Globally, sales of flare gas recovery systems are set to be valued at US$ 1.0 Bn in 2021, with a stable long-term projection, according to latest market analysis by Future Market Insights (FMI). The global flare gas recovery system market is poised to expand at a 5.9% CAGR over the forecast period 2021-2031.
Stringent regulations and initiatives regarding carbon emissions control by state and federal governments across the globe are spurring demand for flare gas recovery systems. Technological advancements like FGRS to improve efficacy in remote oil and gas fields are also projected to complement market growth in the forthcoming years.
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Sales prospects of flare gas recovery systems were however dampened due to the onset of the COVID-19 pandemic. Disruptions in supply chain and halted production activities in the oil and gas sector resulted in stagnated demand for flare gas recovery systems.
However, with expedited vaccine drives and resumption of trade activities, recovery of the flare gas recovery system market is on card. FMI has projected sales of flare gas recovery systems to increase by 4.8% year-over-year between 2020 and 2021.
Leading flare gas recovery system manufacturers are focusing launching cost-effective and high efficiency products to improve sales. Technologies such as ejector-based systems are gaining traction in the market and research and development to improve efficacy of these systems will continue providing tailwinds to flare gas recovery system sales through 2031.
“Initiatives such as ‘Zero Flaring by 2030’ by the World Bank and the European union are expected to spur demand for flare gas recovery systems. In addition to this, increasing sales of cost effective and efficient flare gas recovery systems to reduce payback period will continue augmenting growth of the flare gas recovery system market through 2031,” says an FMI analyst.
Key Takeaways:
- By operating pressure, the up to 5 bar (small) segment is set to hold around 37% of the total flare gas recovery systems market by volume.
- In terms of configuration, sales of skid mounted FGRS are anticipated to account for over 60% of the total market share by 2031.
- Based on technology, the compressor segment is projected to hold around 66% of the total market share in 2031.
- By compressor technology, the liquid ring compressor segment is anticipated to account for over 44% of the total market share through 2031.
- The U.S. is expected to lead the North America flare gas recovery system market, holding over 76% of the North America market share by 2031.
- Russia is projected to account for 12.9% of the Europe flare gas recovery system market share over the forecast period.
- China will emerge as a lucrative pocket, accounting for more than 50% of the East Asia market share in 2031.
- Demand for flare gas recovery systems in India is expected to remain high, accounting of 32% of the total sales in South Asia region.
- Japan and South Korea will collectively account for 6.0% of the total flare gas recovery system market over the forecast period.
Competitive Landscape
Some of the key flare gas recovery system manufacturers include Zeeco, Inc., John Zink Hamworthy Combustion, Honeywell UOP, Cimarron Energy, Inc., Wärtsilä among others.
Leading players operating in the global flare gas recovery system market are projected to account for around 40% of the total market share through 2031. Key market players are focusing on research and development to expand their product potfolios. Besdies this, players are actively investing in mergers, acquisitions, and strategic collaborations to expand their global footprint. For instance:
- In 2020, Zeeco, Inc. announced that it will expand its services in China market. This investment plan includes a fully functioning new team, a second Shanghai office, and a future engineering and fabrication facility to increase its presence in the region.
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More Insights into the Flare Gas Recovery System Market Report
The research report analyzes the market demand trends of flare gas recovery system. The global market estimation and growth projection is based on factors like end use industries development, COVID-19 crisis impact, replacement ratio, and adoption rate of flare gas recovery system. As per Future Market Insights research scope, the flare gas recovery system market has been studied and segmented on the basis of operating pressure range (upto 5 bar (small), 5 to 10 bar (medium), 10 to 20 bar (large), and 20 to 60 bar (very large), technology (compressor based and ejector based), flow rate (upto 2 MMSCFD, 2 to 5 MMSCFD, 5 to 10 MMSCFD, 10 to 20 MMSCFD, and 20 to 50 MMSCFD), configuration (modular and skid mounted), applications (oil & gas, chemical plants, storage tank, bio gas & landfill, and industrial fuel gas treatment) and region. The report provides qualitative and quantitative information on various players in this market. This report also tracks the market by both, supply side and demand side.
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Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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