by 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 help in optimizing natural gas utilization by collecting and processing flare gas from refineries, petrochemical, and other industrial plants. Flare gas contains predominately methane which when recovered can be utilized for fuel or feedstock. Flare gas recovery systems compress and treat the gas to meet pipeline quality standards before injecting it into gas pipelines or utilizing it on-site. This improves the fuel gas balance and provides an environmental-friendly solution.
Market key trends:
One of the major trends in the flare gas recovery systems market is stringent regulatory legislation regarding emission limits. Various regional and national environmental agencies are imposing stricter regulations to reduce greenhouse gas emissions from industrial facilities. This is supporting the adoption of flare gas recovery systems across industries. Additionally, the growing natural gas demand especially for power generation applications is also fueling the recovered flare gas utilization, thereby propelling the flare gas recovery systems market growth over the forecast period.
Porter’s Analysis
Threat of new entrants: Low. High capital requirement for initial set up and strong presence of dominant players pose entry barriers.
Bargaining power of buyers: Moderate. Buyers have price-sensitive choice of suppliers but key requirements like environmental compliance and safety limit options.
Bargaining power of suppliers: Moderate. Suppliers of components have competitive options but integrated systems providers can negotiate on volumes.
Threat of new substitutes: Low. No close substitutes exist for capturing and utilizing flare gas from oil and gas facilities.
Competitive rivalry: High. Major players compete on technology, performance, service and price to gain market share.
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 environmental regulations regarding emissions. The European region currently dominates the market owing to stringent environmental compliance in the oil and gas industry.
The global Flare Gas Recovery Systems market size for 2023 is estimated to be US$ 3.93 Bn. Factors such as growing oil and gas production activities across regions along with rising adoption of flare gas recovery systems for capturing emission from flaring will drive the demand during the forecast period.
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 . These players are focusing on developing innovative and cost-effective flare gas recovery systems to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
