Flare gas, a by-product of oil and natural gas extraction processes, is most often burned through open flaring which results in the emission of greenhouse gases. Flare gas recovery (FGR) systems offer an environmentally preferable solution by capturing and processing flare gas for reuse. FGR systems recover hydrocarbon gases from oil and gas production facilities, gas processing plants, refineries, and other industrial sites. The recovered gases can then be compressed and transported through pipelines for commercial use or reinjection, eliminating emissions.

The global Flare Gas Recovery Systems Market is estimated to be valued at Us$ 4.53 Bn in 2024 and is expected to exhibit a CAGR Of 11% over the forecast period 2024 To 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
One of the key trends driving growth in the flare gas recovery systems market is the rising focus on reducing carbon emissions from oil and gas production activities. Flaring of gases results in the emission of methane and other greenhouse gases which contribute significantly to global warming. According to the World Bank, annual methane emissions from flaring are equivalent to the greenhouse gas emissions from over 165 million passenger vehicles. Many countries and regions have imposed stringent regulations to curb gas flaring and mandate the implementation of FGR systems. For instance, regulations in the EU since 2021 prohibit all routine gas flaring. Such initiatives are creating sustained demand for FGR systems, thereby accelerating market growth over the forecast period.

Segment Analysis

The global flare gas recovery systems market is dominated by the segment for gas processing facilities which account for nearly 30% of the overall market share. These systems are widely used in gas processing plants to recover flared hydrocarbons and reduce emissions. They help capture commercially viable gases like methane, ethane, propane etc which are then processed for liquefaction or feedstock. With the increasing focus on reducing carbon footprint of oil & gas operations, investment in flare gas recovery systems is growing steadily at gas processing sites.

Key Takeaways

The Global Flare Gas Recovery Systems Market Demand is expected to witness high growth over the forecast period of 2024 to 2031. The market size is projected to grow from US$ 4.53 Bn in 2024 to cross US$ 8 Bn by 2031, registering a CAGR of around 11%.

Regional analysis:

North America dominates the global market with over 30% share due to stringent regulatory policies regarding emission control. The USA leads demand for flare gas recovery systems in the region supported by extensive onshore and offshore oil & gas activities. Europe is also a major regional market driven by the recovery of associated gas from offshore fields in Norway and the UK North Sea. Going forward, Asia Pacific is likely to be the fastest growing market with nations such as China, India and Indonesia ramping up investments in flare elimination projects to reduce waste and meet climate objectives.

Key players operating in the flare gas recovery systems market include GE Healthcare, Siemens Healthineers, Koninklijke Philips N.V., Block Imaging, SOMA TECH INTL., Avante Health Solutions, Hilditch Group, Everx Pvt Ltd., Integrity Medical Systems, Inc., Radiology Oncology Systems, Inc., Master Medical Equipment, US Med-Equip, Fair Medical Co. Ltd., Future Health Concepts, US Medical Systems, LLC., Nationwide Imaging Services, Pacific Healthcare Imaging, LLC, Venture Medical ReQuip, Inc., Desert Tech Medical Systems, Hi Tech International Group, Inc., CURA Healthcare, JAPAN CENTRAL MEDICAL, INC., HOYU AND CO., LTD., Sanrad Medical Systems, BOND JAPAN CO., LTD., FlexrayMedical ApS, Amber Diagnostics, Rhombus Medical Equipment., LLC, Blue Start Limited, and Cielo Co., Ltd. Major players are focusing on new product launches and partnerships with oil producers to gain share in emerging markets.

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