Enjoy complimentary customisation on priority with our Enterprise License!
The flare gas recovery system market share is expected to increase by USD 1.40 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 13.65%.
This flare gas recovery system market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers flare gas recovery system market segmentation by capacity (very large, large, medium, and small) and geography (North America, Europe, APAC, Middle East and Africa, and South America).
Download the Free Report Sample to Unlock the Flare Gas Recovery System Market Size for the Forecast Period and Other Important Statistics
The flare gas recovery system market report also offers information on several market vendors, including Baker Hughes Co., EMTIVAC Engineering Pty. Ltd., GENERON, Honeywell International Inc., Ingersoll Rand Inc., Kavin Engineering And Services Pvt. Ltd., Koch Industries Inc., MAN Energy Solutions SE, Ramboll Group AS, SoEnergy International, Srisen Energy Technology Co. Ltd, Transvac Systems Ltd., Wartsila Corp., and Zeeco Inc. among others.
The environmental and economic benefits to refineries is notably driving the flare gas recovery system market growth, although factors such as lack of technology in underdeveloped and emerging economies may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the flare gas recovery system industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Flare Gas Recovery System Market Driver
One of the key factors driving the global flare gas recovery system market growth is the environmental and economic benefits to refineries, such as reduced emissions and reduced operating costs. By recovering waste hydrocarbons, refineries can minimize the quantity of harmful fumes, such as H2S, that are burnt and discharged into the environment during the flaring process. Refineries can also re-use recovered gases, which are mostly made of LPG, resulting in a reduction in the facility's fuel gas costs. In addition, reduction of carbon dioxide (CO2) emissions also demonstrates an understanding of and commitment to social responsibility and builds goodwill within the surrounding community. Factors such as these are fueling the demand for FGRS. Thus, we can expect to see positive growth during the forecast period.
Key Flare Gas Recovery System Market Trend
Another key factor driving the global flare gas recovery system market growth is the increasing natural gas production. Since 2008, the US has been undertaking the successful extraction of shale oil and gas, which has resulted in the growth of global oil and gas supply. According to the US Energy Information Administration (EIA), shale gas production in the US increased from 68% in 2018 to 71% in 2019. Moreover, according to the International Energy Agency (IEA), the US increase in natural gas production will account for 49% of global natural gas output growth by 2022. According to the IEA, by 2022, the US will produce 890 bcm or 22% of the global natural gas production. Hence, the global increase in natural gas production has led to a secure long-term energy supply, which is likely to boost the growth of the global FGRS market during the forecast period.
Key Flare Gas Recovery System Market Challenge
One of the key challenges to the global flare gas recovery system market growth is the lack of technology in underdeveloped and emerging economies. Although the use of flare gas in heat and power generation may be economically viable in large amounts, in other situations, the use of flare gas may not be a cost-effective option to undertake such energy recycling. Gas flaring is a serious environmental challenge confronting the globe today since it produces a considerable quantity of greenhouse gases, which contributes largely to global warming. Moreover, the compressors, liquid management, and downstream treating are expensive, which is challenging in undeveloped and rising nations. This is impeding the market growth and will continue to do so during the forecast period.
This flare gas recovery system market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global flare gas recovery system market as a part of the global oil field equipment and services. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the flare gas recovery system market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the flare gas recovery system market encompasses successful business strategies deployed by the key vendors. The flare gas recovery system market is concentrated and the vendors are deploying growth strategies such as building infrastructure and expansion of product portfolios to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The flare gas recovery system market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the flare gas recovery system market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
For more insights on the market share of various regions Request for a FREE sample now!
36% of the market's growth will originate from North America during the forecast period. US and Canada are the key markets for flare gas recovery systems in North America. Market growth in this region will be faster than the growth of the market in Europe, APAC, and South America.
The significant increase in investments, in the respective sector in countries such as the US and Canada to construct downstream gas processing plants (GPP) and distribution infrastructure, will facilitate the flare gas recovery system market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
In 2020, the outbreak of COVID-19 led to various nations imposing lockdowns to hinder the spread of the disease. However, as of early 2021, with the number of COVID-19 cases decreasing because of active vaccination drives, lockdown restrictions have been removed. With the constraints being removed, commercial space and offices reopen, manufacturing units, and various constructional activities are picking up their pace, which has led to the increase in demand for electricity, which will drive growth in the regional FGRS market during the forecast period.
To gain further insights on the market contribution of various segments Request for a FREE sample
The flare gas recovery system market share growth by the very large FGRS segment will be significant during the forecast period. The growth is attributed to the significant increase in the adoption of flare gas recovery systems by a number of natural gas and oil firms to maximize energy use.
This report provides an accurate prediction of the contribution of all the segments to the growth of the flare gas recovery system market size and actionable market insights on post COVID-19 impact on each segment.
Flue Gas Desulfurization (FGD) System market - The market share is expected to increase by USD 3.02 billion from 2021 to 2026, at a CAGR of 4.8%.
Fire and Gas Detection System market - The market share is expected to increase by USD 949.07 billion from 2020 to 2025, at a CAGR of 3.59%.
Flare Gas Recovery System Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 13.65% |
Market growth 2022-2026 |
$ 1.40 billion |
Market structure |
Concentrated |
YoY growth (%) |
13.4 |
Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
Performing market contribution |
North America at 36% |
Key consumer countries |
US, Canada, United Arab Emirates, Iran, China, and Russia |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
Baker Hughes Co., EMTIVAC Engineering Pty. Ltd., GENERON, Honeywell International Inc., Ingersoll Rand Inc., Kavin Engineering And Services Pvt. Ltd., Koch Industries Inc., MAN Energy Solutions SE, Ramboll Group AS, SoEnergy International, Srisen Energy Technology Co. Ltd, Transvac Systems Ltd., Wartsila Corp., and Zeeco Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Capacity
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
Get lifetime access to our
Technavio Insights
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.