Flare Gas Recovery System Market Size – USD 1.43 billion in 2019, CAGR of 10.4%, Flare Gas Recovery System Trends – Growth in the oil and gas market

NEW YORK CITY, NEW YORK, UNITED STATES, March 5, 2020 /EINPresswire.com/ -- The Global Flare Gas Recovery System Market is expected to reach USD 3.33 billion by 2027, according to a new report by Reports and Data. When natural gases are refined, a substantial amount of gases are flared for maintenance and safety reasons. The flared gas contains a large number of carbon emissions, which causes a considerable loss to the producers. The flared gas is also known as unmarketable natural gas is then recovered for energy co-generation.

Power generation applications are typically used by producers to recover flared gases. These recovered gases are injected into natural gas production wells to maintain optimum pressure inside the wells. Emission of carbon into the environment is a cause of concern across the globe. With rising awareness, companies are investing more and more into these solutions for recovering flared gases.

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North America dominates the global sector, with a market share of 32%. North America and Europe together have a substantial market share of 58%. Developed regions are more likely to find and implement an effective solution to flare gases due to the high level of investment and stringent government policies as compared to developing nations. Europe has a high market share but is expected to face a decline over the years due to the lower production of gas and saturation of the existing market.

Further key findings from the report suggest

• The flare gas recovery system market is a growing market and is expected to have a substantial market in the coming years due to the solutions provided by modern technologies and their implementations.
• Carbon emission in the air is a significant cause of concern to the environment and also a substantial financial loss to the manufacturers. Investment in R&D is being made to come up with more efficient and cost-saving options to cut losses, utilize the associated gases, and save the environment.
• Small and Medium capacity has dominated the market in the last few years, but large and very large capacity will replace them in the next few years. Manufacturers’ preference for large capacity system will boost the growth of the segment. The very large capacity segment is expected to account for the largest market share of 28%.
• The compressor segment is projected to lead during the forecast period owing to the popularity of liquid ring compressors. This will fuel its market and is expected to garner substantial market share by the year 2027.
• North America will dominate the regional market for flare gas recovery systems in the forecast duration. The region has a well-developed oil and gas market, and any solutions regarding the unmarketable natural gases are implemented instantly. North America occupies a market share of 32%, followed closely by Europe at 26%. The Asia Pacific and Latin America are expected to show substantial growth due to the rising number of end-users in this region.
• Key participants include 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 others.
• Many nations have introduced policies to cut their losses with unmarketable gases. For instance, Nigeria has reduced gas flaring from 25% to 10% in the last decade. It announced a three-point smart strategy in May 2018 at the Off Shore Technology Conference to further control flare gas emissions. Nigeria is working to ensure that, in the next few years, it eliminates routine flares from all gas producers.

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For the purpose of this report, Reports and Data has categorized the Global Flare Gas Recovery System Market on the basis of capacity, component, and region:

Capacity Outlook (Revenue, USD Million; 2017-2027)
• Small
• Medium
• Large
• Very large

Component Outlook (Revenue, USD Million; 2017-2027)
• Compressors
• Heat Exchangers
• Gaskets
• Separators

To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/flare-gas-recovery-system-market

Regional Outlook (Revenue, USD Million; 2017-2027)
o North America
1. U.S.
o Europe
1. Germany
2. U.K.
o Asia Pacific
1. China
2. India
o Latin America
1. Brazil
o Middle East & Africa

About Reports and Data

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