Flare Gas Recovery Systems Market By Competitors, Type, Product, Region And Appl
Posted by Pradnya on April 29th, 2021
The impact of COVID-19 pandemic can be felt across the chemical industry. The growing inability in the production and manufacturing processes, in the light of the self-quarantined workforce has caused a major disruption in the supply chain across the sector. Restrictions encouraged by this pandemic are obstructing the production of essentials such as life-saving drugs.
The nature of operation in chemical plants that cannot be easily stopped and started, makes the operational restrictions in these plants a serious concern for the industry leaders. Restricted and delayed shipments from China have created a price hike in the raw materials, affecting the core of the chemicals industry.
The slacking demand from different impacted industries such as automotive is negatively influencing the growth of the chemical industry. In light of the current crisis, the market leaders are focused to become self-reliant which is expected to benefit the economic growth of different economies in the longer term. Companies are triggering events to restructure and recover from the losses incurred during the COVID-19 pandemic.
Dynamic expansion of the oil and gas industry, followed by boosted investments, will continue to fuel the demand for flare gas recovery systems globally. The global flare gas recovery systems market is predicted to take a leap from US$ 1,087.5 Mn observed in 2015, at exceed an impressive rate. The market will possibly surpass a value of US$ 2,000 Mn by the end of a five-year forecast period 2015-2020.
The most prominent factor identified to drive consumption of flare gas recovery systems is surging usage by various end-use industries for captive or co-generation of power. This will continue to propel the demand in near future. Increasing environmental concerns about energy utilization and carbon emissions during natural gas production processes are also considered to be the key factor likely to impact positively on the global FGRS market condition. Several environmental organizational guidelines regarding the same will continue to support the market as well.
A number of leading manufacturers will remain major consumers of FGRS for re-injection into production wells, boosting the market growth throughout the forecast period. Increasing implementation of FGRS by leading oil and natural gas companies for the optimum energy-efficiency, will also support the market growth. This corporate social responsibility is expected to strongly influence the demand for FGRS by 2020 end. Adoption in developing countries will witness an uptake during 2015-2020, as producers based in emerging markets are increasingly focusing on carbon emission mitigation.
Relatively lower awareness about the advantages of FGRS implementation may however affect the adoption, Moreover, higher initial costs and time consuming installation process are anticipated to hamper the market growth in the long run.
Based on capacity, the market will witness a shift from small and medium capacity FGRS to large and very large capacity FGRS over the forecast period. Large capacity systems segment is projected for around 12.2% CAGR, whereas very large capacity systems segment is estimated to expand at a CAGR of over 15%. These two segments are predicted to collectively account for over 73% share by value.
By component, compressors segment will continue to attract the maximum revenues to the global market for flare gas recovery systems. Owing to increased sales of liquid ring compressors, due to high performance and low maintenance, the compressors segment is foreseen to generate major revenues by 2020 end.
Based on region, the global market for FGRS is highly concentrated in North America and Europe, especially in the U.S. and Western Europe respectively. North America will however witness the biggest growth opportunities in terms of both value and shipment, accounting for over US$ 661 Mn by 2020 end. This growth is expected due to rising exploration of unconventional resources in this region and a growing number of component manufacturers. Over the forecast period, developing markets, including APAC and South America will represent significantly growing regions. MEA and Africa are however foreseen to witness sluggish growth.
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About the AuthorPradnya
Joined: February 3rd, 2017
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