Flare Gas Recovery System Market Size to Surpass USD 30.62 Billion by 2030
The global flare gas recovery system market size was USD 1.05 Billion in 2021 and is expected to register a revenue CAGR of 5.3% over the forecast period, according to the latest report by Reports and Data.
Flaring gas recovery systems and flaring control are required in petrochemical and oil and gas production. Under the Global Gas Flaring Reduction Partnership (GGFR), the World Bank has produced various recommendations highlighting new advancements in flaring management, operational improvement, and removing flare gas from the environment using modern technologies.
This project will also assist the global petrochemical and oil and gas sectors in identifying new business prospects and market approaches. The United Nations (UN) has set 17 sustainable development goals (SDG) to address some of the economic, social, and environmental concerns in the oil and gas business by 2030. These considerations are driving an increase in the demand for the installation of flare gas recovery systems in refineries and processing facilities.
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Some Key Highlights from the Report
- In 2021, the compressor-based flare gas recovery system sector accounted for a higher revenue share. Flare gas recovery systems based on compressors are suited for handling hydrogen to heavy hydrocarbon gases. Compressor-based systems are designed to absorb compression heat as well as discharge temperatures when temperatures vary. This technology is used in many petrochemical and oil industries for recirculation as well as auxiliary heat exchangers.
- In 2021, the Asia Pacific market will have a bigger revenue share. Rapid industrialization and government export promotion measures are propelling the expansion of the flare gas recovery systems market in this area. Plastics, rubbers, resins, synthetic fibres, adhesives, petroleum-derived paints and coatings are all manufactured and exported from Asia Pacific. Over 100 global chemical centres and some of the world's top downstream companies, including Shell, Chevron, and ExxonMobil, are located in Asia Pacific.
- Baker Hughes Firm, a U.S.-based worldwide industrial service company, inked a collaboration agreement with Egyptian General Petroleum Corporation (EGPC) on June 29, 2022, to deliver and install a flare gas recovery system. As part of greenhouse gas elimination efforts, the Egyptian Ministry of Petroleum and Mineral Resources (MoPMR) intends to minimise emissions and increase the efficiency of O&G operations.
- Companies profiled in the market report include Aerzener Maschinenfabrik GmbH, Transvac Systems Limited, Koch Industries, Inc., Birwelco Ltd, MAN Energy Solutions SE, Zeeco, INC., Mitsubishi Heavy Industries Compressor, LTD., HeatMatrix Group B.V., Exodraft A/S, Gardner Denver, and Baker Hughes Company, among others.
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- For the purpose of this report, Reports and Data has segmented the global flare gas recovery system industry into Operating Pressure Outlook, Technology Outlook, Flow rate Outlook, Application Outlook Regional Outlook:
Operating Pressure Outlook (Revenue, USD Billion; 2019-2030)
- Up to 5 bar (small)
- 5 to 10 bar (medium)
- 10 to 20 bar (large)
- 20 to 60 bar (very large)
Technology Outlook (Revenue, USD Billion; 2019-2030)
- Compressor
- Ejector based
Flow rate Outlook (Revenue, USD Billion; 2019-2030)
- Up to 2 MMSCFD
- 2 to 5 MMSCFD
- 5 to 10 MMSCFD
- 10 to 20 MMSCFD
- 20 to 50 MMSCFD
Application Outlook (Revenue, USD Billion; 2019-2030)
- Oil & Gas (O&G)
- Chemical Plants
- Industrial gas treatment
- Bio-gas treatment
- Others
Regional Outlook (Revenue, USD Billion; 2019-2030)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Sweden
- BENELUX
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Israel
- Rest of MEA
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