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Flare Gas Recovery System Market Key Manufacturers, Development Trends and Competitive Analysis 2031

 A comprehensive study on flare gas recovery system market by Future Market Insight (FMI) provides insights into the key driver and opportunities facilitating the growth in the market. It examines growth prospects and forecast sales projection across various segments in terms operating pressure, configuration, technology, flow rate, and application for the coming decade.

Future Market Insights (FMI), Dubai: As per a detailed analysis by FMI, the global flare gas recovery system market is projected to top US$ 1.7 Bn by 2031. Increasing applications across flue gas treatment, chemical plants, and others owing to the rising carbon emission concerns are favoring the sales in the market. In response to this, the market is estimated to grow at a CAGR of 5.9% during the forecast period from 2021 to 2031.

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Flare gas recovery systems (FGRSs) are gaining traction in the oil and gas industry to suffice the demand for fossil fuels, which is elevated from the increasing number of automotive vehicles and power generation activities. These systems are increasingly being installed across petrochemical refineries and natural gas liquids (NGL) plants to recover excess gas rather than burning it in the open air. Driven by this, sales of FGRSs is anticipated to register year-on-year growth of 4.8% in 2021

The market is largely driven by initiatives undertaken by international organizations to curb the flaring. For instance, the World Bank launched a campaign named, “Zero Flaring by 2030,” to eliminate the flaring process through appropriate regulations, financial arrangements, and adoption of advanced technologies. A slew of such initiatives is expected to create high revenue generation opportunities in the market.

Based on technology, liquid ring compressors are estimated to emerge as the most attractive segment, accounting for nearly 44.7% of the overall sales through 2031. Primary attributes driving growth in the segment are minimal pressure fluctuation, simple & compact design, and isothermal gas compressions.

“Implementation of government regulations to control carbon footprint and rising adoption of gas monetization technologies by leading oil & gas industry players are expected to bode well for the market through 2031,” says a FMI analyst.

Key Takeaways from Flare Gas Recovery System Market Study

  • The U.S. is anticipated to emerge as the dominant market in North America, accounting for more than 76% of the regional sales over the assessment period.
  • Sales in the Middle East and Africa market are forecast to rise at a CAGR of 5% through 2031, owing to the presence of leading oil & gas producing countries such as Qatar, Algeria, and Tunisia.
  • China is estimated to hold the largest revenue share in the East Asia market, accounting for over 50% of the sales in the region by the end of 2031.
  • The India is projected to emerge as one of the most remunerative markets in South Asia, contributing more than 32% of the revenue share in the region.
  • In terms of configuration, skid-mounted systems are expected to lead the segment, accounting for nearly 65% of the total demand in 2021.

Key Drivers

  • Implementation of stringent regulations aimed at curbing greenhouse gas emissions in the oil & gas, and chemical industries across the U.S., China, India, Germany, and others is spurring the sales of flare gas recovery systems.
  • Growing adoption of low-cost and small operating pressure bars across chemical facilities and refineries owing to its ability to capture a large amount of exhaust gas is driving the growth in up to 5 bar (small) segment.

Key Restraints

  • High cost of installation and maintenance of large and very large operating pressure flare gas recovery systems compared to smaller ones is hampering the growth of the segments.
  • Complex design and high-pressure fluctuations of ejector-based flare gas recovery systems are factors are hindering the sales across the segment.

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Competitive Landscape

As per FMI, the top five players in the flare gas recovery system market are Zeeco, Inc, John Zink Hamworthy Combustion Honeywell UOP, Cimarron Energy, INC, and Wärtsilä. These companies are projected to account for more than 40% of the global sales in 2021.

Leading player are emphasizing on expanding and strengthening their presence in emerging market to increase their market share. Besides this, some of the companies are investing in acquisitions, partnerships, mergers, strategic collaborations, to optimize their distribution channels and expand their production facilities. For instance:

  • In 2018, Busch Vacuum Pumps and Systems announced the acquisition of a NSB Gas Processing, a Swiss-based engineering company. The company renamed the NSB Gas Processing as Busch NSB AG. The strategy will assist the company to expand its product portfolio a sub-sector of the oil and gas industry such as flare gas recovery systems.
  • In 2020, Zeeco, Inc., a leadingmanufacturer of combustion and environmental solutions, announced receiving 9COM approval from Saudi Aramco for manufacturing a variety of combustion equipment at its facility in Dammam, Saudi Arabia. This will assist company to expand its production capacity and increase its consumer based in Middle

Some of the key players operating in the market profiled by FMI are:

  • Honeywell UOP
  • Cimarron Energy, INC. ( Jordan Technologies)
  • Wärtsilä
  • Zeeco, Inc
  • SoEnergy International
  • John Zink Hamworthy Combustion
  • Ramboll Group, Inc.

More Valuable Insights on Flare Gas Recovery System Market

FMI, in its new report, provides an unbiased analysis of the global flare gas recovery system market, forecast growth statistics during the forecast period 2021-2031. The survey reveals the scope of the flare gas recovery system market across below mentioned segments:

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
    • Reciprocating
    • Screw
    • Liquid Ring
    • Siding Vane
  • Ejector Based

By Flow Rate:

  • Upto 2 MMSCFD
  • 2 to 5  MMSCFD
  • 5 TO 10 MMSCFD
  • 10 TO 20 MMSCFD
  • 20 to 50 MMSCFD

By Application:

  • Oil & Gas
    • Petrochemical Refineries
    • NGL Plants
    • CNG Refineries
    • EOR
    • Pipeline & Syn Gas
    • FPSO Offshore platforms
    • Fuel gas conditioning
  • Chemical Plants
  • Storage Tanks
  • Bio Gas & Landfill
  • Industrial flue gas treatment

By Region:

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Pacific
  • Middle East and Africa (MIDDLE EAST AND AFRICA)

Direct Purchase of this Report@ https://www.futuremarketinsights.com/checkout/84

Key Questions Covered in the Report

  • The report offers insight into flare gas recovery system market demand outlook for the forecast period 2021-2031
  • The market study also highlights projected sales growth for flare gas recovery system market between 2021 and 2031
  • Flare gas recovery system market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
  • Flare gas recovery system market share analysis, covering key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others

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About Future Market Insights (FMI)

Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.

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