Wilmington, Delaware, August 23, 2024 (GLOBE NEWSWIRE) — Allied Market Research published a report titled “Flare gas recovery systems market by Component (Compressors, Control Systems, and Others), Application (Onshore and Offshore), and End Use (Oil and Gas, Petrochemicals, Power Generation, and Others): Global Opportunity Analysis and Industry Forecast, 2024-2033“The global flare gas recovery systems market was valued at $2.9 billion in 2023 and is expected to reach $6.8 billion by 2033, growing at a compound annual growth rate of 8.9% between 2024 and 2033.”

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Key growth factors

The flare gas recovery systems market is driven by stringent environmental regulations mandating emission reductions and driving adoption. Economic benefits such as cost savings and revenue generation from recovered gas continue to fuel market growth. However, high initial costs, operational complexity and technical challenges are restraining market expansion. Opportunities lie in emerging markets, technological advancements and diversification into non-traditional sectors. Continuous innovation and global sustainability initiatives provide opportunities for FGRS to contribute to environmental protection while meeting industry requirements.

Report scope and details:

The compressor segment is expected to lead throughout the forecast period

In the flare gas recovery systems market, the compressor segment is expected to lead throughout the forecast period. These important devices are critical to the functionality of flare gas recovery systems and are responsible for compressing and transporting flare gas for reintegration into industrial processes or conversion into energy. Compressors used in flare gas recovery systems include liquid ring compressors, reciprocating compressors, and screw compressors, each designed to efficiently handle varying volumes and pressures of flare gas. Their role in ensuring reliable and efficient operation of FGRS makes compressors the leading segment, driving technological innovations and market demand for improved performance and reliability of flare gas recovery systems.

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The onshore segment is expected to show the strongest growth throughout the forecast period

In the flare gas recovery system market, the onshore segment is expected to show the highest growth during the forecast period. Onshore applications refer to flare gas recovery systems used in land-based oil and gas production facilities, refineries, and petrochemical plants. These sites typically have significant flare gas emissions due to their large-scale operations and are subject to stringent environmental regulations that mandate reduction in flaring activities. Implementing an onshore flare gas recovery system helps companies comply with these regulations while capturing and reusing flare gas for power generation or other industrial processes. The onshore segment leads due to the sheer volume of facilities and operations that require efficient flare gas management solutions to minimize environmental impact and optimize resource utilization.

Asia-Pacific to retain its dominance until 2033

The flare gas recovery system market in Asia Pacific is poised for significant growth driven by rapid industrialization, stringent environmental regulations, and rising energy demands across the region. Countries such as China, India, Japan, South Korea, and Southeast Asian nations are witnessing robust economic growth accompanied by a rise in industrial activities, particularly in the oil and gas sector. This industrial expansion has led to higher flare gas emissions, prompting governments to enforce stricter environmental standards to reduce greenhouse gas emissions.

The flare gas recovery system (FGRS) plays a critical role in helping industry comply with these regulations by capturing and reusing flare gas that would otherwise be flared into the atmosphere. By incorporating FGRS, companies not only reduce their environmental footprint but also improve operational efficiency and resource utilization. The adoption of a flare gas recovery system is further encouraged by the potential economic benefits, including cost savings from recovered gas and opportunities for energy generation.

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Players: –

• Zeeco, Inc.
• Honeywell International Inc.
• John Zink Hamworthy Combustion
• Wärtsilä Corporation
• Transvac Systems Limited
• Baker Hughes Company
• Garo
• Bharat Petroleum Corporation
• GTUIT
• Gardner Denver Nash LLC

The report offers a detailed analysis of these key players in the global Flare Gas Recovery System market. These players have adopted different strategies such as new product launch, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable as it highlights the business development, operating segments, product portfolio, and strategic moves of the market players to present the competitive scenario.

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