Rise in power generation applications is a critical factor driving the demand for flare gas recovery systems. This is precede by the growing concerns and consciousness about the adverse environmental affect of various industrial production methods. The importance of environmental preservation activities is increasing quickly. This is anticipated to sooner or later assist the adoption of flare gas recovery systems. The World Bank Group’s EHS norms proclaimed the target of no flare by 2025 end. Moreover, large number of natural gas and oil companies are progressively seeking implementation of flare gas recovery systems to achieve the supreme energy usage. Developing nations are awaited to register accelerated adoption of flare gas recovery systems in order to meet the discharge targets.
The demand is enhancing with the surge in power generation applications. The oil & gas industry is foreseen to generate beneficial opportunities in the global market over the forecast time. Strict government regulations regarding carbon discharge also have a huge affect on the adoption of flare gas recovery systems.
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- The global flare gas recovery systems market is regionally segmented into seven key regions viz. North America, Europe, Asia-Pacific, LAMEA. North America and Europe will remain the most significant markets over the forecast time, Europe is anticipated to witness reducing market growth because of relatively lower natural gas production and saturated market conditions.
- North America is one of the dominant markets by 2020. Markets in developing economies are moreover projected to witness an upsurge, owing to growing awareness about carbon discharge and environmental conservation, and rising adoption of FGRS for power generation utilization.
- Based on capacity, the global flare gas recovery system market can be segregated into small, medium, large, and very large. Status of these segments is likely to rely on various key elements such as on-shore or off-shore installation, budget, requirement of recovery, and design and installation complexities. The small and medium capacity segments have been capturing the market since the last few years. Nevertheless, large and very large capacity segments are expected to dominate the market during the forecast time. This rise can be owing to the increase in preference of large capacity systems by producers.
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COVID-19 Impact analysis
- The dull progress of the industrial sector, especially the oil & gas industry during the COVID-19 pandemic is seen to dampen the market pace and growth rate for a brief period of time. As the economy resumes its speed, the market is estimated to gain its old stature. North.
- Moreover the biggest end users of the flare gas recovery system are oil & gas industry which suffered a heavy loss during the pandemic because of less to no demand owing to the lockdown imposed by different nations all around the world. The industries got impacted massively and there was almost no production which proved to be a disaster for flare gas recovery system market.
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