Flare Gas Recovery Systems Market, By Capacity (Small, Medium, Large, and Very Large), By Application (Petroleum Refineries, Chemical Plants, Gas Treatment and NGL Plants, FPSO Platforms, and Storage Tank Vent Recovery), By Geography (North America, Latin America, Europe, Asia Pacific, Middle East & Africa)

Published In : Apr 2024

Code : CMI3854

Pages :120

Formats :

Excel and PDF

Industry : Energy

Challenges: Increasing environmental regulations

One of the major challenges faced by the flare gas recovery systems market is increasing environmental regulations regarding greenhouse gas emissions. As governments globally implement stricter norms on flaring of associated gas at production sites, oil and gas companies need to invest heavily in recovery technologies. Additional challenges include high initial capital investment required for setup and maintenance of flare gas recovery infrastructure.

Opportunities: Growing demand to reduce the wastage of valuable energy sources

However, the market sees significant opportunities from growing demand to reduce wastage of valuable energy sources. Recovering flare gas enables producers to utilize it for on-site power generation or gas transportation via pipelines. Stringent rules providing incentives for gas utilization over controlled burning of flare also encourages the adoption of these systems. Investments in recovery can help companies lower operating costs through gas reuse.