Global Flare Gas Recovery Systems Market to
Grow at a CAGR of 13.8% between 2014 and
2020: Future Market Insights
Future Market Insights (FMI) has released a new report titled, “Global Flare Gas Recovery
System Market Analysis and Opportunity Assessment, 2014 - 2020.” According to the
report, the global flare gas recovery systems market was valued at US$ 930.4 Mn in 2014, and is
expected to reach US$ 2,019.5 Mn by 2020.
Global flare gas recovery system (FGRS) market is driven by factors such as government
regulations, environmental pollution concerns and secure energy supply. However, factors such as
low degree of awareness among the end user industries, high capital cost, and elongated design
and time spends for installation are expected to hamper the market growth during the forecast
period. However, shifting focus towards clean energy production is expected to drive the growth of
global flare gas recovery systems market between 2014 and 2020.
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According to product type, the global flare gas recovery systems market is segmented into small,
medium, large and very large systems. Small and medium capacity systems led the market share by
volume in 2014. Owing to relatively high price, large capacity systems led the market share by
value. Furthermore, very large capacity systems have been considered as a high value and high
growth segment.
Among all the aforementioned segments, very large capacity system segment in terms of volume is
expected to hold 43% of the total market share, exhibiting a CAGR of 15.1% over the forecast
period. However, low value segments including small and medium capacity, are collectively
projected to show a CAGR of 13.5% between 2014 and 2020. Furthermore, increasing investments
in oil and gas sector and capacity expansion plans are expected to drive the demand for small
capacity systems in the near future.
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Key components of the global flare gas recovery systems market includes compressors, separators,
gaskets, and heat exchangers. Compressors is the most crucial segment among the aforementioned
components. Amongst compressors, demand for liquid ring compressors is high due to low
maintenance and optimum performance standards, and is expected to further drive the demand for
this segment over the forecast period.