Dublin, Sept. 16, 2020 (GLOBE NEWSWIRE) — The “Flare Gas Recovery System Market – Growth, Trends, and Forecasts (2020 – 2025)” report has been added to ResearchAndMarkets.com’s offering.
The flare gas recovery system market is expected to grow at a CAGR of more than 2% over the period of 2020-2025
Europe is expected to be the fastest-growing flare gas recovery system market in the forecast period. The Russian Federation is expected to play a leading role in the growth of the market.
actors such as an increase in environmental awareness, regulations, and potential chances of gaining profit from the flare gas recovery product are expected to provide a boost to the market. However, lack of technology in underdeveloped and emerging economies and lack of government regulations in such countries are expected to restraint the growth of the market
The downstream sector is expected to dominate the market, as they already have various governmental restrictions in place which demand strict rules for reducing the flare gas emission. The flare gas recovery system provides for an economically viable method to reduce the flare gas emission from the refineries.
The World Bank has been pursuing a strategy of incentivizing governments and privately-owned companies to mitigate their flaring of gas by the Zero Routine Flaring 2030 initiative. The initiative is to completely stop the routine flaring of gas, especially in the upstream sector. This may provide an opportunity for companies in the market.
Key Market Trends
Downstream Sector to Dominate the Market
Refineries have different ways to reduce flare gas emissions, including the production of energy from it or its usage as feedstock, diverted to other plants for processing. Among such mechanisms include the flare gas recovery system.
Flare gas recovery system converts the flare gas into a fuel which may be used in the refineries or sold to a third party for profit. Flare gas recovery system provides for a reliable mechanism usable energy, which can reduce the cost of power required to run the refining operations.
Refining capacity in the world increased by 1.45%, to 100049 thousand barrels per day, in 2018 from 98621 thousand barrels per day, in 2017. An increase in the refining capacity around the world is expected to raise the demand for flare gas recovery systems and thereby drive the market in the forecast period.
Iran and Venezuela are the largest emitter of oil downstream flare gas in the world. With each emitting around 1.27 billion cubic feet of flare gas per year. Weak regulation on the companies to reduce flare gas emission and quality of the oil is among the significant reasons for the high flare gas emission.
Therefore, with the increase in efficiency of flare gas recovery mechanisms and an increase in the profits made from the gas recovered, thereby it is expected to dominate the market during the forecast period.
The flare gas recovery system market is partially fragmented. Some of the key players in this market are John Zink Hamworthy Combustion LLC, Gardner Denver Holdings Inc, Honeywell International Inc, MAN SE, and SoEnergy International Inc.
Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET OVERVIEW
4.2 Market Size and Demand Forecast, in USD billion
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.6 Supply Chain Analysis
4.7 Porter’s Five Forces Analysis
5 MARKET SEGMENTATION
5.2.1 North America
5.2.4 South America
5.2.5 Middle-East and Africa
6 COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 John Zink Hamworthy Combustion LLC
6.3.2 Gardner Denver holdings Inc
6.3.3 Honeywell International Inc
6.3.4 Zeeco, Inc
6.3.5 SoEnergy International Inc
6.3.6 Wartsila Oyj Abp
6.3.7 Transvac Systems Ltd
6.3.8 Aerzener Maschinenfabrik GmbH
6.3.9 MAN SE
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/snqb8f
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