Flare Gas Recovery Systems Market is Projected to Grow at a 13.8% CAGR by 2027 | AEREON, John Zink Hamworthy Combustion

Flare Gas Recovery Systems Market Continues To Expand With Increasing Awareness And Concerns Regarding Adverse Impact Of Various Production

SEATTLE, WA, US, January 31, 2022 /EINPresswire.com/ -- Flare Gas Recovery Systems Market Continues To Expand With Increasing Awareness And Concerns Regarding Adverse Impact Of Various Production Processes Across The Globe , Because the release of unburned gas results in an increase in carbon emissions, flare gas recovery systems are used throughout the refinery industry for safety and maintenance reasons.

In terms of revenue, the global flare gas recovery systems market is expected to surpass US$ 4.5 billion by the end of 2027, with a CAGR of 13.8 percent over the forecast period (2020 to 2027).

Overview:

The Flare Gas Recovery Systems (FGR) technology consists of liquid ring compressors. The solvent is an aqueous amine that is used to abate acid gases and hydrogen sulfide. The flare gas recovery system consists of a liquid ring compressor and aqueous amine solution for abatement of hydrogen sulfide and acid gases. The optimal configuration is based on three configurations. The first one involves a simple compressor arrangement without a amine recycling line between compression stages. The second configuration adds a heat exchanger to cool the amine recycling line, and the third configuration involves using a combination of all three types of compressors.

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Market Dynamics:

Rise in power generation applications is expected to drive the demand for flare gas recovery systems, which in turn is projected to boost growth of the global flare gas recovery systems market during the forecast period. For instance, Crusoe Energy, an oil and gas company captures flare gas from the oil drilling sites and uses it further by converting it into energy to power computers for bitcoin mining, which requires immense amount of energy. Such applications of flare gas are driving the demand for flare gas recovery systems.

However, lack of knowledge about return on investment across the oil & gas industry, and high cost of the system are expected to restrict growth of the global flare gas recovery systems market during the forecast period.

Impact of COVID-19:

The global flare gas recovery systems market witnessed an adverse impact of the COVID-19 outbreak. As many countries announced strict lockdown regulation and movement restriction to control the virus spread, many of the industrial operations were suspended including production, supply and distribution. However, decline in the COVID-19 cases and moderation in lockdown rules is expected support growth of the global flare gas recovery systems market.

Key Takeaways:

The global flare gas recovery systems market is expected to grow, with a CAGR of 13.8% over the forecast period, due to increasing awareness and concerns regarding the harmful environmental impact of different industrial production procedures. For instance, in November 2021, the government of U.K. announced a funding package at COP26 for supporting the rollout of sustainable infrastructure and revolutionary green technology in middle-income countries to help tackle the climate change and propel economic growth.

North America is projected to witness significant growth in the global flare gas recovery systems market during the forecast period. However, Europe is expected to witness a decline in the market due to lower production of natural gas and saturated market conditions.

Key players functioning in the global flare gas recovery systems market are AEREON, Zeeco, John Zink Hamworthy Combustion, and Gardner Denver Nash.

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Flare Gas Recovery Systems Market insights will help businesses in a variety of industries increase their revenue impact:

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