Flare Gas Recovery System Market Size, Share, Growth Analysis, By CapacitySub-SegmentsSmall, Medium, Large, and Very Large(Petroleum Refineries, Chemical Plants), By Application(Up to 5 bar, 5 to 10 bar), By Operating Pressure(Compressors and Ejectors) - Industry Forecast 2024-2031

North America is expected to be worth US$661.2 Mn by 2022, with a market share of over 32%. Europe and North America together account for about 62% of the market share in terms of revenue during the forecast period. However, markets in developing countries will witness their use, due to increasing awareness of carbon emissions and environmental protection, and the increasing adoption of FGRS for electricity for the purpose of operation. Accelerated adoption of flare gas recovery system due to stringent environmental regulations. North America, particularly the United States and Canada, is at the forefront of technological advances in flare gas recovery systems. With stringent environmental regulations and a focus on greenhouse gas reduction, efficient greenhouse gas recovery systems are required.

Asia-Pacific region in the flare gas recovery system market is expected to grow from emerging economies of Asia-Pacific Oil and Gas in developing economies in Asia -Pacific during the forecast period. Knowledge of innovative quality control techniques, economic expansion and growing interest from foreign investors are driving the flare gas recovery systems market in Asia-Pacific. In the Asia-Pacific region, countries such as China, India and South Asian countries are experiencing rapid industrialization. This has led to an increase in greenhouse gas emissions from industries such as oil refining, petrochemicals and construction. Due to growing population and urbanization, the demand for energy is increasing in the Asia Pacific region. Combustion systems can help meet this demand by capturing and using hydroelectric gas to generate electricity or other industrial applications.