Future Market Insights (FMI), in its recent report titled, “Global Flare Gas Recovery System Market Analysis and Opportunity Assessment, 2014–2020”, estimates that the global flare gas recovery market is expected to exhibit significant a CAGR of 13.8% during 2014 and 2020.
Factors such as government regulations concerning mitigation of carbon emissions, increasing awareness about environmental conservation by oil and gas companies and growing concerns over securing energy supply for future are expected to drive the global flare recovery systems market during 2014 and 2020.
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New installations of flare gas recovery systems stood at 184 units in 2012 and are expected to reach 403 by 2020. In terms of volume, North America accounted for 32.3% of global share in 2014. Emerging regions such as Asia Pacific, Middle East and Africa collectively are projected to exhibit a CAGR of 12.5% during the forecast period. In terms of market value, North America is expected to hold 32.7% of the global share, followed by Europe with 29.3% by 2020. Middle East and Africa region are anticipated to have almost similar value share by 2020.
By product types, the global flare gas recovery system market is segmented into small, medium, large and very large capacity systems. In terms of volume, small FGRS led the market volume with a 27.6% share in 2014. In terms of value, very large capacity systems led the global flare gas recovery system market with 40.4% share in the same year. Large and very large capacity segments are collectively expected to show a CAGR of 13.9% whereas the other two segments are collectively projected to exhibit CAGR of 13.5% by value during the forecast period.
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Key players in global flare gas recovery systems market are Zeeco, Gardner Denver Nash, and John Zink Hamworthy Combustion.
Future Market Insights is a leading market intelligence and consulting firm delivering syndicated research reports, custom research reports and consulting services. Our research services cover global as well as regional emerging markets such as GCC, ASEAN and BRICS.