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Flare Gas Recovery System Market Size, Revenue Analysis, PEST, Region And Country Forecast, 20192030

(MENAFN- EIN Presswire)

Reports And Data

Flare Gas Recovery System Market report also sheds light on the supply chains and changes in trends of the upstream raw materials and downstream distributors.

NEW YORK, NY, UNITED STATES, January 17, 2023 /einpresswire.com / -- The global flare gas recovery system market size was USD 1.05 Billion in 2021 and is expected to register a revenue CAGR of 5.3% over the forecast period, according to the latest report by Reports and Data.

Flaring gas recovery systems and flaring control are required in petrochemical and oil and gas production. Under the Global Gas Flaring Reduction Partnership (GGFR), the World Bank has produced various recommendations highlighting new advancements in flaring management, operational improvement, and removing flare gas from the environment using modern technologies.

This project will also assist the global petrochemical and oil and gas sectors in identifying new business prospects and market approaches. The United Nations (UN) has set 17 sustainable development goals (SDG) to address some of the economic, social, and environmental concerns in the oil and gas business by 2030. These considerations are driving an increase in the demand for the installation of flare gas recovery systems in refineries and processing facilities.

Companies profiled in the market report include John Zink Hamworthy Combustion, Gardner Denver Nash LLC, Wartsilia, Honeywell International Inc., Zeeco Inc., Movitherm, Transvac Systems Ltd, Aerzener Maschinenfabrik GmbH

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Some Key Highlights from the Report

.In 2021, the compressor-based flare gas recovery system sector accounted for a higher revenue share. Flare gas recovery systems based on compressors are suited for handling hydrogen to heavy hydrocarbon gases. Compressor-based systems are designed to absorb compression heat as well as discharge temperatures when temperatures vary. This technology is used in many petrochemical and oil industries for recirculation as well as auxiliary heat exchangers.
.In 2021, the Asia Pacific market will have a bigger revenue share. Rapid industrialization and government export promotion measures are propelling the expansion of the flare gas recovery systems market in this area. Plastics, rubbers, resins, synthetic fibres, adhesives, petroleum-derived paints and coatings are all manufactured and exported from Asia Pacific. Over 100 global chemical centres and some of the world's top downstream companies, including Shell, Chevron, and ExxonMobil, are located in Asia Pacific.
.Baker Hughes Firm, a U.S.-based worldwide industrial service company, inked a collaboration agreement with Egyptian General Petroleum Corporation (EGPC) on June 29, 2022, to deliver and install a flare gas recovery system. As part of greenhouse gas elimination efforts, the Egyptian Ministry of Petroleum and Mineral Resources (MoPMR) intends to minimise emissions and increase the efficiency of O&G operations.
.For the purpose of this report, Reports and Data has segmented the global flare gas recovery system industry into Operating Pressure Outlook, Technology Outlook, Flow rate Outlook, Application Outlook Regional Outlook:

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By Capacity

.Very large

By Application

.Temperature Control
.Temperature Monitoring

By Region

.North America (U.S., Canada, Mexico)
.Europe (Germany, UK, France, Italy, Spain, Russia, Rest of Europe)
.Asia Pacific (China, India, Japan, Australia, South Korea, Rest of Asia Pacific)
.LAMEA (Brazil, Saudi Arab, South Africa, Rest of LAMEA)

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Reasons for Buying this Report:

.The report focuses on market share, market size, revenue share, industry growth rate, regional bifurcation, and overall industry outlook.
.The study provides pin-point analysis for changing competitive dynamics.
.The report helps readers in understanding the product segments and their future growth.
.Analysts in this research report can quickly expand their business by focusing on various business and market strategies.
.It helps in making informed business decisions by having complete insights of market and by making in-depth analysis of market segments.
.PEST analysis of the market in the five major regions.

Thank you for reading our report. For further queries or inquiries about customization, kindly connect with us to know more. Our team will ensure the report is tailored according to your needs.

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