Global Flare Gas Recovery Systems Market Projected to Touch US$ 2,019.5 Mn by 2020

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Global flare gas recovery systems (FGRS) market for oil and gas industry is estimated to grow from US$ 930.4 Mn in 2014 to US$ 2,019.5 Mn by 2020 at a CAGR of 13.8% during the forecast period. During the production and refining process of natural gas, for safety reasons and maintenance activities considerable volumes of natural gas are flared into atmosphere. Flare gas is also identified by different terminologies such as associated gas or unmarketable natural gas across regions. Flaring of natural gas gives rise to significant volumes of carbon emissions. In addition, it adds to energy and related financial loss for the producers.

Flare gas recovery system helps to recover this waste gas and makes it available for power generation either for captive use or co-generation. It also helps to re-inject this waste gas back into the production well so that optimum pressure in the well could be maintained. Depending upon the recovery capacity FMI has segmented them into small, medium, large and very large capacity systems. Available budget, recovery requirement, venue of installation (off shore, on shore), involved design and installation complexities are some of the criterion for selection of FGRS capacity.

Drivers & Trends:

Some of the drivers identified in the market are growing importance of environmental conservation activities across industries, formulation of flaring reduction targets by worldbank such as ‘Zero Flare by 2025’ and increasing efforts by oil and gas companies for ensuring optimum use of energy. Some of the trends identified in the market are – installation of FGRS is often also seen as an act of corporate social responsibility, emerging economies to pace up FGRS installation in the later half of forecast period due to commitment towards mitigation of carbon emissions and manufacturers of FGRS to come up with FGRS solution package including design, manufacturing, installation and aftermarket services.

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From regional perspective, FMI has segmented the market into seven geographies as North America, Europe, Eurasia, Asia Pacific, Middle East, Africa and South America. As of 2014, matured economies such as North America and Europe dominate the market share by value and are expected to maintain their dominance by the end of forecast period.

European market is expected to lose high number of the basis points by 2020 due to maturing market conditions and relatively low natural gas production. Owing to environmental conservation issues and increasing awareness, developing markets are expected to show decent uptake in adoption of these systems. Despite of loss in market share, North America and Europe collectively offer US$631.9 Mn revenue opportunity for FGRS manufacturers during the forecast period. Developing economies are expected to gain 470 basis points with about US$457.2 Mn revenue opportunity for FGRS manufacturers during the forecast period.

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