Flare Gas Recovery System Market Size, Share & Industry Analysis, By Capacity (Small, Medium, Large, Very Large), By Application (Petroleum Refineries, Chemical Plants, Gas Treatment and NGL Plants, FPSO Platforms, Storage Tank Vent Recovery) and Regional Forecast, 2024-2032

Rising need for fossil fuels for various end uses like automotive and power generation along with increasing E&P activities to suffice this demand is anticipated to cater to the global flare gas recovery systems market size. Burning of the additional gas used in oil & gas production sites and numerous industrial facilities like natural gas processing plants, refineries, and chemical plants is known as gas flaring.

Utilizing this excess gas by recovering and using it for different purposes rather than combusting it in the open air, increases the overall plant efficiency and serve the excess demand periods. Flare gas recovery systems usually use a re-compression unit to turn it into useful products by re-injecting it to the refinery systems or for other purposes.

Based on capacity, the global flare gas recovery system market can be predominantly into bifurcated small, medium, large, and very large. Small facilities are readily used for limited chemical plants having considerably low throughput as well as output. Ability to handle and capture a good amount of exhaust gas along with its wide adoption in small quantity refineries and chemical facilities is expected to positively affect the medium flare gas recovery system market growth.

Whereas, large and very large flare gas recovery systems are extensively incorporated on gas production and processing facilities to effectively recover maximum flared gas and thereby enhance asset’s cost-effectiveness.

On the basis of application, the global flare gas recovery system market can be majorly segmented into Petroleum Refineries, Chemical Plants, Gas Treatment and NGL Plants, FPSO Platforms, and Storage Tank Vent Recovery. Petroleum refineries install-recovery systems of various capacities to save excess gas and re-use it as throughputs for maximum productivity.

FPSO platforms application is anticipated to hold substantial share over the forecast timeframe owing to rapidly increasing E&P activities in the subsea oil & gas formations. Gas treatment and NGL plants involve removing selective gases from the input natural gas to develop various profitable products like natural gas liquids. The significant increase in the overall extraction processes will, in turn, positively propel the segment landscape.

Increasing efforts to maximize the overall gas production from production and processing facilities to satisfy the exponentially rising demand is expected to positively influence the industry outlook. Incorporating an efficient recovery system can help to keep flaring to a minimum value and hence retrieve up to 90% of the total flared gas annually.

The key market restraint for the global flare gas recovery system market is the high maintenance as well as the installation cost of the systems. The units are costlier to install and only becomes productive when used for a very long time period, which thereby affects the operational expenses.

Key Players Covered

Key participants that are currently operating in the global flare gas recovery system market are Zeeco, Inc., Honeywell UOP, John Zink Hamworthy Combustion, Frames, Wärtsilä, Transvac - Ejector Solutions, Gardner Denver, GENERON, INC., Baker Hughes, MPR Industries, Aerzen USA, and Srisen Energy Technology Co., Ltd.

Segmentation

Regional Analysis

The global flare gas recovery system market has been divided into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America is likely to hold a major share in the industry size owing to increasing exploration & production activities along with the setup of large scale processing plants. Increasing natural gas consumption and imports along with the development of new refinery infrastructure is set to positively influence Asia Pacific flare gas recovery system industry landscape. Abundant offshore reserves with huge capacities along with the low cost for oil & gas extraction will cater to the Middle East and African regional share.

Key Industry Developments

• In April 2019, Zeeco announced to expand its business line in China by setting up a new engineering and fabrication unit along with a corporate office in the country. The expansion targets to enhance the company’s portfolio, including thermal oxidizers, flares, and process burners in the region.


• In September 2018, Honeywell declared that Sinopec Shanghai Petrochemical Company Limited has successfully refurbished its ethylene plant by using the Honeywell’s Callidus Advanced Flare System. The system is designed to process safe & effective waste gas treatment along with significantly reducing the smoke exhaust.


• In August 2018, Baker Hughes was awarded a contract to provide solutions for flare gas recovery Al Gharraf and Nassiriya oilfields in Iraq operated by South Gas Company. The company is set to deliver advanced fast track solutions and is expected to start operations by 2021.