Flare Gas Recovery Systems Market

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FLARE GAS RECOVERY SYSTEMS MARKET ANALYSIS

• Flare Gas Recovery Systems Market, By Capacity
  (Small, Medium, Large, Very Large), and By Region
  (North America, Europe, Asia Pacific, South
  America, Middle East Africa) - Size, Share,
  Outlook, and Opportunity Analysis, 2020 2027

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Flare gas recovery systems are used across the
refinery industry for safety and maintenance
reasons as the release of unburned gas leads
to increase in carbon emissions. In order to curb
these emission flare systems are installed across
refinery as they efficiently prevent the release
of unburned gases. Flare system is required for
safe and effective operational purpose and every
hydrocarbon processing industry has a flare
system in order to burn the vent gases before
they enter into the atmosphere. The refinery, gas
processing plants and gas production plants are
some of the major end-user of the flare gas
recovery systems.The global flare gas recovery
systems market is projected to surpass US 4.5
billion by the end of 2027, in terms of revenue,
growing at CAGR of 13.8 during the forecast
period (2020 to 2027).

• Drivers
• Rising need to reduce carbon emissions has
  boosted to the adoption of flare gas recovery
  across refineries which is expected to
  augment the market growth of flare gas recovery
  systems. Flare gas recovery systems capture the
  unburned gas released from the production faciliti
  es and use captured gas for reinjection into the
  production well for power generation. Thus,
  rising concern over carbon emissions is expected
  to fuel market growth.
• Increasing demand for flare system from oil gas
  industry as these system offer reuse of energy
  option is expected to stimulate the market
  growth. The growing need to reduce energy
  consumption in the oil gas industry as this
  industry is highly energy-intensive is expected
  to boost the demand for a flare gas recovery
  system. This factor is expected to augment the
  market growth over the forecast timeframe. 
• Regionally, North America dominated the global
  flare gas recovery systems market in 2019,
  reporting 33 market share in terms of revenue,
  followed by Europe and Asia-pacific,
  respectively.

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Figure 1. Global Flare Gas Recovery Systems
Market, Revenue Share (), By Region, 2019
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Market Restraints

• High capital investment of the system as the
  marketing of a system includes design,
  production, installation and test run which
  increase the overall cost of the system. This
  factor is expected to restrict the adoption of a
  flare gas recovery system over the
  forecast period.
• Lack of clarity regarding return on investment
  across the oil gas industry has hampered the
  demand for flare system as they consider
  it uneconomical to install. This is expected to
  hinder the market growth of the flare gas
  recovery system.

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Market Opportunities

• Increasing focus of manufacturers to offer flare
  gas recovery system packages which include
  aftermarket, installation, and post-sales service
  is expected to provide potential growth
  opportunities to the market. High demand for
  small and medium capacity of the flare gas
  recovery system since they are easy to install is
  further anticipated to foster the market growth
  of flare gas recovery systems over the forecast
  period.
• Emerging economies coupled with the increasing
  per capita of the consumers is expected to fuel
  the market growth of flare gas recovery systems.
  Growing corporate social responsibility towards
  carbon emissions is expected to augment the
  market growth over the forecast period. Moreover,
  growing strict government regulations regarding
  the installation of a flare system in response to
  the demand for environmental sustainability is
  expected to accelerate the market growth. 

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Figure 2. Global Flare Gas Recovery Systems
Market Opportunity Analysis 
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Market Trends

• Increasing natural gas production in order to
  cater to the rising demand for energy around the
  globe is expected to foster market growth.
  According to the International Energy Agency, in
  2018, global natural gas production crossed a
  record of 3937 Billion cubic meters, a 4.0
  increase compared to 2017. In fact, natural gas
  production has been rising since the economic
  crisis of 2009 with a compound annual growth rate
  of 2.8. Thus, the rising production of natural
  gas will favor market growth.
• The growing focus of manufacturers for adopting
  gas exploration to secure long-term energy supply
  is expected to be a major trend in the market.
  Various companies are making efforts to develop
  and explore unconventional resource sites around
  the globe such as tight gas, shale gas, and coal
  seam gas is anticipated to augment the market
  growth of the flare gas recovery system over the
  forecast period.

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Figure 3. Global Flare Gas Recovery Systems
Market, Revenue Share (), By Capacity, In 2019
On the basis of capacity, very large dominated
the global flare gas recovery systems market in
2019 with around 44 of market share in terms of
revenue, followed by as large and medium,
respectively
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• Regulations
• North America
• The introduction of initiatives and regulations
  by the EPA is fuelling the adoption and
  deployment of FGRS in gas processing plants and
  refineries across the U.S.
• For instance, the EPA is monitoring facilities
  and imposing penalties for violations in this
  regard under the Clean Air Act. 
• Additionally, in order to avoid regulatory
  compliance issues, major facilities are focusing
  on the deployment of flare gas recovery systems.
• Competitive Section
• Key players are operating in the global 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

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