Flare gas, a by-product of oil and natural gas extraction processes, is most often burned through open flaring which results in the emission of greenhouse gases. Flare gas recovery (FGR) systems offer an environmentally preferable solution by capturing and processing flare gas for reuse. FGR systems recover hydrocarbon gases from oil and gas production facilities, gas processing plants, refineries, and other industrial sites. The recovered gases can then be compressed and transported through pipelines for commercial use or reinjection, eliminating emissions.
The global Flare Gas Recovery Systems Market is estimated to be valued at Us$ 4.53 Bn in 2024 and is expected to exhibit a CAGR Of 11% over the forecast period 2024 To 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends driving growth in the flare gas recovery systems market is the rising focus on reducing carbon emissions from oil and gas production activities. Flaring of gases results in the emission of methane and other greenhouse gases which contribute significantly to global warming. According to the World Bank, annual methane emissions from flaring are equivalent to the greenhouse gas emissions from over 165 million passenger vehicles. Many countries and regions have imposed stringent regulations to curb gas flaring and mandate the implementation of FGR systems. For instance, regulations in the EU since 2021 prohibit all routine gas flaring. Such initiatives are creating sustained demand for FGR systems, thereby accelerating market growth over the forecast period.
Segment Analysis
The global flare gas recovery systems market is dominated by the segment for gas processing facilities which account for nearly 30% of the overall market share. These systems are widely used in gas processing plants to recover flared hydrocarbons and reduce emissions. They help capture commercially viable gases like methane, ethane, propane etc which are then processed for liquefaction or feedstock. With the increasing focus on reducing carbon footprint of oil & gas operations, investment in flare gas recovery systems is growing steadily at gas processing sites.
Key Takeaways
The Global Flare Gas Recovery Systems Market Demand is expected to witness high growth over the forecast period of 2024 to 2031. The market size is projected to grow from US$ 4.53 Bn in 2024 to cross US$ 8 Bn by 2031, registering a CAGR of around 11%.
Regional analysis:
North America dominates the global market with over 30% share due to stringent regulatory policies regarding emission control. The USA leads demand for flare gas recovery systems in the region supported by extensive onshore and offshore oil & gas activities. Europe is also a major regional market driven by the recovery of associated gas from offshore fields in Norway and the UK North Sea. Going forward, Asia Pacific is likely to be the fastest growing market with nations such as China, India and Indonesia ramping up investments in flare elimination projects to reduce waste and meet climate objectives.
Key players operating in the flare gas recovery systems market include GE Healthcare, Siemens Healthineers, Koninklijke Philips N.V., Block Imaging, SOMA TECH INTL., Avante Health Solutions, Hilditch Group, Everx Pvt Ltd., Integrity Medical Systems, Inc., Radiology Oncology Systems, Inc., Master Medical Equipment, US Med-Equip, Fair Medical Co. Ltd., Future Health Concepts, US Medical Systems, LLC., Nationwide Imaging Services, Pacific Healthcare Imaging, LLC, Venture Medical ReQuip, Inc., Desert Tech Medical Systems, Hi Tech International Group, Inc., CURA Healthcare, JAPAN CENTRAL MEDICAL, INC., HOYU AND CO., LTD., Sanrad Medical Systems, BOND JAPAN CO., LTD., FlexrayMedical ApS, Amber Diagnostics, Rhombus Medical Equipment., LLC, Blue Start Limited, and Cielo Co., Ltd. Major players are focusing on new product launches and partnerships with oil producers to gain share in emerging markets.
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COVID-19 Impact Analysis on Flare Gas Recovery Systems Market report published by Value Market Research provides a detailed market analysis comprising market size, share, value, growth and trends for the period 2020-2027.
Moreover, this market report also covers regional and country markets in detail.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the flare gas recovery systems market include Zeeco, Gardner Denver Nash, John Zink Hamworthy Combustion, AEREON, Pioneer Energy Inc.
This section includes a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Flare Gas Recovery Systems Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/flare-gas-recovery-systems-market/download-sampleMarket DynamicsThe greenhouse gas emission has been on increase in recent years due to expanding global population and improving living standards, especially in developing countries.
EPA has enforced stringent emission regulation for industrial emission.
The emissions standard is focused on limiting toxic air pollutants from chemical preparations facilities.
This market report also allows you to identify the future opportunity and growth rate of the leading segment based on regions and countries.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the flare gas recovery systems market include Zeeco, Gardner Denver Nash, John Zink Hamworthy Combustion, AEREON, Pioneer Energy Inc.
This section includes a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Flare Gas Recovery Systems Market Research Report" by requesting FREE Sample Copy athttps://www.valuemarketresearch.com/contact/flare-gas-recovery-systems-market/download-sampleMarket DynamicsThe greenhouse gas emission has been on increase in recent years due to expanding global population and improving living standards, especially in developing countries.
The flare emissions also impact on health due to exposure to these pollutants.
EPA has enforced stringent emission regulation for industrial emission.
The emissions standard is focused on limiting toxic air pollutants from chemical preparations facilities.
The Global Flare Gas Recovery System Market Research Report by Reports and Data provides an in-depth and extensive analysis of the overall market structure along with projected forecasts to 2027.
The Flare Gas Recovery System market report provides the readers deep insights and statistical details about the industry in terms of demand and supply, cost structure, threats and challenges, product type, key market players, technological advancements, regions, and applications.This is the most recent report, covering the current economic situation after the COVID-19 outbreak.
Current scenario of the ever-evolving business sector and present and future assessment of the effects are covered in this report.To get a free Sample Copy of the Report, please click @ https://www.reportsanddata.com/sample-enquiry-form/1198The researchers and analysts have generated and collected useful information through extensive research methodologies and tools that deliver the latest Flare Gas Recovery System market patterns and industry trends.
This report identifies the rapidly-evolving and competitive landscape of the industry as well.It also analyzes the most recent developments while estimating the growth of the key market players like GTUIT Inc., Aereon International, Frames Group, Pioneer Energy, Inc., Costain Group PLC, ZEECO Inc., Honeywell International Inc., Gas Technologies LLC., Gardner Denver, Inc. and Wartsila Corporation among many others.For the purpose of this report, Reports and Data have segmented global Flare gas recovery system market on the basis of capacity, component, and region:Capacity OutlookSmallMediumLargeVery largeComponent Outlook CompressorsHeat ExchangersGasketsSeparatorsRegional Analysis:North AmericaEurope Asia-PacificLatin AmericaMiddle East and AfricaMarket Segments: The global Flare Gas Recovery System market is bifurcated based on the types of product, application, and region.
This helps the readers identify the high-growth prospects of the global Flare Gas Recovery System market and understand how the leading segments would grow during the forecast period.To get the report at an Incredible Discount, Visit @ https://www.reportsanddata.com/discount-enquiry-form/1198What is the regional structure of the market?
The Flare Gas Recovery System market report analyzes the footprint of every product and its significance and examines each geographical segment of the market with import, export, consumption, and production in these regions to deliver in-depth insights of the Flare Gas Recovery System marketBasic information about market share held by the different regions has been given in the report.
