Press release
Flare Gas Recovery Systems Market on Track to US$ 2,000 Mn by 2020
This will continue to propel the demand in near future. Increasing environmental concerns about energy utilization and carbon emissions during natural gas production processes are also considered to be the key factor likely to impact positively on the global FGRS market condition. Several environmental organizational guidelines regarding the same will continue to support the market as well.
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A number of leading manufacturers will remain major consumers of FGRS for re-injection into production wells, boosting the market growth throughout the forecast period. Increasing implementation of FGRS by leading oil and natural gas companies for the optimum energy-efficiency, will also support the market growth. This corporate social responsibility is expected to strongly influence the demand for FGRS by 2020 end. Adoption in developing countries will witness an uptake during 2015-2020, as producers based in emerging markets are increasingly focusing on carbon emission mitigation.
Relatively lower awareness about the advantages of FGRS implementation may however affect the adoption, Moreover, higher initial costs and time consuming installation process are anticipated to hamper the market growth in the long run.Based on capacity, the market will witness a shift from small and medium capacity FGRS to large and very large capacity FGRS over the forecast period. Large capacity systems segment is projected for around 12.2% CAGR, whereas very large capacity systems segment is estimated to expand at a CAGR of over 15%. These two segments are predicted to collectively account for over 73% share by value.
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By component, compressors segment will continue to attract the maximum revenues to the global market for flare gas recovery systems. Owing to increased sales of liquid ring compressors, due to high performance and low maintenance, the compressors segment is foreseen to generate major revenues by 2020 end.
Based on region, the global market for FGRS is highly concentrated in North America and Europe, especially in the U.S. and Western Europe respectively. North America will however witness the biggest growth opportunities in terms of both value and shipment, accounting for over US$ 661 Mn by 2020 end. This growth is expected due to rising exploration of unconventional resources in this region and a growing number of component manufacturers. Over the forecast period, developing markets, including APAC and South America will represent significantly growing regions. MEA and Africa are however foreseen to witness sluggish growth.
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