Global Flare Gas Recovery Systems Market to reach USD 4.94 billion by 2027.
Global Flare Gas Recovery Systems Market is valued approximately USD 2.02 billion in 2020 and is anticipated to grow with a healthy growth rate of more than 13.65 % over the forecast period 2021-2027. Flare gas recovery systems are utilized throughout the refinery industry for safety and maintenance purposes, as the release of unburned gas increases carbon emissions. Flare systems are implemented across refineries to reduce emissions because they effectively restrict the release of unburned gases. Increasing natural gas output to meet the world's expanding energy demand is predicted to drive market expansion. The growing need to minimize carbon emissions has accelerated the implementation of flare gas recovery across refineries, which is projected to fuel the expansion of the flare gas recovery market. Increased demand for flare systems from the oil and gas industry, since these systems give the possibility of reusing energy, is projected to drive market expansion. The growing desire to cut energy consumption in the oil and gas industry, which is highly energy-intensive, is predicted to increase demand for flare gas recovery systems. According to the International Energy Agency, global natural gas output in 2018 reached a new high of 3937 billion cubic metres, a 4.0 % increase over 2017. In fact, natural gas output has been increasing at a compound annual growth rate of 2.8 % since the 2009 economic downturn. However, the system's high capital investment and in the oil and gas industry, there is a lack of clarity regarding return on investment hinders the growth of the market over the forecast period of 2021-2027. Also, manufacturers are increasingly focusing on providing flare gas recovery system packages that include aftermarket, installation, and post-sales support, as well as emerging markets with rising per capita consumer spending is likely to increase the market growth during the forecast period.

The regional analysis of global Flare Gas Recovery Systems market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading region across the world in terms of market share attributing to the rising emphasis of manufacturers on implementing gas exploration, high demand for small and medium-capacity flare gas recovery systems, as well as an increase in the number of partnerships and expansions of important organizations. Whereas, Asia-Pacific is also anticipated to exhibit the highest growth rate over the forecast period 2021-2027. Factors such as rapid industrialization, growing environmental concerns, expanding economies of the countries, and market development are all factors contributing to the region's market growth.

Major market player included in this report are:
UOP-A Honeywell Company
W??rtsil?? Hamworthy
MPR Industries
John Zink Company LLC
Zeeco
Gardener Denver
Ro-Flo Compressors
Honeywell International Inc.
SoEnergy
Transvac Systems Limited

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Capacity:
Small
Medium
Large
Very Large
By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE

Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World

Furthermore, years considered for the study are as follows:

Historical year - 2018, 2019
Base year - 2020
Forecast period - 2021 to 2027

Target Audience of the Global Flare Gas Recovery Systems Market in Market Study:

Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Venture capitalists
Value-Added Resellers (VARs)
Third-party knowledge providers
Investment bankers
Investors