Rise in population and improvement in standard of living, especially in developing countries, have increased the level of greenhouse gas emission in recent years. To meet the ever-increasing oil and gas demand has led to enormous quantities of co-produced gas flared as a waste by-product and large supplies of gas have emerged.
Globally, final product costs of refinery operations are becoming more dependent on processing fuel costs. Initially, waste and surplus gas from the oil & gas industry would be disposed of by flaring to atmosphere; however, these days, this process is becoming unacceptable, as the industry advances toward eliminating the emission of greenhouse gases into the atmosphere, while conserving energy. Demand for equipment that can securely and economically compress waste and surplus gas back into the production process is rapidly increasing.
Flares are combustion devices intended to safely and efficiently destroy waste gases generated in a plant. They are primarily the safety devices that prevent the release of unburned gas into atmosphere. These gases could burn or even explode by an ignition source outside the plant. Flare gas recovery is the process of recovering waste gases.
Increase in power generation applications is an important factor driving the demand for flare gas recovery systems. This is followed by the rising concerns and awareness about the adverse environmental impact of various industrial production processes. The significance of environmental conservation activities is increasing rapidly. This is expected to eventually boost the adoption of flare gas recovery systems. The World Bank Group’s EHS guidelines announced the target of zero flare by 2025 end. Furthermore, large number of natural gas and oil companies are increasingly seeking implementation of flare gas recovery systems to achieve the maximum energy usage. Developing countries are anticipated to register accelerated adoption of flare gas recovery systems in order to meet the emission targets.
Based on the opportunity the market for flare gas recovery system manufacturers are exploiting and providing flare gas recovery system packages including installation, aftermarket, and post-sales service.
Based on capacity, the global flare gas recovery system market can be classified into small, medium, large, and very large. Status of these segments is likely to depend on various factors 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 dominating the market since the last few years. However, large and very large capacity segments are anticipated to dominate the market during the forecast period. This growth can be ascribed to the increase in preference of large capacity systems by producers.
In terms of geography, the global flare gas recovery systems market can be divided into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. North America and Europe are estimated to remain prominent region of the market during the forecast period. The market in Europe is projected to contract due to lower natural gas production and saturated market conditions compared to that in other regions.
Major companies operating in the flare gas recovery system market include John Zink Hamworthy Combustion, Gardner Denver Nash LLC, Wartsilia, Honeywell International Inc., Zeeco Inc., Movitherm, Transvac Systems Ltd, and Aerzener Maschinenfabrik GmbH.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.