A comprehensive study on flare gas recovery system market by Future Market Insight (FMI) provides insights into the key driver and opportunities facilitating the growth in the market. It examines growth prospects and forecast sales projection across various segments in terms operating pressure, configuration, technology, flow rate, and application for the coming decade.
Future Market Insights (FMI), Dubai: As per a detailed analysis by FMI, the global flare gas recovery system market is projected to top US$ 1.7 Bn by 2031. Increasing applications across flue gas treatment, chemical plants, and others owing to the rising carbon emission concerns are favoring the sales in the market. In response to this, the market is estimated to grow at a CAGR of 5.9% during the forecast period from 2021 to 2031.
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Flare gas recovery systems (FGRSs) are gaining traction in the oil and gas industry to suffice the demand for fossil fuels, which is elevated from the increasing number of automotive vehicles and power generation activities. These systems are increasingly being installed across petrochemical refineries and natural gas liquids (NGL) plants to recover excess gas rather than burning it in the open air. Driven by this, sales of FGRSs is anticipated to register year-on-year growth of 4.8% in 2021
The market is largely driven by initiatives undertaken by international organizations to curb the flaring. For instance, the World Bank launched a campaign named, “Zero Flaring by 2030,” to eliminate the flaring process through appropriate regulations, financial arrangements, and adoption of advanced technologies. A slew of such initiatives is expected to create high revenue generation opportunities in the market.
Based on technology, liquid ring compressors are estimated to emerge as the most attractive segment, accounting for nearly 44.7% of the overall sales through 2031. Primary attributes driving growth in the segment are minimal pressure fluctuation, simple & compact design, and isothermal gas compressions.
“Implementation of government regulations to control carbon footprint and rising adoption of gas monetization technologies by leading oil & gas industry players are expected to bode well for the market through 2031,” says a FMI analyst.
Key Takeaways from Flare Gas Recovery System Market Study
- The U.S. is anticipated to emerge as the dominant market in North America, accounting for more than 76% of the regional sales over the assessment period.
- Sales in the Middle East and Africa market are forecast to rise at a CAGR of 5% through 2031, owing to the presence of leading oil & gas producing countries such as Qatar, Algeria, and Tunisia.
- China is estimated to hold the largest revenue share in the East Asia market, accounting for over 50% of the sales in the region by the end of 2031.
- The India is projected to emerge as one of the most remunerative markets in South Asia, contributing more than 32% of the revenue share in the region.
- In terms of configuration, skid-mounted systems are expected to lead the segment, accounting for nearly 65% of the total demand in 2021.
Key Drivers
- Implementation of stringent regulations aimed at curbing greenhouse gas emissions in the oil & gas, and chemical industries across the U.S., China, India, Germany, and others is spurring the sales of flare gas recovery systems.
- Growing adoption of low-cost and small operating pressure bars across chemical facilities and refineries owing to its ability to capture a large amount of exhaust gas is driving the growth in up to 5 bar (small) segment.
Key Restraints
- High cost of installation and maintenance of large and very large operating pressure flare gas recovery systems compared to smaller ones is hampering the growth of the segments.
- Complex design and high-pressure fluctuations of ejector-based flare gas recovery systems are factors are hindering the sales across the segment.
Competitive Landscape
As per FMI, the top five players in the flare gas recovery system market are Zeeco, Inc, John Zink Hamworthy Combustion Honeywell UOP, Cimarron Energy, INC, and Wärtsilä. These companies are projected to account for more than 40% of the global sales in 2021.
Leading player are emphasizing on expanding and strengthening their presence in emerging market to increase their market share. Besides this, some of the companies are investing in acquisitions, partnerships, mergers, strategic collaborations, to optimize their distribution channels and expand their production facilities. For instance:
- In 2018, Busch Vacuum Pumps and Systems announced the acquisition of a NSB Gas Processing, a Swiss-based engineering company. The company renamed the NSB Gas Processing as Busch NSB AG. The strategy will assist the company to expand its product portfolio a sub-sector of the oil and gas industry such as flare gas recovery systems.
- In 2020, Zeeco, Inc., a leadingmanufacturer of combustion and environmental solutions, announced receiving 9COM approval from Saudi Aramco for manufacturing a variety of combustion equipment at its facility in Dammam, Saudi Arabia. This will assist company to expand its production capacity and increase its consumer based in Middle
Some of the key players operating in the market profiled by FMI are:
- Honeywell UOP
- Cimarron Energy, INC. ( Jordan Technologies)
- Wärtsilä
- Zeeco, Inc
- SoEnergy International
- John Zink Hamworthy Combustion
- Ramboll Group, Inc.
More Valuable Insights on Flare Gas Recovery System Market
FMI, in its new report, provides an unbiased analysis of the global flare gas recovery system market, forecast growth statistics during the forecast period 2021-2031. The survey reveals the scope of the flare gas recovery system market across below mentioned segments:
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Key Questions Covered in the Report
- The report offers insight into flare gas recovery system market demand outlook for the forecast period 2021-2031
- The market study also highlights projected sales growth for flare gas recovery system market between 2021 and 2031
- Flare gas recovery system market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
- Flare gas recovery system market share analysis, covering key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others
The Global Flare Gas Recovery System Market Research Report by Reports and Data provides an in-depth and extensive analysis of the overall market structure along with projected forecasts to 2027.
The Flare Gas Recovery System market report provides the readers deep insights and statistical details about the industry in terms of demand and supply, cost structure, threats and challenges, product type, key market players, technological advancements, regions, and applications.This is the most recent report, covering the current economic situation after the COVID-19 outbreak.
Current scenario of the ever-evolving business sector and present and future assessment of the effects are covered in this report.To get a free Sample Copy of the Report, please click @ https://www.reportsanddata.com/sample-enquiry-form/1198The researchers and analysts have generated and collected useful information through extensive research methodologies and tools that deliver the latest Flare Gas Recovery System market patterns and industry trends.
This report identifies the rapidly-evolving and competitive landscape of the industry as well.It also analyzes the most recent developments while estimating the growth of the key market players like GTUIT Inc., Aereon International, Frames Group, Pioneer Energy, Inc., Costain Group PLC, ZEECO Inc., Honeywell International Inc., Gas Technologies LLC., Gardner Denver, Inc. and Wartsila Corporation among many others.For the purpose of this report, Reports and Data have segmented global Flare gas recovery system market on the basis of capacity, component, and region:Capacity OutlookSmallMediumLargeVery largeComponent Outlook CompressorsHeat ExchangersGasketsSeparatorsRegional Analysis:North AmericaEurope Asia-PacificLatin AmericaMiddle East and AfricaMarket Segments: The global Flare Gas Recovery System market is bifurcated based on the types of product, application, and region.
This helps the readers identify the high-growth prospects of the global Flare Gas Recovery System market and understand how the leading segments would grow during the forecast period.To get the report at an Incredible Discount, Visit @ https://www.reportsanddata.com/discount-enquiry-form/1198What is the regional structure of the market?
The Flare Gas Recovery System market report analyzes the footprint of every product and its significance and examines each geographical segment of the market with import, export, consumption, and production in these regions to deliver in-depth insights of the Flare Gas Recovery System marketBasic information about market share held by the different regions has been given in the report.
This market report also allows you to identify the future opportunity and growth rate of the leading segment based on regions and countries.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the flare gas recovery systems market include Zeeco, Gardner Denver Nash, John Zink Hamworthy Combustion, AEREON, Pioneer Energy Inc.
This section includes a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Flare Gas Recovery Systems Market Research Report" by requesting FREE Sample Copy athttps://www.valuemarketresearch.com/contact/flare-gas-recovery-systems-market/download-sampleMarket DynamicsThe greenhouse gas emission has been on increase in recent years due to expanding global population and improving living standards, especially in developing countries.
The flare emissions also impact on health due to exposure to these pollutants.
EPA has enforced stringent emission regulation for industrial emission.
The emissions standard is focused on limiting toxic air pollutants from chemical preparations facilities.
COVID-19 Impact Analysis on Flare Gas Recovery Systems Market report published by Value Market Research provides a detailed market analysis comprising market size, share, value, growth and trends for the period 2020-2027.
Moreover, this market report also covers regional and country markets in detail.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the flare gas recovery systems market include Zeeco, Gardner Denver Nash, John Zink Hamworthy Combustion, AEREON, Pioneer Energy Inc.
This section includes a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Flare Gas Recovery Systems Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/flare-gas-recovery-systems-market/download-sampleMarket DynamicsThe greenhouse gas emission has been on increase in recent years due to expanding global population and improving living standards, especially in developing countries.
EPA has enforced stringent emission regulation for industrial emission.
The emissions standard is focused on limiting toxic air pollutants from chemical preparations facilities.
