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Flare Gas Recovery Systems Market

Flare Gas Recovery Systems Market <br>

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Flare Gas Recovery Systems Market

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  1. Coherent Market Insights Market Research and Business Consulting Services https://www.coherentmarketinsights.com/ COVID-19 Impact Tracker

  2. FLARE GAS RECOVERY SYSTEMS MARKET ANALYSIS Flare Gas Recovery Systems Market, By Capacity (Small, Medium, Large, Very Large), and By Region (North America, Europe, Asia Pacific, South America, Middle East & Africa) - Size, Share, Outlook, and Opportunity Analysis, 2020 – 2027

  3. Flare gas recovery systems are used across the refinery industry for safety and maintenance reasons as the release of unburned gas leads to increase in carbon emissions. In order to curb these emission flare systems are installed across refinery as they efficiently prevent the release of unburned gases. Flare system is required for safe and effective operational purpose and every hydrocarbon processing industry has a flare system in order to burn the vent gases before they enter into the atmosphere. The refinery, gas processing plants and gas production plants are some of the major end-user of the flare gas recovery systems.The global flare gas recovery systems market is projected to surpass US$ 4.5 billion by the end of 2027, in terms of revenue, growing at CAGR of 13.8% during the forecast period (2020 to 2027). • Drivers • Rising need to reduce carbon emissions has boosted to the adoption of flare gas recovery across refineries which is expected to augment the market growth of flare gas recovery systems. Flare gas recovery systems capture the unburned gas released from the production facilities and use captured gas for reinjection into the production well for power generation. Thus, rising concern over carbon emissions is expected to fuel market growth. • Increasing demand for flare system from oil &gas industry as these system offer reuse of energy option is expected to stimulate the market growth. The growing need to reduce energy consumption in the oil &gas industry as this industry is highly energy-intensive is expected to boost the demand for a flare gas recovery system. This factor is expected to augment the market growth over the forecast timeframe.  • Regionally, North America dominated the global flare gas recovery systems market in 2019, reporting 33% market share in terms of revenue, followed by Europe and Asia-pacific, respectively.

  4. Figure 1. Global Flare Gas Recovery Systems Market, Revenue Share (%), By Region, 2019

  5. Market Restraints • High capital investment of the system as the marketing of a system includes design, production, installation and test run which increase the overall cost of the system. This factor is expected to restrict the adoption of a flare gas recovery system over the forecast period. • Lack of clarity regarding return on investment across the oil & gas industry has hampered the demand for flare system as they consider it uneconomical to install. This is expected to hinder the market growth of the flare gas recovery system.

  6. Market Opportunities • Increasing focus of manufacturers to offer flare gas recovery system packages which include aftermarket, installation, and post-sales service is expected to provide potential growth opportunities to the market. High demand for small and medium capacity of the flare gas recovery system since they are easy to install is further anticipated to foster the market growth of flare gas recovery systems over the forecast period. • Emerging economies coupled with the increasing per capita of the consumers is expected to fuel the market growth of flare gas recovery systems. Growing corporate social responsibility towards carbon emissions is expected to augment the market growth over the forecast period. Moreover, growing strict government regulations regarding the installation of a flare system in response to the demand for environmental sustainability is expected to accelerate the market growth. 

  7. Figure 2. Global Flare Gas Recovery Systems Market – Opportunity Analysis

  8. Market Trends • Increasing natural gas production in order to cater to the rising demand for energy around the globe is expected to foster market growth. According to the International Energy Agency, in 2018, global natural gas production crossed a record of 3937 Billion cubic meters, a 4.0% increase compared to 2017. In fact, natural gas production has been rising since the economic crisis of 2009 with a compound annual growth rate of 2.8%. Thus, the rising production of natural gas will favor market growth. • The growing focus of manufacturers for adopting gas exploration to secure long-term energy supply is expected to be a major trend in the market. Various companies are making efforts to develop and explore unconventional resource sites around the globe such as tight gas, shale gas, and coal seam gas is anticipated to augment the market growth of the flare gas recovery system over the forecast period.

  9. Figure 3. Global Flare Gas Recovery Systems Market, Revenue Share (%), By Capacity, In 2019 On the basis of capacity, very large dominated the global flare gas recovery systems market in 2019 with around 44% of market share in terms of revenue, followed by as large and medium, respectively

  10. Regulations • North America • The introduction of initiatives and regulations by the EPA is fuelling the adoption and deployment of FGRS in gas processing plants and refineries across the U.S. • For instance, the EPA is monitoring facilities and imposing penalties for violations in this regard under the Clean Air Act.  • Additionally, in order to avoid regulatory compliance issues, major facilities are focusing on the deployment of flare gas recovery systems. • Competitive Section • Key players are operating in the global flare gas recovery systems market are UOP-A Honeywell Company, Wärtsilä Hamworthy, MPR Industries PLC, John Zink Company LLC, Zeeco Europe and Zeeco India, Gardener Denver, and Ro-Flo Compressors

  11. Request Sample Report • Request Customization • Download PDF Brochure • Talk to Analyst • Buy Now • Reference: https://www.coherentmarketinsights.com/market-insight/flare-gas-recovery-systems-market-3854

  12. About Us Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions. What we provide: • Customized Market Research Services • Industry Analysis Services • Business Consulting Services • Market Intelligence Services • Long term Engagement Model • Country Specific Analysis

  13. Contact Us Mr. Shah Coherent Market Insights Pvt.Ltd. Address: 1001 4th Ave, #3200 Seattle, WA 98154, U.S. Phone: +1-206-701-67 Email : sales@coherentmarketinsights.com

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