Flare Gas Recovery Systems Market to Represent a Significant Expansion at 13.8% CAGR During 2015-2020
Natural gas production involves a refining process wherein substantial volumes of gas are flared as a part of maintenance and safety procedure. However, this flared gas results in significant carbon emissions in atmosphere, causing a lot of financial loss to natural gas producers. In addition, this process also adds up to energy. The process of flare gas recovery involves recollection of waste gas in order to generate power. Aptly known as associated or unmarketable natural gas, flared gas can be best used for energy co-generation or captive application. Flare gas recovery systems are gaining considerable traction since the past few years and PMR indicates strong growth prospects for the global flare gas recovery systems market. The global market for flare gas recovery systems (FGRS) was valued at US$ 1,087.5 Mn in 2015, which is poised to rise at a healthy rate through 2016 to 2020. Over the forecast period 2015-2020, the global FGRS market will expand at a robust CA