Press release
Flare Gas Recovery System Market is expected to increase at 5.9% CAGR between 2021 and 2031
Flare Gas Recovery System Market
According to the study, the overall flare gas recovery system market valuation is forecast to top US$ 1.7 Bn by 2031. Compressor technology is expected to remain highly sought-after, and sales of modular flare gas recovery system will increase at a steady pace, exhibiting growth at a 5.7% CAGR in 2021.
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Will the COVID-19 Crisis Hamper Sales of Flare Gas Recovery Systems?
In 2020, the unprecedented COVID-19 outbreak suspended all industrial activities and delayed several oil and gas projects to an extent. The market also saw a significant dip in sales of FGRS within end-use sectors including oil and gas, chemicals, and industrial fuel gas treatment.
However, government initiatives to resume operations in heavy industries to full capacity and resumption of stalled project activities is likely to propel sales of flame gas recovery systems in the forthcoming years.
Competitive Landscape
Leading companies operating in the global flare gas recovery system market are focusing on expanding their presence in emerging market to improve sales. Apart from this, players are investing in mergers, acquisitions, strategic collaborations, and partnerships to strengthen their distribution channels and to expand production facilities.
For instance:
• In 2020, Zeeco, Inc., announced that Saudi Aramco has granted 9COM approval to Zeeco for a variety of combustion equipment manufactured at the Zeeco Middle East, Ltd. facility in Dammam.
• In 2018, Busch Vacuum Pumps and Systems announced that the Swiss-based engineering company NSB Gas Processing is now part of its group. NSB Gas Processing has been renamed Busch NSB AG. Busch NSB product portfolio offers a wide range of flare gas recovery systems, a sub-sector of the oil and gas industry.
• Honeywell UOP
• Cimarron Energy, INC.( Jordan Technologies)
• Wärtsilä
• Zeeco, Inc
• SoEnergy International
• John Zink Hamworthy Combustion
• Ramboll Group, Inc.
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Flare Gas Recovery System Market by Category
By Operating Pressure:
• Upto 5 bar (small)
• 5 to 10 bar (medium)
• 10 to 20 bar (large)
• 20 to 60 bar ( very large)
By Configuration:
• Modular
• Skid Mounted
By Technology:
• Compressor
• Ejector Based
By Flow Rate:
• Upto 2 MMSCFD
• 2 to 5 MMSCFD
• 5 TO 10 MMSCFD
• 10 TO 20 MMSCFD
• 20 to 50 MMSCFD
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About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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