Flare gas recovery (FGR) is the method of recovering the waste gases which can normally be flared, to use as a fuel gas elsewhere in the facility. This results in cost savings and reduced emissions. Flare gas recovery systems (FGRS) are specialized compression packages, which aim to repurpose and recover emissions and gasses, such as LPGs/methane and sulfur dioxide that would habitually be burned throughout the flaring process.
The global flare gas recovery system has been seeing ample growth from the past few years. The key factors attributed to the growth of the market are increasing significance of environmental conservation activities across industries, formulation of flaring reduction targets, and rising focus of oil and gas companies to ensure optimum use of energy. Furthermore, Flare gas recovery systems provides various economic and environmental benefits to refineries, such as lower emission, social & environmental responsibility, and reduced operating costs, which are further making them more demandable in several end-use industries.
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The study analyses global flare gas recovery system market based on capacity, component, application and geography.
Based on capacity, the market is segmented into small, medium, large, and very large. The small and medium capacity segments dominated the market in the past few years. Alternatively, large and very large capacity segments are projected to lead the market during the projection period. Status of these segments is expected to depend on numerous aspects such as off-shore or on-shore installation, requirement of recovery, budget, design and installation complexities.
Various components such as compressors, heat exchangers, gaskets, and separators. Compressors segment is projected to witness fast growth during the forecast period. Compressors in flare gas recovery system cover an extensive range of industrial applications in the oil & gas and chemical industries including fuel gas, vapor VOC, and more.
Market finds is applications in upstream, downstream and others. A downstream segment is expected to witness rapid growth during the estimated time frame.
Geographically, the study is comprised of the key countries of North America, Europe, Asia-Pacific and Rest of the World. North America held the largest market share of global flare gas recovery system market and is likely to dominate the market over the estimated time frame. The US and Canada is likely to dominated the market in coming years. Increasing corporate social responsibility towards carbon emissions is anticipated to boost the market growth in NA region by the end of forecast period. Additionally, increasing government initiatives and regulations to use flare gas recovery system in refineries and gas processing plant is likely to contribute to the market growth.
The major key players of market includes Aerzener Maschinenfabrik GmbH, Gardner Denver holdings Inc, Honeywell International Inc, John Zink Hamworthy Combustion LLC, MAN SE, SoEnergy International Inc, Transvac Systems Ltd, Wartsila Oyj Abp and Zeeco, Inc among others.
The study analyses global Flare Gas Recovery System market based on capacity, component, application and geography. Flare gas recovery system market by capacity is segmented into small, medium, large, and very large. By component, the market is segmented into compressors, heat exchangers, gaskets, and separators. The market finds application in upstream, downstream and others. The downstream segment is likely to register fastest growth in years to come. Geographically, the study is comprised of the key countries of North America, Europe, Asia-Pacific and Rest of the World.
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