The global Flare gas recovery system market is expected to reach USD 3.71 Billion by 2028, according to a new report by Reports and Data. When natural gases are refined, substantial amount of gases are flared for maintenance and safety reasons. The flared gas contains a large number of carbon emissions which causes a huge loss to the producers. The flared gas is also known as unmarketable natural gas is then recovered for energy co-generation.
The advent of power generation applications is increasingly used by producers to recover flared gases. These recovered gases are injected into natural gas production wells to maintain the optimum pressure inside the wells. Emission of carbon into the environment is a cause of concern globally. With rising awareness, companies are investing more and more into these solutions of recovering flared gases.
North America dominates with a market share of 32%. North America and Europe together have quite a substantial market share of 58%. Developed regions are more likely to come up and implement a solution to flare gases due to the high level of investment and stringent government policies as compared to developing nations. Europe has a high market share but is expected to contract over the years due to lower production of gas and the market in this region is already saturated.
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Key participants include: GTUIT Inc., Aereon International, Frames Group, Pioneer Energy, Inc., Costain Group PLC, ZEECO Inc., Honeywell International Inc., Gas Technologies LLC., Gardner Denver, Inc. and Wartsila Corporation among many others.
Further key findings from the report suggest
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For the purpose of this report, Reports and Data have segmented global Flare gas recovery system market on the basis of capacity, component, and region:
Capacity Outlook (Revenue, USD Million; 2018-2028)
Component Outlook (Revenue, USD Million; 2018-2028)
Regional Outlook (Revenue, USD Million; 2018-2028)
Key insights presented in the report:
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