In 2021, the flare gas recovery system market is predicted to increase at a rate of 4.8 percent year over year, with a total valuation of US$ 1.05 billion. According to Future Market Insights (FMI), between 2021 and 2031, sales of flare gas recovery systems are predicted to grow at a 5.9% CAGR.
The whole flare gas recovery system market is expected to reach US$ 1.7 billion by 2031, according to the report. Compressor technology will continue to be in high demand, and sales of modular flare gas recovery systems will expand at a steady rate, with a 5.7 percent CAGR in 2021.
The enormous COVID-19 outbreak in 2020 halted all industrial activities and pushed back major oil and gas projects. Sales of FGRS have also decreased significantly in end-use industries such as oil and gas, chemicals, and industrial fuel gas treatment.
Government attempts to get heavy industry operations back up to full capacity and restart stalled project activities are expected to drive sales of flame gas recovery systems in the coming years.