Flares are combustion devices utilized in plants to safely and efficaciously burn waste gases. They are basically safety devices that avert un-burned gas from being discharged into the ambiance. An flame source outside the plant might cause these gases to burn or even detonate. The process of recycling waste gases is also known as flare gas recovery. Nowadays, the level of greenhouse gas discharge has escalated due to population growth and enhanced living standards, particularly in developing nations. To meet the rising demand for oil and gas, vast magnitude of co-produced gas have been flared as a waste by-product, and huge reserves of gas have come forth. End-use industries accelerating desire to reduce H2S flaring and grow the cost-effectiveness of flare gas applications is anticipated to propel the market forward.
COVID-19 Impact analysis
- The dull progress of the industrial sector, especially the oil & gas industry during the COVID-19 pandemic is seen to dampen the market pace and growth rate for a brief period of time. As the economy resumes its speed, the market is estimated to gain its old stature. North.
- Moreover the biggest end users of the flare gas recovery system are oil & gas industry which suffered a heavy loss during the pandemic because of less to no demand owing to the lockdown imposed by different nations all around the world. The industries got impacted massively and there was almost no production which proved to be a disaster for flare gas recovery system market.
Top Impacting Factors
Rise in power generation applications is a critical factor driving the demand for flare gas recovery systems. This is precede by the growing concerns and consciousness about the adverse environmental affect of various industrial production methods. The importance of environmental preservation activities is increasing quickly. This is anticipated to sooner or later assist the adoption of flare gas recovery systems. The World Bank Group’s EHS norms proclaimed the target of no flare by 2025 end. Moreover, large number of natural gas and oil companies are progressively seeking implementation of flare gas recovery systems to achieve the supreme energy usage. Developing nations are awaited to register accelerated adoption of flare gas recovery systems in order to meet the discharge targets.
The demand is enhancing with the surge in power generation applications. The oil & gas industry is foreseen to generate beneficial opportunities in the global market over the forecast time. Strict government regulations regarding carbon discharge also have a huge affect on the adoption of flare gas recovery systems.
- The global flare gas recovery systems market is regionally segmented into seven key regions viz. North America, Europe, Asia-Pacific, LAMEA. North America and Europe will remain the most significant markets over the forecast time, Europe is anticipated to witness reducing market growth because of relatively lower natural gas production and saturated market conditions.
- North America is one of the dominant markets by 2020. Markets in developing economies are moreover projected to witness an upsurge, owing to growing awareness about carbon discharge and environmental conservation, and rising adoption of FGRS for power generation utilization.
- Based on capacity, the global flare gas recovery system market can be segregated into small, medium, large, and very large. Status of these segments is likely to rely on various key elements such as on-shore or off-shore installation, budget, requirement of recovery, and design and installation complexities. The small and medium capacity segments have been capturing the market since the last few years. Nevertheless, large and very large capacity segments are expected to dominate the market during the forecast time. This rise can be owing to the increase in preference of large capacity systems by producers.
Key Benefits of the Report
- This study presents the analytical depiction of the flare gas recovery system industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the flare gas recovery system market share.
- The current market is quantitatively analyzed to highlight the flare gas recovery system market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed flare gas recovery system market analysis based on competitive intensity and how the competition will take shape in coming years
Flare Gas Recovery System Market Report Highlights
Key Market Players
Aerzener Maschinenfabrik GmbH, Honeywell International Inc., John Zink Hamworthy Combustion, Movitherm, Transvac Systems Ltd, Wartsilia, Zeeco Inc., Gardner Denver Nash LLC