Flare Gas Recovery System Market to Grow with a CAGR of 6.19% through 2028
Increasing government regulations to reduce gas
flaring and rising awareness of the environmental impact of gas flaring are
likely to drive the Market in the forecast period.
According to TechSci Research report, “Flare Gas
Recovery System Market – Global Industry Size, Share, Trends, Competition
Forecast & Opportunities, 2028”, the Global Flare Gas Recovery System Market
is experiencing a surge in demand in the forecast period. One of the key drivers propelling the
global flare gas recovery system market is the implementation of stringent
environmental regulations by governments and international bodies. These
regulations are designed to curb greenhouse gas emissions and air pollutants
originating from industrial processes, particularly in the oil and gas sector.
Flaring, which releases significant volumes of methane and other harmful gases
into the atmosphere, has drawn considerable regulatory attention. To meet
emissions reduction targets and comply with environmental standards, industries
are increasingly required to minimize or eliminate routine flaring. Flare gas
recovery systems offer a practical solution by capturing and repurposing the
gas that would otherwise be flared. Governments enforce strict penalties for
non-compliance, making it financially advantageous for companies to invest in
these systems. This regulatory environment not only drives the adoption of
flare gas recovery technology but also fosters a culture of environmental
responsibility within industries, accelerating the market's growth.
The pursuit of economic benefits and
improved energy efficiency is a significant driver of the global flare gas
recovery system market. Flaring represents a substantial economic loss for
companies in the oil and gas sector, as it involves the wastage of valuable
hydrocarbons. Flare gas recovery systems enable these companies to capture and
utilize the released gases for productive purposes, thus reducing economic
losses and optimizing resource utilization. By harnessing flare gas for power
generation, heating, or as feedstock for other industrial processes, companies
can significantly cut down on energy procurement costs. This not only leads to
cost savings but also enhances energy efficiency within their operations.
Additionally, the recovered gases can be sold or used to generate revenue,
providing an additional financial incentive for the adoption of flare gas
recovery systems.
The return on investment (ROI) for these
systems can be compelling, making them a strategically sound choice for
energy-intensive industries. As companies seek ways to enhance profitability
and reduce operational expenses, flare gas recovery systems stand out as a
practical solution that simultaneously addresses economic and environmental
concerns, driving their adoption and market growth.
Browse over XX Market data Figures
spread through XX Pages and an in-depth TOC on "Global Flare
Gas Recovery System Market.”
The Global Flare Gas Recovery System Market is
segmented into capacity, application and region.
Based on capacity, The Floor-Standing segment held the
largest Market share in 2022. Medium-capacity flare gas recovery systems strike
a balance between handling significant volumes of flare gas efficiently and
being adaptable to a wide range of industrial settings. They are suitable for
both small-to-mid-sized facilities and larger operations, making them versatile
and widely applicable. Medium-capacity
systems often provide an attractive return on investment (ROI). They are
generally more cost-effective than very large-capacity systems, which require
substantial upfront capital investment and may not be warranted for facilities
with moderate flare gas volumes. The moderate cost of medium-capacity systems
makes them accessible to a broader range of industries and projects. Many
regions worldwide have implemented stringent environmental regulations that
require companies to reduce flaring and capture flare gases. Medium-capacity
systems offer an efficient and cost-effective solution for companies to meet
these regulatory requirements while avoiding the significant costs associated
with larger, more complex systems. In various industries, such as oil and gas
production, petrochemicals, and refineries, medium-sized facilities make up a
significant portion of the market. These industries generate a substantial but
not excessive amount of flare gas, making medium-capacity systems a practical
choice for managing emissions and optimizing resource utilization.
Medium-capacity flare gas recovery systems are designed to provide efficient
operation and are often well-suited to the operational needs of mid-sized
facilities. They are engineered to capture and process flare gases effectively
while minimizing energy consumption and maintenance requirements.
Medium-capacity systems can often be easily scaled up or down to accommodate
changes in flare gas volumes due to variations in production or process
conditions. This scalability provides operational flexibility, which is
especially important in industries with dynamic operational requirements.
Based on application, The Petroleum Refineries segment
held the largest Market share in 2022. Petroleum refineries are known for
generating substantial volumes of flare gas as a byproduct of their complex and
energy-intensive operations. The refining process involves various stages, such
as distillation, cracking, and reforming, which release gases that are
typically flared if not captured and recovered. The sheer quantity of flare gas
produced in refineries makes the implementation of flare gas recovery systems
highly advantageous. Refineries operate in a highly regulated environment due
to the environmental impact of their activities. Stringent environmental
regulations, both at the regional and international levels, have imposed strict
limits on flaring emissions. Flare gas recovery systems enable refineries to
comply with these regulations by capturing and treating flare gases, reducing
emissions, and minimizing their environmental footprint. Beyond regulatory
compliance, petroleum refineries see economic benefits in adopting flare gas
recovery systems. Recovered gases, which would otherwise be wasted through
flaring, can be used as valuable resources. Refineries can utilize these gases
for on-site power generation, heating processes, or as feedstock for other
chemical processes. These applications contribute to cost savings, enhance
energy efficiency, and generate additional revenue streams. Flare gas recovery
systems improve the overall operational efficiency of refineries. By capturing
and utilizing flare gases, refineries reduce the need for external energy
sources, resulting in reduced operational costs. Moreover, the recovered gases
can be integrated into the refinery's energy infrastructure, providing a
reliable source of energy for various processes. The use of flare gas recovery
systems in petroleum refineries has a long history and is a well-established
practice. As a result, the technology and expertise in implementing these
systems have matured within the industry.
Major companies operating in the Global Flare Gas
Recovery System Market are:
- Baker Hughes Company
- Schlumberger NV
- Halliburton Corp.
- Calfrac Well Services Ltd
- Trican Well Service Ltd
- Exterran Partners L.P
- NOV Inc
- Weatherford International Plc
- GE Oil & Gas
- Honeywell International Inc
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“The Global Flare Gas Recovery System Market is
expected to rise in the upcoming years and register a significant CAGR during
the forecast period. Drivers of the global flare gas recovery system market
include stringent environmental regulations, which compel industries to reduce
emissions; cost savings and energy efficiency through gas recovery;
technological advancements improving system efficiency; rising oil and gas
production; corporate sustainability initiatives; and the global shift towards
cleaner energy sources.Also, North America is the largest market for flare gas
recovery systems, followed by Europe and Asia Pacific. The growth of the market
in North America is attributed to the stringent government regulations on gas
flaring and the increasing demand for energy. The growth of the market in
Europe is attributed to the rising awareness of the environmental impact of gas
flaring and the increasing investments in renewable energy. The growth of the
market in Asia Pacific is attributed to the increasing oil and gas production
and the growing demand for energy in the region. Therefore, the Market of Flare
Gas Recovery System is expected to boost in the upcoming years.,” said Mr.
Karan Chechi, Research Director with TechSci Research, a research-based
management consulting firm.
“Flare Gas Recovery System Market - Global Industry
Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By Capacity
(Small, Medium, Large, Very Large), By Application (Petroleum Refineries,
Chemical Plants, Gas Treatment and NGL Plants, FPSO Platforms, Storage Tank Vent
Recovery), By Region, By Competition”, has evaluated the future growth potential of Global
Flare Gas Recovery System Market and provides statistics & information on Market
size, structure and future Market growth. The report intends to provide
cutting-edge Market intelligence and help decision-makers make sound investment
decisions., The report also identifies and analyzes the emerging trends along
with essential drivers, challenges, and opportunities in the Global Flare Gas
Recovery System Market.
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