The flare gas recovery system market for the gas and oil sector is predicted to rise from around USD 930 million in 2014 to approximately USD 1, 020 million in 2020. It is all set to record a CAGR of about 13.7 percent in the forecast phase. During the distillation and generation of natural gas, significant volumes of natural gas are flared into the environment. The same is accomplished for maintenance and security purposes.
Flare gas is recognized by various terms like unmarketable natural gas and allied gas in regions across the globe. Natural gas flaring increases carbon ejections by a great deal. Moreover, it also contributes towards energy and connected fiscal losses for manufacturers. Flare gas recovery systems (FGRSs) assist the recovery of this waste gas and turn it for power production both for coproduction or confined utilization.
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These systems also aid in re-infusing this waste gas in the production well so that optimal pressure in the well is ensured. Based on recovery capacities, the flare gas recovery system market is fragmented on account of large, medium, small, and very large capacity systems. Accessibility to funds, recovery need, place of installation, and installation complications are few factors which decide the FGRS capacity chosen.
Some of the propellers of the market include the rising significance of ecological preservation in industries and escalating attempts by gas and oil firms for making sure that energy is utilized to the best of its ability. The worldbank’s objectives towards decreased flaring are also steering the income of the flare gas recovery system market. The other important market driving factors are ecological contamination concerns, safe energy delivery, and regulatory policies.
Conversely, less consciousness among consumer segments, and huge capital costs would hinder market development. The global market is sliced in view of three categories. These are recovery capacities, components, and geographical regions. Recovery capacities have been explained above. The components include gaskets, separators, and heat exchangers. The geographical regions include Asia Pacific, Europe, North America, and rest of the world.
Some of the companies investing in the flare gas recovery system market are Gardner Denver Nash, Zeeco, and John Zink Hamworthy Combustion.