Flare gas recovery systems (FGRS) are used to recover and utilize the waste gas that is flared or vented during oil and gas production. The global demand for FGRS is increasing due to the growing awareness of environmental concerns and the need to reduce greenhouse gas emissions. The market is driven by government regulations and policies promoting the use of FGRS, as well as the increasing demand for oil and gas production. The major players in the market are investing in research and development to develop new and innovative FGRS products. The market is also characterized by the adoption of advanced technologies such as the Internet of Things (IoT) and cloud computing to improve system efficiency and reduce maintenance costs.
Global Flare Gas Recovery Systems Market was valued at US$ 3.4 Billion in 2021 in terms of revenue, exhibiting a CAGR of 7.5% during the forecast period (2022 to 2030).
Leading Companies in the Flare Gas Recovery Systems Industry:
1. UOP-A Honeywell Company
UOP, a Honeywell company, is a leading provider of process technology, equipment, and services to the oil and gas industry. The company was founded in 1914 and is headquartered in Des Plaines, Illinois, USA. It operates in more than 100 countries worldwide. UOP (a Honeywell company) announced in February 2021 that it had signed an agreement with ADNOC (Abu Dhabi National Oil Company) to provide its C4 Oleflex technology to produce propylene.
2. Wärtsilä Hamworthy
Wärtsilä Hamworthy is a global provider of engineering solutions for the marine and offshore industries. The company was founded in 1914 and is headquartered in Poole, United Kingdom. It operates in more than 70 countries worldwide. Wärtsilä Hamworthy announced in March 2021 that it had been awarded a contract to supply its flare gas recovery systems to a gas processing plant in Russia.
3. MPR Industries PLC
MPR Industries PLC is a UK-based engineering company that provides a wide range of solutions to the energy, aerospace, and defense industries. The company was founded in 1944 and is headquartered in Farnborough, United Kingdom. It operates in several countries across Europe and Asia.
4. John Zink Company LLC
John Zink Company LLC is a global leader in the design, manufacture, and service of combustion equipment and environmental systems. The company was founded in 1929 and is headquartered in Tulsa, Oklahoma, USA. It operates in several countries worldwide. John Zink Company announced in January 2021 that it had been awarded a contract to provide flare gas recovery systems for a refinery in the United States.
5. Zeeco Europe and Zeeco India
Zeeco Europe and Zeeco India are part of Zeeco Inc., a global leader in combustion and environmental systems. Zeeco Europe is headquartered in Cambridge, United Kingdom, while Zeeco India is headquartered in Pune, India. The company operates in more than 20 countries worldwide. Zeeco announced in October 2020 that it had been awarded a contract to supply flare gas recovery systems for a gas processing plant in Russia.
6. Gardner Denver
Gardner Denver is a leading global provider of compressors, pumps, and other fluid transfer equipment for a variety of industries. The company was founded in 1859 and is headquartered in Milwaukee, Wisconsin, USA. It operates in more than 30 countries worldwide.
7. Ro-Flo Compressors
Ro-Flo Compressors is a US-based manufacturer of oil-free reciprocating compressors for the natural gas industry. The company was founded in 1980 and is headquartered in Broken Arrow, Oklahoma, USA. It operates in several countries worldwide.
*Defonition- Flare gas recovery systems (FGRS) are equipment used to recover and repurpose waste gas that is typically flared or vented during industrial processes, especially in the oil and gas industry.
