The latest market report published by Credence Research, Inc. “Flare Gas Recovery System Market, By Capacity, By Component and By Geography- Growth, Future Prospects and Competitive Analysis, 2016 - 2023,” the global flare gas recovery system market was valued at US$ 1,294.5 Mn in 2015, and is expected to each US$ 3,413.1 Mn by 2023, expanding at a CAGR of 13.1% from 2016 to 2023.
Browse the full Flare Gas Recovery System Market - Growth, Future Prospects and Competitive Analysis, 2016 – 2023 report at https://www.credenceresearch.com/report/flare-gas-recovery-system-market
Global flare gas recovery system market is projected to gain impulse with growing inclination of end use industry to reduce H2S flaring, reduce smoking of flare gas, minimize fuel expenditure by using flare gas as fuel and comply regulatory requirements resulting in adoption of flare gas recovery systems. Rising environmental concerns over the emission of greenhouse gases influencing governments to adopt stringent regulation over emission of flare gases. Further, increasing production of natural gas and non-conventional shale gas is projected to fuel the demand of during the forecast period.
North America is projected to be the most dominant market in global flare gas recovery systems market. Wide adoption of flare gas recovery systems due to stringent regulations over the emission of greenhouse gases and growing production of shale gas is expected to drive the demand of flare gas recovery system in the region. Followed by it, Europe is anticipated to be the second largest market in global flare gas recovery market. However, the market in the Europe have become mature and is projected to lose its market share by 2023. Latin America and Asia Pacific to witness significant growth owing to growth of end use industries in the region over the forecast period (2016-2023).
Large and very large capacity flare gas recovery system segments accounts for major revenue share in the global flare gas system market in 2015. The growth of the segment is augmented by growing inclination of end use industries to use flare gas as fuel and also to achieve low carbon emission. Global flare gas market is expected to witness shift from small and medium flare gas recovery systems. Thus, small and medium size flare gas recovery system are anticipated to lose their market share to large and very large capacity flare gas recovery system segment by 2023.
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By Component, compressor segment is anticipated to maintain its dominance during the forecast period. Growing popularity of the liquid ring compressors is anticipated to drive the growth of the segment. The segment is project to gain significant market share by 2023.
Considering the competition, the global flare gas recovery system market has witnessed a significant rise in strategic mergers and collaborations among flare gas recovery system vendors. Such growth strategies are focused at augmenting their product portfolio or increase their market penetration in key manufacturing and oil producing countries.
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