Flare Gas Recovery System Market to Develop Rapidly by 2025
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Globally, final product costs of refinery operations are becoming more dependent on processing fuel costs. Initially, waste and surplus gas from the oil & gas industry would be disposed of by flaring to atmosphere; however, these days, this process is becoming unacceptable, as the industry advances toward eliminating the emission of greenhouse gases into the atmosphere, while conserving energy. Demand for equipment that can securely and economically compress waste and surplus gas back into the production process is rapidly increasing.
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Flares are combustion devices intended to safely and efficiently destroy waste gases generated in a plant. They are primarily the safety devices that prevent the release of unburned gas into atmosphere. These gases could burn or even explode by an ignition source outside the plant. Flare gas recovery is the process of recovering waste gases.
Increase in power generation applications is an important factor driving the demand for flare gas recovery systems. This is followed by the rising concerns and awareness about the adverse environmental impact of various industrial production processes. The significance of environmental conservation activities is increasing rapidly. This is expected to eventually boost the adoption of flare gas recovery systems. The World Bank Group’s EHS guidelines announced the target of zero flare by 2025 end. Furthermore, large number of natural gas and oil companies are increasingly seeking implementation of flare gas recovery systems to achieve the maximum energy usage. Developing countries are anticipated to register accelerated adoption of flare gas recovery systems in order to meet the emission targets.
Based on the opportunity the market for flare gas recovery system manufacturers are exploiting and providing flare gas recovery system packages including installation, aftermarket, and post-sales service.
Based on capacity, the global flare gas recovery system market can be classified into small, medium, large, and very large. Status of these segments is likely to depend on various factors 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 dominating the market since the last few years. However, large and very large capacity segments are anticipated to dominate the market during the forecast period. This growth can be ascribed to the increase in preference of large capacity systems by producers.
In terms of geography, the global flare gas recovery systems market can be divided into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. North America and Europe are estimated to remain prominent region of the market during the forecast period. The market in Europe is projected to contract due to lower natural gas production and saturated market conditions compared to that in other regions.
Major companies operating in the flare gas recovery system market include John Zink Hamworthy Combustion, Gardner Denver Nash LLC, Wartsilia, Honeywell International Inc., Zeeco Inc., Movitherm, Transvac Systems Ltd, and Aerzener Maschinenfabrik GmbH.
The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.
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