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According to Hexa Research, the flare gas recovery systems market is likely to grow from USD 930.6 million in 2014 to 1, 019.7 million in 2020. The market would observe over 13.7 percent CAGR in the upcoming years. Flare gas recovery systems (FGRSs) assist in recovering waste gas and making the latter available for power generation in confined utilization.Flaring of natural gases helps in increasing carbon emission volumes by a great extent. Owing to rising carbon footprints, global warming, and surging carbon control, governments and regulatory organizations are taking initiatives to install flare gas recovery systems. However, one of the major reasons why companies are unwilling to install the same is because of their high costs.
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This serves as a hindrance for the flare gas recovery systems market and slows down its pace. The formulation of flaring reduction targets such as ‘Zero Flare by 2025’ by the World Bank and additional initiatives by oil and gas firms ensure optimum energy consumption.
Trends
FGRS manufacturers are developing innovative products to strengthen their position in the industry. They are also taking measures to improve in terms of technology. For example, a U.K. based company known as Transvac has recently proclaimed an online software launch used for gas screening and compression
Emerging countries with reduced awareness about FGRSs offer less opportunities to FGRS manufacturers. Awareness campaigns of nonprofit organizations will compel the government to limit regulations governing flaring in the oil and gas sector. One of the other market trends includes FGRS installations.
These installations are frequently observed as an act of corporate societal accountability. Developing regions would witness escalating FGRS installations during the second half of the forecast phase. This would be owing to the necessity for decreasing carbon ejections.
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Some Advantages of FGRSs
Reduced Maintenance Costs : The installation of FGRSs results in less expenses for their maintenance.
Enhanced Operational Efficiency : FGRSs assist in power production for confined use. Unwanted gas, or waste gas could be used for various industrial applications. These factors, to a large extent, improve the operational efficiency of FGRSs.
Types
The flare gas recovery systems market is divided into small, medium, large, and very large systems. In 2014, small, and medium systems led the market by volume. Due to high prices; large capacity systems led the market with regard to value. Very large systems are likely to go through high growth in the years to come.
They would contribute over 42% share in the global market with respect to volume. This segment will grow at a CAGR of 15.2% in the forthcoming years. Additionally, capacity expansion plans, and escalating investments in the sector of oil and gas are projected to drive the demand for small capacity systems over the forecast phase.
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