Flare Gas Recovery Systems market growth at 15.1% CAGR by 2020: Research Study

Flare Gas Recovery Systems market

As per a recent report published by Research Report Insights the global market for gas recovery systems (FGRS) is set to surpass a valuation of US$ 2,019 Mn by 2020. The market is expected to be drive by factor such as secure energy supply, favorable government regulations and growing concerns over environmental pollution. Moreover, growing emphasis on production of clean energy is expected to propel the market towards a better position over the next couple of years. On the flip side, the factors such as, requirement of high capital investment, lack of awareness among the end user industries, complex design and overlong installation time are likely to deter the growth of the market during the forecast period.

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On the basis of product type, the global for flare gas recovery systems has been segmented into very large, large, medium and small systems. By value, small and medium capacity systems accounted for the largest share of the market in 2014, while large capacity systems held to top position in the market in terms of value due to their relatively higher price. The very large capacity segment is expected to exhibit robust growth during the assessment period. In terms of volume, this segment is projected to command for close to 43% share of the global market, registering an impressive CAGR of 15.1% during the forecast period. Meanwhile, the small and medium capacity segments are anticipated to collectively exhibit a CAGR of 13% during the same period. Capacity expansion and higher investments in the oil and gas industry is likely to make a positive influence on the global sales of small capacity systems in the years to come.

The key components of gas recovery systems include separators, heat exchangers, compressors, and gaskets. Among these, compressors are the most vital component. In addition, demand for liquid ring compressors is relatively higher as compared to other types of compressors owing to superior functionality and low maintenance.

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Among regions, West Europe is expected to remain a highly attractive region for FGRS throughout the forecast period. The region accounts for a high number of FGRS installations, owing to imposition strict regulatory norms that are aimed at controlling and reducing carbon emissions. The market in North America showcases an impressive value and volume growth opportunities for manufacturers of gas recovery system and its components amid increasing exploration for unconventional resources. In terms of value and volume, the region is expected to hold significant share of the market over 2020. In addition, the markets in North America and Europe collectively represent for more than 66% value share of global market. Asia Pacific and South America are also expected to register strong growth during the forecast period. Meanwhile, regions such as Eurasia and the Middle East and North Africa that have rich deposits of natural gas are likely to demonstrate a relatively sluggish growth over 2020 owing to extended payback period, high-cost of system installation and low proximity to return on investment.

Leading companies operating in the global market for flare gas recovery systems include, John Zink Hamworthy Combustion, Gardner Denver Nash, and Zeeco.

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