Market key trends:
One of the key trends driving the growth of flare gas recovery systems market is the increasing focus on promoting circular economy. Flaring or venting of gases during oil and gas production results in wastage of resources and greenhouse gas emissions. Many countries and organizations are now focusing on minimizing wastage and promoting efficient use of resources through initiatives like zero flaring. Flare gas recovery systems help producers capture previously flared gases and utilize them for various purposes like power generation. This supports the shifting focus towards circular economy and promotes efficient resource utilization in the oil and gas industry.
The Global Flare Gas Recovery Systems Market Size is expected to witness high growth, exhibiting CAGR of 7.5% over the forecast period, due to increasing environmental regulations to curb GHG emissions. Asia Pacific dominates currently due to large ongoing refinery projects and holds around 35% share. China, India and Middle East are fastest growing regional markets.