Flare Gas Recovery System Market Size

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.