Flare gas recovery systems manufacturers are pushing for the consolidation of production and distribution activities, in a bid to optimize cash flow and capital during the pandemic.
DUBAI, UAE / ACCESSWIRE / July 10, 2020 / The flare gas recovery systems market is expected to witness a sharp drop in demand during 2020, owing to the coronavirus outbreak. The pandemic has brought about substantial disparity between the demand and supply for oil and gas. As governments continue to ban international travel and promote social distancing, the slump in air travel will also hurt demand and production operations for the near future.
"Rising energy sector applications are key to the sustained demand for flare gas recovery systems. Manufacturers re-inject flare gas into natural gas production wells to sustain necessary pressure levels. This requirement will sustain demand for the foreseeable future, even after the outbreak ends," states the FMI analyst.
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Flare Gas Recovery Systems Market- Critical Takeaways
- Small and medium capacity systems, although dominant, are losing ground to large and very large systems, driven by capacity expansions by gas industry producers.
- Downstream applications will contribute majorly to market growth, supported by compliance with governmental regulations.
- Europe is a leading market for flare gas recovery systems aided by adoption in the UK and Russian Federation.
Flare Gas Recovery Systems Market- Drivers
- Power sector applications are a key growth factor for flare gas recovery systems adoption.
- Rising initiatives to reduce pollution in industrial manufacturing processes contributes to growth.
- Vast investments in the oil and gas sector for capacity expansions are lucrative for the market.
Flare Gas Recovery Systems Market- Restraints
- High capital requirements and complexity of installation procedures hamper market growth.
- Poor awareness about flare gas recovery systems in end user industries hurts market prospects.
Coronavirus Impact on Flare Gas Recovery Systems Market
The massive slump in economic activities around the world following the coronavirus outbreak has negatively impacted the demand for power, oil, and gas, in turn reducing the need for flare gas recovery systems. Drop in demand for oil and gas, coupled with worker health concerns, and travel restrictions will hurt market demand in the near future.
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Competitive Landscape
Manufacturers of flare gas recovery systems are focusing on product and services improvements to edge out the competition. For instance, Honeywell has funding a research project in 2019 towards innovations in oil and natural gas technologies, including flare gas recovery systems.
John Zink Hamworthy Combustion, Zeeco, and Nash Gardner Denver are some of the leading flare gas recovery systems producers.
About the Study
The study offers readers an assessment of the flare gas recovery systems market. Global, regional and national-level analysis of the latest trends influencing the flare gas recovery systems market is covered in this FMI report. The study provides insights according to product type (small, medium, large, and very large), and component (compressors, separators, gaskets, and heat exchangers), in five regions (North America, Latin America, Europe, Asia Pacific, and MEA).
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SOURCE: Future Market Insights
View source version on accesswire.com:
https://www.accesswire.com/596880/Slump-in-Crude-Oil-Prices-During-COVID-19-Pandemic-Will-Decelerate-Demand-for-Flare-Gas-Recovery-Systems-Through-2020-Says-Future-Market-Insights
