The Flare Gas Recovery Systems Market Is Estimated To Witness High Growth Owing To Increasing Focus On Emission Reduction
The flare gas recovery systems market is estimated to be valued at US$ 3.93 Bn 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 are utilized to capture flare gases mainly from petrochemical, refinery, and onshore and offshore oil and gas production facilities. Flare gas recovery systems can recover hydrocarbon gases like methane, ethane, propane, and butane present in flare gases, which can further be utilized for valuable purposes like power generation and feedstock.
Market Dynamics:
Stringent government regulations regarding emission reduction from oil & gas and petrochemical facilities are estimated to boost the demand for flare gas recovery systems over the forecast period. For instance, the EU has set a target to reduce emissions by 55% by 2030 as compared to 1990 levels. Additionally, rising focus of major players in the oil & gas industry on sustainability goals aimed at curbing greenhouse gas emissions are also expected to drive the flare gas recovery systems market growth. Some key players have committed to eliminate routine flaring of associated petroleum gas by 2030. Furthermore, the recovered gases can be utilized for power generation or as feedstock, thereby reducing operational costs for end-use industries.
SWOT Analysis
Strength: Flare gas recovery systems help recover hydrocarbons from gas flares. They reduce operating costs by recovering valuable gases. They also help reduce greenhouse gas emissions and meet stringent environmental regulations.
Weakness: High initial investments associated with flare gas recovery systems can be a barrier for many companies. Proper maintenance of these systems also requires skilled workforce which increases operating costs.
Opportunity: Growing focus on reducing carbon footprint across industries presents an opportunity for increased adoption of flare gas recovery systems. Strict emission norms imposed by governments also promote use of such systems.
Threats: Availability of alternative clean technologies can hamper demand for flare gas recovery systems. Economic slowdowns can also negatively impact investments in new systems.
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 for emission control. Flare gas recovery helps reduce greenhouse gas emissions and meet stringent rules.
Regional analysis North America dominated the global market in 2020 and is expected to maintain its lead over the forecast period as well. Stringent government regulations for emission control in the US and Canada and presence of major flare gas recovery system manufacturers drive the regional market. Asia Pacific is expected to witness fastest growth due to rising oil & gas activities and strengthening environmental policies in the region.
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. Key players are focusing on developing innovative and cost-effective solutions to expand their presence and gain a competitive edge in the market.
For more insights, read- https://dailynewsmotion.weebly.com/report-blog/the-flare-gas-recovery-systems-market-is-estimated-to-witness-high-growth-owing-to-increasing-focus-on-emission-reduction
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