In a search for a net-zero future, governments all over the globe are implementing strict regulations to reduce the emission of volatile organic compounds (VOC) from storage tanks. In addition, the development of upstream and downstream projects in specific regions, including the Asia Pacific and North America, are expected to aid the market’s growth. The surging establishment of crude oil storage tanks worldwide has increased the need for vapor recovery units. These tanks are utilized to store oil for a brief period to stabilize the flow between production wells and pipelines.
According to Future Market Insights, The global vapour recovery units market is expected to develop significantly between 2023 and 2033. According to a study analysis issued by Future Market Insights, the global market is expected to reach a size of USD 1,256.2 million in 2023. It is expected to be worth USD 2,105.5 million by 2033. From 2023 to 2033, the market is predicted to grow at a strong 5.3% CAGR.
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Key Players in the Vapour Recovery Units Market
- Hy-Bon/EDI, Petrogas Systems
- PSG Dover
- AEREON
- John Zink Company LLC
- Cimarron Energy Inc.
- Wintek Corporation, Accel Compression Inc.
- Whirlwind Methane Recovery Systems LLC
Competitive Landscape
According to the reports by Future Market Insights, the global vapour recovery units market is anticipated to have a fragmented reach. Various leading players in the market have intensified the competition, resulting in increased product launches.
Some of the key players in the market are aiming for strategic mergers and acquisitions to expand their global presence efficiently. Meanwhile, tier-1 players are escalating their scale channel and introducing technologically advanced products to meet emission standards efficiently.
Key Takeaways
- Rising upstream and downstream projects across the globe have surged the crude oil production and installation of storage tank vents in oil & gas and marine industries. According to the International Energy Agency (IEA) reports, the global demand and supply for oil are predicted to surge by 104.1 million barrels/day and 67.6 million barrels/day (mb/d) by 2026, respectively.
- With the persistent surge in upstream projects and oil & gas exploration activities, end-users are increasing the installation of vapor recovery units. Owing to stricter environmental regulations limiting the emissions of GHG and several other VOCs, oil & gas and marine industries are aiming for ‘alternative methods’ to adhere to the norms.
- According to the EPA, governments across various countries are aiming to reduce emissions by approximately 90,000 per year. Attributing to this factor, manufacturers, importers, and distributors are compelled to limit the VOC content of consumer products. Therefore, demand for vapor recovery units is expected to surge in the oil and gas industry over the forecast period.
- A significant rise in the trend for cleaner energy sources and conflicting fuel prices has been anticipated to affect the oil & gas industry worldwide. In response, several national oil companies, specifically in the Middle East, Africa, and South America, are working on strategizing to improve their economy in the energy transition context.
- The National Oil Companies and Energy Transition has revealed that several national oil companies in the Middle East and North America heavily invest in oil and gas projects while maintaining transparent and efficient management.
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Market Segmentation:
By Technology:
- Membrane Separation
- Adsorption
- Condensation
- Absorption
By Application:
- Marine Loading
- Truck Loading
- Railcar Loading
- Pipelines
- Storage Tank Vents
By Process:
- Upstream
- Downstream
By End-use:
- Oil & Gas Compressors
- Landfills
- Brewery and Food Processing
- Others
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- The Middle East & Africa (MEA)
