New York, NY -- (SBWire) -- 08/10/2017 --The global gas recovery systems market is estimated reach from US$ 1,087.5 Mn by 2015, at impressive rate. The market will feasibly surpass a value of US$ 2,000 Mn by the end of forecast period 2015- 2020.
The surging usage by various end-use industries for captive or co- generation power becomes major factor behind driving the consumption of flare gas system. Such factors will continue to drive the demand in near future. The energy utilization and carbon emission during natural gas production process are also considered as the key factors likely to impact promisingly on the global FGRS (Food Gas Recovery System) market condition. Several environmental guidelines imposed regarding the same will continue to liquidate market as well.
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To fulfill the re-injection requirement of production wells a number of leading manufacturers remain the major consumers of FGRS which is expected to boost the market over the forecast period. Increasing implementation of FGRS by leading oil and natural gas companies to gain efficient optimum energy will also facilitate the market growth. The demand for FGRS is strongly expected to influence because of such corporate social responsibility by 2015-end. FGRS adoption in developing countries will witness the peak through 2015-2020 as producers under emerging markets are vastly emphasizing maintenance of low carbon emission level and its mitigation.
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The FGRS adoption rate may suffer the effect of unawareness. Moreover In the long run higher project costs and time consuming installation process are anticipated to obstruct the market growth.
Market will witness a shift from small and medium capacity FGRS to large and very large capacity FGRS over the forecast period, based on capacity. The segment consisting large capacity is expected around 12.2% CAGR. While very large capacity systems segment is expected to expand at a CAGR of over 15%. In terms of value, collective account of these two major segments will account over 73%.
Compressors segment will remain to attract the maximum revenues to the global market for flare gas recovery systems component wise. Due to high performance and the low maintenance cost reflects increasing liquid ring compressor's sales. Subsequently the compressor segment poised to generate major revenues by 2020-end.
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The global market for FGRS is highly condensed in North America and Europe, US and Western Europe respectively. However, In terms of value and shipment the North America will witness high growth opportunities which account for Over US$ 661 Mn by 2020-end. Such growth is expected due to growing number of component manufacturers and the rising investigating unconventional resources in this region. Developing markets, including APAC and South America will represent as extensively growing regions over the forecast period. MEA and Africa are however estimated to witness sluggish growth.
Some of leading players in the global competitive landscape identified in PMR's research of the flare gas recovery systems market, include:
Zeeco Inc., John Zink Hamworthy Combustion. and Gardner Denver Nash
Long-term Outlook: The global flare gas recovery systems market is poised to reach a value beyond US$ 2.0 Bn by 2020-end
Global Flare Gas Recovery System Market : North America to Value US $661 Mn by 2020
Increased global investments and dynamic expansion of oil and gas industry will continue fueling the demand for flare gas systems globally.