Market Size of Flare Gas Recovery System Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 2.00 % |
| Fastest Growing Market | Europe |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Flare Gas Recovery System Market Analysis
The flare gas recovery system market is expected to grow at a CAGR of more than 2% over the period of 2020-2025. Factors such as an increase in environmental awareness, regulations, and potential chances of gaining profit from the flare gas recovery product are expected to provide a boost to the market. However, lack of technology in underdeveloped and emerging economies and lack of government regulations in such countries are expected to restraint the growth of the market
- The downstream sector is expected to dominate the market, as they already have various governmental restrictions in place which demand strict rules for reducing the flare gas emission. The flare gas recovery system provides for an economically viable method to reduce the flare gas emission from the refineries.
- The World Bank has been pursuing a strategy of incentivizing governments and privately-owned companies to mitigate their flaring of gas by the Zero Routine Flaring 2030 initiative. The initiative is to completely stop the routine flaring of gas, especially in the upstream sector. This may provide an opportunity for companies in the market.
- Europe is expected to be the fastest-growing flare gas recovery system market in the forecast period. The Russian Federation is expected to play a leading role in the growth of the market.
Flare Gas Recovery System Industry Segmentation
The flare gas recovery market report includes:
| Application | |
| Upstream | |
| Downstream | |
| Others |
| Geography | |
| North America | |
| Asia-Pacific | |
| Europe | |
| South America | |
| Middle-East and Africa |
Flare Gas Recovery System Market Size Summary
The flare gas recovery system market is poised for growth, driven by increasing environmental awareness and regulatory pressures aimed at reducing flare gas emissions. The downstream sector is anticipated to lead the market due to stringent governmental regulations that necessitate the adoption of technologies to minimize emissions. The flare gas recovery system offers a cost-effective solution by converting flare gas into usable fuel, thereby reducing operational costs for refineries. Initiatives like the World Bank's Zero Routine Flaring 2030 are expected to create opportunities for market expansion, particularly in regions with significant flare gas emissions. However, challenges such as technological limitations in underdeveloped regions and insufficient regulatory frameworks may hinder market growth in those areas.
Europe is projected to be the fastest-growing market for flare gas recovery systems, with the Russian Federation playing a pivotal role in this growth. Despite low overall flare gas production in most European countries, Russia and the United Kingdom contribute significantly to emissions, particularly from the upstream sector. The demand for flare gas recovery systems is expected to rise as countries like Russia and the UK seek to comply with international climate agreements. The market is characterized by a degree of fragmentation, with key players including John Zink Hamworthy Combustion LLC, Gardner Denver Holdings Inc, Honeywell International Inc, MAN SE, and SoEnergy International Inc, all contributing to the competitive landscape.
Flare Gas Recovery System Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Market Size and Demand Forecast, in USD billion
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1.3 Recent Trends and Developments
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1.4 Government Policies and Regulations
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1.5 Market Dynamics
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1.5.1 Drivers
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1.5.2 Restraints
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1.6 Supply Chain Analysis
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1.7 Porter's Five Forces Analysis
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1.7.1 Bargaining Power of Suppliers
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1.7.2 Bargaining Power of Consumers
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1.7.3 Threat of New Entrants
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1.7.4 Threat of Substitutes Products and Services
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1.7.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Application
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2.1.1 Upstream
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2.1.2 Downstream
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2.1.3 Others
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2.2 Geography
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2.2.1 North America
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2.2.2 Asia-Pacific
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2.2.3 Europe
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2.2.4 South America
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2.2.5 Middle-East and Africa
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Flare Gas Recovery System Market Size FAQs
What is the current Flare Gas Recovery System Market size?
The Flare Gas Recovery System Market is projected to register a CAGR of greater than 2% during the forecast period (2024-2029)
Who are the key players in Flare Gas Recovery System Market?
John Zink Hamworthy Combustion LLC, Gardner Denver holdings Inc, Honeywell International Inc , MAN SE and SoEnergy International Inc are the major companies operating in the Flare Gas Recovery System Market.
