The Global Flare Gas Recovery System Market size is expected to reach USD 3.33 billion by 2027 from USD 1.43 billion by 2019 at a CAGR of 10.4%, according to a new report by Reports and Data. When natural gases are refined, substantial amount of gases are flared for maintenance and safety reasons. The flared gas contains a large number of carbon emissions which causes a huge loss to the producers. The flared gas is also known as unmarketable natural gas is then recovered for energy co-generation.
The advent of power generation applications is increasingly used by producers to recover flared gases. These recovered gases are injected into natural gas production wells to maintain the optimum pressure inside the wells. Emission of carbon into the environment is a cause of concern globally. With rising awareness, companies are investing more and more into these solutions of recovering flared gases.
North America dominates with a market share of 32%. North America and Europe together have quite a substantial market share of 58%. Developed regions are more likely to come up and implement a solution to flare gases due to the high level of investment and stringent government policies as compared to developing nations. Europe has a high market share but is expected to contract over the years due to lower production of gas and the market in this region is already saturated.
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Key participants include GTUIT Inc., Aereon International, Frames Group, Pioneer Energy, Inc., Costain Group PLC, ZEECO Inc., Honeywell International Inc., Gas Technologies LLC., Gardner Denver, Inc. and Wartsila Corporation among many others.
Further key findings from the report suggest
Market Overview:
Power and energy industry comprises of key companies operating in fuel, petroleum, natural gas, and nuclear power markets. Constant production of energy and power is imperative for country’s economic growth. It also covers exploration and production of oil and gas reserves, oil and gas drilling, and refining industries. Power and energy sector is one of the most diversified sector across the globe. Rapid industrialization and urbanization has increased the dependency on power and energy and industries today consume large amounts of fuel making energy industry a crucial element of today’s industrial infrastructure.
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The report sheds special focus on the factors that propel the growth of the industry. For better understanding, the report segments the Flare Gas Recovery System market into key divisions such as types, applications, end-use, technology, region, and others. These segments are extensively analyzed to offer better forecast for the global and regional market and key factors influencing their growth are also covered in the report.
For the purpose of this report, Reports and Data have segmented global Flare gas recovery system market on the basis of capacity, component, and region:
Capacity Outlook (Revenue, USD Million; 2018-2027)
Component Outlook (Revenue, USD Million; 2018-2027)
Regional Analysis Covers:
North America (U.S.A., Canada, Mexico)
Europe (U.K., Italy, Germany, France, Rest of Europe)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target and analyze consumer behavior shifts across demographics, across industries and help client’s make a smarter business decision. We offer market intelligence studies ensuring relevant and fact-based research across a multiple industries including Healthcare, Technology, Chemicals, Power and Energy. We consistently update our research offerings to ensure our clients are aware about the latest trends existent in the market. Reports and Data has a strong base of experienced analysts from varied areas of expertise.
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