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flared gas contains a large number of carbon emissions which causes a huge loss to the producers.
NEW YORK, NEW YORK, UNITED STATES, May 12, 2022 /EINPresswire.com/ -- 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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The global Flare Gas Recovery System Market is extremely competitive and comprises various key players at global and regional levels. Major players are focused on adopting various strategies such as mergers and acquisitions, partnerships and joint ventures, R&D investments to establish market footing and expand their product base. These are investing in R&D to develop enhanced products and devices, modern farming systems and other techniques to boost farm and livestock productivity.
Major companies operating in the global Flare Gas Recovery System Market:
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.
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Further key findings from the report suggest
FGRS is a growing market and is expected to have quite a substantial market in the coming years due to the solutions provided by modern technologies and their implementations.
Carbon emission in the air is a great cause of concern to the environment and also a huge financial loss to the manufacturers. Investment in R&D is being made to come up with more efficient and cost-saving options to cut losses, utilize the associated gases and save the environment.
Small and Medium capacity has dominated the market in the last few years, but large and very large capacity will replace in the next few years. The manufacturer’s preference for large capacity system segment will boost this segment. The very large capacity segment is expected to account for the largest market share of 28%.
The segment of the compressor is projected to rule during the forecast period owing to its popularity of liquid ring compressors. This will fuel the market and is expected to gain substantial market share by the year 2027.
The market for FGRS will be dominated by North America. This region already has a well-developed oil and gas market and any solutions regarding the unmarketable natural gases are implemented instantly. North America occupies a market share of 32% followed closely by Europe with 26%. The Asia Pacific and Latin America are expected to show substantial growth due to the rising number of end-users in this region.
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Segments covered in the report:
Small Medium Large Very large
Compressors Heat Exchangers Gaskets Separators
North America Europe Asia Pacific Latin America Middle East & Africa
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