The flare gas recovery system market is projected to experience a year-on-year growth rate of 4.8% in 2021, reaching an estimated valuation of USD 1.05 billion. According to a recent analysis by Future Market Insights (FMI), sales of flare gas recovery systems are forecasted to rise at a compound annual growth rate (CAGR) of 5.9% between 2021 and 2031.
Sustainability in Focus: Stringent regulations and global initiatives like the “Zero Flaring by 2030” initiative are driving the demand for flare gas recovery systems. Position yourself as a leader in responsible oil & gas practices.
Profitability through Efficiency: Flare gas recovery systems capture wasted gas, transforming it into a valuable resource. Help oil & gas companies reduce waste and improve their bottom line.
Get Recently Updated Report of Market as Sample Copy! https://www.futuremarketinsights.com/reports/sample/rep-gb-84
Technology Drives Growth: Compressor technology is in high demand, while modular FGRS solutions are gaining traction. Invest in R&D to develop innovative and cost-effective solutions for today’s needs.
Upstream Advantage: The oil & gas segment remains the leading driver of market growth. Develop solutions specifically tailored to this key market sector.
Remote Resilience: Harsh operating environments in remote oil & gas fields demand robust solutions. Focus on developing FGRS that can handle challenging conditions.
Reduced Payback Period: Companies are looking for highly efficient and cost-effective FGRS solutions. Optimize your offerings to deliver faster returns on investment for your customers.
The Takeaway: The flare gas recovery system market presents a win-win scenario for both the environment and the oil & gas industry. By focusing on sustainability, efficiency, technological innovation, targeted solutions, remote-ready technology, and reduced payback periods, industry leaders can position themselves at the forefront of this crucial market transformation.
Compelling Market Trends
On the basis of configuration, the skid-mounted systems segment is accounted for a dominant market share of around 65% of the flare gas recovery systems market in 2021. These systems are used extensively in end-use sectors owing to their high degree of customization and efficiency.
On the basis of application, the oil and gas sector is anticipated to possess for more than 60% of the total flare gas recovery system market share by 2031. In addition to that, various industries such as petrochemical refineries, NGL plants, fuel gas conditioning, and others from the oil and gas sector require these systems for flare gas recovery.
Based on technology, the liquid ring compressor is expected to emerge as one of the most preferred technology types utilized in the global flare gas recovery market. Being a very simple and compact design, it consists of minimal pressure fluctuation and isothermal gas compression making it the most preferred choice for gas recovery applications.
Growth Drivers
Operating pressure, of more than 5 bar (small) is likely to remain one of the most extensively utilized ranges of flare gas recovery systems. This particular segment is forecasted to account for 36.5% of the total flare gas recovery system market share in 2021.
On the basis of the flow rate, up to 2 MMSCFD segment is predicted to account for over 29.4% of the total flare gas recovery systems market. These systems are widely being adopted as the components are easily available and are cost-effective while reducing the payback period.
Request Customization @ https://www.futuremarketinsights.com/customization-available/rep-gb-84
Competitive Landscape
Key manufacturers operating in the global flare gas recovery system market are concentrating on expanding their presence in an emerging market to improve sales. Besides this, key players are investing in mergers, acquisitions, strategic collaborations, and partnerships to strengthen their distribution channels and expand production facilities.
Recent Developments
In 2020, Zeeco, Inc., announced that Saudi Aramco has granted 9COM approval to Zeeco for a variety of combustion equipment manufactured at the Zeeco Middle East, Ltd. facility in Dammam.
Key Players:
- Honeywell UOP
- Cimarron Energy, INC.( Jordan Technologies)
- Wärtsilä
- Zeeco, Inc
- SoEnergy International
- John Zink Hamworthy Combustion
- Ramboll Group, Inc.
Valuable Insights into the Flare Gas Recovery System Market
The North American region is anticipated to dominate the global flare gas recovery system market over the valuation period. The U.S. is likely to account for over 76% market share through 2031.
According to World Bank, the U.S. accounted for 70% of global flaring decline, with gas flaring falling by 32% from 2019 to 2020, due to an 8% drop in oil production, combined with new infrastructure to use gas that would otherwise be flared. This indicates the successful implementation of regulation and increasing use of renewable energy in the country.
The demand for the flare gas recovery system market in the Middle East and African markets is predicted to surge at nearly 5.0% CAGR over the forecast period. Countries such as Qatar, KSA, Algeria, and Tunisia have emerged as prominent players in the flare gas recovery system market in terms of consumption.
Europe is likely to be one of the primary manufacturers of flare gas recovery systems across the globe. In 2021, the global market accounted for over 14% of total flare gas recovery system sales. As per FMI, Russia is expected to hold 12.9% of the Europe market share in 2031.
Gain Immediate Access to Detailed Market Insights: https://www.futuremarketinsights.com/checkout/84
Flare Gas Recovery System Market by Category
By Operating Pressure:
- Upto 5 bar (small)
- 5 to 10 bar (medium)
- 10 to 20 bar (large)
- 20 to 60 bar ( very large)
By Configuration:
- Modular
- Skid Mounted
By Technology:
- Compressor
- Ejector Based
By Flow Rate:
- Upto 2 MMSCFD
- 2 to 5 MMSCFD
- 5 TO 10 MMSCFD
- 10 TO 20 MMSCFD
- 20 to 50 MMSCFD
By Application:
- Oil & Gas
- Chemical Plants
- Storage Tanks
- Bio Gas & Landfill
- Industrial flue gas treatment
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East and Africa (MIDDLE EAST AND AFRICA)
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of ~400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube