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Global Flare Gas Recovery System Market was Valued at US$ XX Bn in 2019 and it is Expected to Reach More than US$ 4.8 Bn by 2028, Likely to Grow with the CAGR of 12.4% During the Forecast Period.
Flare gas recovery system supports in the recovery of gases encouraging the generation of electricity for captive use or co-generation. It also supports in the back supply of these waste gas for the maintenance of the suitable pressure could be observed. Basing on the capacity systems they are categorized. The budget available for recovery of the flare gas needs space for installation and suitable design for the off shore and on shore capacities have substantial complexities that influence the market demand of flare gas recovery systems globally. It has been observed of having a higher market share for large and very large capacity flare gas recovery system estimated for a good revenue share in 2019.
In the process of refining natural gases, significant amounts of gases are flared for safety precautions. Flared gases emit high carbon emissions that incur a high loss for the manufacturers. The flared gas is also known as unmarketable natural gas that is recovered in order to be utilized for power generation, increased population and enhanced standard of living mainly in the developing countries, had contributed in greater emission of greenhouse gases in recent years. In order to meet the demand of oil and gas had led in the high amounts of co-produced gas flared as a waste by-product and larger delivery of gas have emerged.
Worldwide the refinery product costs are depending on the fuel costs associated with the processing. At the beginning the waste and surplus gas extracted from the oil and gas industry are disposed through flaring into the atmosphere. But these processes involved are becoming elapsed by the advancement in the oil & gas industries towards eliminating the emissions of greenhouse gases into the atmosphere when these gases are conserving into energy. The market growth of equipment which could safely and cost effectively compress the waste and surplus gas reversely injected into the production process is exponentially growing.
Large and Very Large Capacity Flare Gas Recovery System Segment Held a Significant Share In Global Flare Gas Recovery System Market In 2019
The Large and very large capacity flare gas recovery system segment constituted a major share of the Flare Gas Recovery System market in 2019 and it is projected to grow at a significant CAGR during the forecast period. The market growth of this segment is attributed for enhanced compliance towards the end users for flare gasses as a fuel and also it supports in meeting low carbon emission. Global flare gas market is anticipated to exhibit a shift from small and medium flare gas recovery systems towards large capacity flare gasses. Therefore, small and medium size flare gas recovery system capacities are projected to have lesser market demand in comparison to large and very large capacity flare gas recovery system segments during the forecast period.
North America Is Expected To Dominate the Flare Gas Recovery System Market During The Forecast Period
North America accounted for a dominant global revenue share of the Flare Gas Recovery System market in 2019 and this trend is expected to continue over the forecast period. Increased implementation of flare gas recovery systems by the enforcement of environment friendly policies that substantiates in limiting the emission of greenhouse gases and increasing generation of shale gas is projected as a key factor for increased demand of flare gas recovery systems in this region. North American market is followed by the European market and is projected as the next leading market potential for flare gas recovery systems. The European market has entered the matured phase and has anticipated for decreasing its market demand during the forecast period.
The global flare gas recovery system market is fragmented among the number of local and global players. The companies involved in the flare gas recovery system market are partnering along with mergers & acquisitions of these organizations had increased completion in this market.
Key players operating in the global flare gas recovery system market are listed as follows: Gardner Denver Nash LLC, Zeeco Inc., Movitherm, Transvac Systems Ltd, and Aerzener Maschinenfabrik GmbH., John Zink Hamworthy Combustion., Honeywell International Inc. Wartsilia
Global Flare Gas Recovery System Market Key Segments
Global Flare Gas Recovery System Market, By Capacity
- Very large
Global Flare Gas Recovery System Market, By Component
- Heat Exchangers
Global Flare Gas Recovery System Market, By Region
- North America
- Asia Pacific
- Middle east and Africa
- Latin America