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FLARE GAS RECOVERY SYSTEMS MARKET ANALYSIS

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

Flare Gas Recovery Systems Market Size and Trends

The flare gas recovery systems market is estimated to be valued at USD 2.97 Bn in 2024 and is expected to reach USD 5.71 Bn by 2031, growing at a compound annual growth rate (CAGR) of 9.8% from 2024 to 2031.

Flare Gas Recovery Systems Market Key Factors

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Flare gas recovery systems prevent the flaring of hydrocarbon gases and capture them for energy recovery or productive use. These systems aid in reducing environmental pollution and help organizations meet emission reduction targets set by various environmental regulations. The market is driven by stringent government regulations regarding emissions from refineries and oil & gas installations. Major regulations like the United Nations Environment Programme encourage oil producers to minimize flaring by installing flare gas recovery systems. Growing demand from upstream oil & gas and petroleum refining industries will also provide opportunities in the coming years. However, high initial investment costs may hinder the market growth to some extent over the forecast period.

Flare Gas Recovery and Monetization

Flare gas recovery and monetization is a major factor driving the growth of the global flare gas recovery systems market. With flare gas containing significant amounts of valuable natural gas compounds like methane and ethane, many oil and gas companies are now looking to capture this wasted gas and convert it into a profitable revenue stream.  As per data from the World Bank, annual flaring of natural gas currently results in over USD 20 billion worth of lost natural gas worldwide. This loss of revenue coupled with increasing concerns over greenhouse gas emissions from flaring has prompted stricter regulations around the world. For example, countries like Russia and Nigeria have imposed penalties on routine gas flaring at oil production sites to promote gas utilization and monetization over the past few years. This push for recovery and monetization of flared gas is creating significant demand for flare gas recovery systems across onshore and offshore oil production facilities. Many oil producers are proactively investing in advanced flare gas recovery units to extract value from flared methane efficiently. These units not only help eliminate routine gas flaring but also generate additional revenue through sale of recovered gas. Some companies have also integrated processes to convert extracted gas into useful byproducts like liquefied petroleum gas (LPG) that command stable market value. The rising focus on environmental compliance and revenue optimization from associated gas production is likely to ensure continued growth prospects for the flare gas recovery systems market over the coming years according to several industry reports and statements by the United Nations Environment Program (UNEP). The pursuit of gas flaring elimination combined with monetization opportunities for captured methane will remain key drivers propelling the global market forward.

Flare Gas Recovery Systems Market Concentration By Players

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Strict Rules around Gas Flaring

Many governments and regional authorities view gas flaring as an environmental hazard and are placing stricter rules around allowing and monitoring such activities. Major oil producing regions like the Middle East and Africa which contribute hugely to global flaring volumes have come under scrutiny. Local communities are also raising their voice against regular sighting of flames at oilfields. While occasional technical flaring cannot be avoided, continuous flaring over long periods is being treated as a non-compliant activity. Authorities are enacting zero routine flaring by 2030 targets and monitoring emission numbers closely. Fines and penalties for excessive or unapproved flaring have also been increased. To stay compliant and avoid costly disciplinary actions, upstream players have little choice but to curb regular flaring drastically which can only be done by installing gas recovery and processing facilities. Thus, tighter emission norms are a driver to boost deployments of flare gas recovery systems.

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