Market Overview
According to Hexa Research, the flare gas recovery systems market is
likely to grow from USD 930.6 million in 2014 to 1, 019.7 million in
2020. The market would observe over 13.7 percent CAGR in the upcoming
years. Flare gas recovery systems (FGRSs) assist in recovering waste gas
and making the latter available for power generation in confined
utilization.
Flaring of natural gases helps in increasing carbon emission volumes
by a great extent. Owing to rising carbon footprints, global warming,
and surging carbon control, governments and regulatory organizations are
taking initiatives to install flare gas recovery systems. However, one
of the major reasons why companies are unwilling to install the same is
because of their high costs.
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This serves as a hindrance for the flare gas recovery systems market
and slows down its pace. The formulation of flaring reduction targets
such as ‘Zero Flare by 2025’ by the World Bank and additional
initiatives by oil and gas firms ensure optimum energy consumption.
Trends
FGRS manufacturers are developing innovative products to strengthen
their position in the industry. They are also taking measures to improve
in terms of technology. For example, a U.K. based company known as
Transvac has recently proclaimed an online software launch used for gas
screening and compression
Emerging countries with reduced awareness about FGRSs offer less
opportunities to FGRS manufacturers. Awareness campaigns of nonprofit
organizations will compel the government to limit regulations governing
flaring in the oil and gas sector. One of the other market trends
includes FGRS installations.
These installations are frequently observed as an act of corporate
societal accountability. Developing regions would witness escalating
FGRS installations during the second half of the forecast phase. This
would be owing to the necessity for decreasing carbon ejections.
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Some Advantages of FGRSs
* Reduced Maintenance Costs: The installation of FGRSs results in less expenses for their maintenance.
* Enhanced Operational Efficiency: FGRSs assist in power production
for confined use. Unwanted gas, or waste gas could be used for various
industrial applications. These factors, to a large extent, improve the
operational efficiency of FGRSs.
Types
The flare gas recovery systems market is divided into small, medium,
large, and very large systems. In 2014, small, and medium systems led
the market by volume. Due to high prices; large capacity systems led the
market with regard to value. Very large systems are likely to go
through high growth in the years to come.
They would contribute over 42% share in the global market with respect
to volume. This segment will grow at a CAGR of 15.2% in the forthcoming
years. Additionally, capacity expansion plans, and escalating
investments in the sector of oil and gas are projected to drive the
demand for small capacity systems over the forecast phase.
Components
Compressors, heat exchangers, gaskets, and separators are the key
components in the flare gas recovery systems market. The most crucial
segment is compressors. Among compressors, liquid rings are in huge
demand. This is due to their improved performance, and low-maintenance
requirements. This segment is expected to go through high growth over
the forecast phase.
Regions
In terms of value and volume, the North American flare gas recovery
systems market is likely to maintain its shares of 32.1% and 32.8%
respectively. Moreover; the regions of Asia Pacific and South America
are likely to witness high expansion at a CAGR of 17.2% and 16.5%
respectively. In 2014, Europe and North America dominated the market in
relation to value.
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Both of them would dominate the worldwide flare gas recovery systems
market over the forecast phase. Due to rising consciousness, and
mounting concerns regarding conservation issues, emergent regions are
likely to experience respectable figures in the years ahead. The other
emerging markets would grow at 470 basis points. They contributed about
USD 457 million. These developing regions also left FGRS manufacturers
with prospects for further development.
Market Participants
The leading flare gas recovery systems market organizations include
MPR Industries, Zeeco, Wartsila and Nash (Gardener Denver), UOP
Honeywell, John Zink Hamworthy Combustion, and Ro-flo Compressors Inc.
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offering industry reports, custom research and consulting services to a
host of key industries across the globe. We offer comprehensive business
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