Flare Gas Recovery Systems Market Opportunities, Assessment, Demand, Scope and Forecast 2028

According to Precision Business Insights (PBI), the latest report, the flare gas recovery systems market is expected to be valued at USD 3,564.3 million in 2022 and is poised to grow at a significant CAGR of 7.8% over 2022-2028. The primary drivers of the expansion of the global flare gas recovery systems market include the increasing power generation applications, the increasing rate of oil and gas production, and rising awareness about carbon emissions and environmental conservation.

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Small and Medium Capacity Segment to Dominate the Flare Gas Recovery Systems Market
Based on capacity, the global flare gas recovery market can be segmented into Up to 5 bars (small), 5 to 10 bars (medium), 10 to 20 bars (large), and 20 to 60 bars (very large). The demand for this capacity depends upon various factors such as installation venue, budget, and design and installation complexities. Although, the small and medium capacity segment is expected to account for a larger revenue share in the global flare gas recovery systems market, with a value share worldwide. It is due to low complexity, low budget, and easy handling. Hence, this segment will further dominate the global market in the forecasted years.

North America Flare Gas Recovery Systems Market:
The North American market is expected to increase in the global flare gas recovery systems market over the forecast period. North America is expanding as a result of the developed economies and rising awareness about carbon emissions and environmental conservation. Asia Specific regions held considerable market share during the estimated period owing to increasing natural gas consumption and imports, new refinery infrastructure.

Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players:
The global flare gas recovery systems market further reveals that the key players are increasingly adopting strategies such as the launch of newer products, product launches, and long-term alliances to improve market revenue share and gain significant geographic presence across the region.

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The flare gas recovery systems are segmented based on capacity, application, and geography.
Based on the capacity, the market is segmented into the following:
• Up to 5 bars (small)
• 5 to 10 bars (medium)
• 10 to 20 bars (large)
• 20 to 60 bars (very large)

Based on the application, the market is segmented into the following:
• Oil & Gas
• Chemical Plants
• Storage Tanks
• Bio Gas & Landfill
• Industrial flue gas treatment

Based on geography, the market is segmented into the following:
• North America
• Europe
• The Asia Pacific
• Latin America
• MEA

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Key players' profiles in the flare gas recovery systems market report are Honeywell UOP, Cimarron Energy, Wärtsilä, SoEnergy International, John Zink Hamworthy Combustion, Ramboll Group, Inc., Zeeco, Frames, Baker Hughes, and MPR Industries.

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This release was published on openPR.