The global flare gas recovery system (FGRS) market is projected to grow at a robust CAGR of 5.9% from 2021 to 2031, with a market value of USD 1.05 billion in 2021, expected to surpass USD 1.7 billion by 2031. In 2021, the market experienced a 4.8% year-on-year growth. Compressor technology is anticipated to remain in high demand, and modular flare gas recovery systems will see steady growth at a 5.7% CAGR in 2021. The oil and gas sector continues to generate significant revenue, driven by stringent regulations like the World Bank’s “Zero Flaring by 2030” initiative, launched to eliminate routine flaring through technology adoption, regulations, and financial collaboration.
Key market trends include the dominance of skid-mounted systems, accounting for around 65% of the market share in 2021, due to their high customization and efficiency. The oil and gas sector is expected to hold more than 60% of the market share by 2031. Additionally, the liquid ring compressor technology is gaining preference for its compact design and efficiency in gas recovery applications.
Growth Drivers
Operating pressure, of more than 5 bar (small) is likely to remain one of the most extensively utilized ranges of flare gas recovery systems. This particular segment is forecasted to account for 36.5% of the total flare gas recovery system market share in 2021.
On the basis of the flow rate, up to 2 MMSCFD segment is predicted to account for over 29.4% of the total flare gas recovery systems market. These systems are widely being adopted as the components are easily available and are cost-effective while reducing the payback period.
Competitive Landscape
Key manufacturers operating in the global flare gas recovery system market are concentrating on expanding their presence in an emerging market to improve sales. Besides this, key players are investing in mergers, acquisitions, strategic collaborations, and partnerships to strengthen their distribution channels and expand production facilities.
Recent Developments
In 2020, Zeeco, Inc., announced that Saudi Aramco has granted 9COM approval to Zeeco for a variety of combustion equipment manufactured at the Zeeco Middle East, Ltd. facility in Dammam.
Key Players:
- Honeywell UOP
- Cimarron Energy, INC.( Jordan Technologies)
- Wärtsilä
- Zeeco, Inc
- SoEnergy International
- John Zink Hamworthy Combustion
- Ramboll Group, Inc.
Report Preview: https://www.futuremarketinsights.com/reports/global-flare-gas-recovery-system-market
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