Product ID: SQMIG15A2434
Report ID:
SQMIG15A2434 |
Region:
Global |
Published Date: March, 2024
Pages:
181
|
Tables:
91 |
Figures:
73
Global Flare Gas Recovery System Market size was valued at USD 2.46 billion in 2022 and is poised to grow from USD 2.79 billion in 2023 to USD 7.53 billion by 2031, growing at a CAGR of 9.7% in the forecast period (2024-2031).
Increased awareness associated with clean energy is expected to fuel market growth during the forecast period. Furthermore, increasing awareness on the negative impacts of various industrial processes, carbon emissions and environmental protection will also fuel the growth of the global flare gas recovery system market.
Furthermore, the increasing importance of environmental protection activities is estimated to ultimately drive the market growth. Additionally, an increasing number of natural gas and oil companies are looking to implement vapor recovery systems to increase energy efficiency. Many companies view this as a form of corporate social responsibility and increasing demand in the process.
For increasing E&P activity, increasing demand for fossil fuel end-uses like automotive, power generation is expected to trigger a global flare gas recovery system market size in oil and gas processing and natural gas processing areas. Gas flaring is the burning of excess gas used in many industrial areas such as manufacturing plants, refineries and chemical plants.
This excess air consumption is recovered and used for different purposes than combustion in the open air, improving overall plant efficiency, satisfying the additional time required. Flare gas recovery systems typically use a recompression unit for reinjection into refinery systems or for injection into payloads for other purposes.
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Product ID: SQMIG15A2434