MAN, So Energy, KASRAVAND Co., GENERON, CHEM Group MPR Services, LLC., MPR Associates, Inc., ZEECO, INC., Cosmo Engineering Co., Ltd. And others.

The oil & gas segment is anticipated to garner the largest market size by the end of 2036 and display significant growth opportunities.

The market in the North American region is projected to hold the largest market share by the end of 2036 and provide more business opportunities in the future.
Flare Gas Recovery System Market Report Scope
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