The global 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 help capture flare gases from petroleum, natural gas, and chemical manufacturing facilities. They compress and recover gas mixtures containing hydrogen, methane and heavier hydrocarbons which are then utilized for various downstream applications or reinjected into pipelines for transportation.
Market key trends:
One of the key trends driving the flare gas recovery systems market is the rise in demand for green hydrogen production. As governments and organizations across the world seek to decarbonize industries and shift to cleaner sources of energy, there is significant investment in technologies that can produce hydrogen economically from renewable energy sources like solar and wind. Flare gas contains substantial amounts of methane which can be processed to produce low-carbon or green hydrogen. Flare gas recovery systems thus play a vital role in enabling cost-effective green hydrogen production and contributing to global climate change goals.
Segment Analysis
The global flare gas recovery systems market is segmented based on components, capacity, and application. Among components, the vapor recovery units segment accounted for the largest market share in 2022, owing to its wide usage for recovering hydrocarbon liquids and gases from flare systems. In terms of capacity, the large capacity flare gas recovery systems segment is projected to dominate the market during the forecast period. This growth can be attributed to rising demand from oil & gas production facilities with high flare gas generation capacities. Looking at applications, the onshore segment holds the major share of the market currently due to growing shale gas production activities in North America, Russia, and the Middle East.
Key Takeaways
The Global Flare Gas Recovery Systems Market Size is expected to witness high growth, exhibiting a CAGR of 7.5% over the forecast period, due to increasing environmental concerns regarding greenhouse gas emissions.
Regional Analysis
North America held the largest share of the flare gas recovery systems market in 2022 and is estimated to continue dominating during the forecast period. This growth can be credited to ongoing offshore exploration projects in the Gulf of Mexico and onshore shale developments in the US.
Key Players
Key players operating in the flare gas recovery systems market are UOP-A Honeywell Company, Wärtsilä Hamworthy, MPR Industries PLC, John Zink Company LLC, Zeeco Europe and Zeeco India, Gardener Denver, and Ro-Flo Compressors. UOP-A Honeywell Company leads the market with wide product offerings supported by extensive service network globally.
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