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Flare Gas Recovery Systems Market

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Title: Flare Gas Recovery Systems Market


1
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2
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

3
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.

4
Figure 1. Global Flare Gas Recovery Systems
Market, Revenue Share (), By Region, 2019
5

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.

6
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. 

7
Figure 2. Global Flare Gas Recovery Systems
Market Opportunity Analysis 
8

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.

9

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
10
  • 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

11
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12
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