The global vapour recovery units market size is slated to cross a valuation of USD 1,256.2 million in 2023. It is anticipated to surpass a valuation of USD 2,105.5 million by 2033. The market will exhibit a modest CAGR of 5.3% from 2023 to 2033.
Vapour recovery units are crucial in controlling Volatile Organic Compounds (VOCs) and other harmful vapours emitted in various industrial processes. These processes include storage tank operations, oil and gas production, and chemical manufacturing. Governments across the globe are implementing stringent norms to reduce these emissions and increase sustainability.
The increasing implementation of strict government norms will likely bolster market growth during the forecast period. Furthermore, VOC and other hazardous emissions pose severe health problems. To mitigate these health and safety risks, implementing VRUs can substantially aid companies across various industries.
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The surging awareness of sustainability and environmental issues creates new opportunities for products that minimize emissions. Companies offering VRUs can gain a competitive edge due to the growing demand.
The increasing Corporate Social Responsibility (CSR) activities by companies will likely aid market expansion. Environmental footprint reduction can help businesses increase their brand recognition and cater to a large consumer base.
The market’s growth is also boosted by the expansion of vapour recovery units in the oil and gas sector. The need for vapour recovery units is astronomically increasing as many crude oil storage tanks are being built worldwide.
End users are using vapour recovery equipment frequently to limit the emission of light hydrocarbon and other volatile chemicals. During the forecast period, it is anticipated that the upcoming oilfield and oil storage opportunities might offer growth prospects for manufacturers of vapour recovery units.
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 reports of the International Energy Agency (IEA), the global demand and supply for oil are predicted to surge by104.1 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 all over the world. In response to this, several national oil companies, specifically in the Middle East and Africa, and South America are working on strategizing to improve their economy in the context of the energy transition.
- The National Oil Companies and Energy Transition have revealed that several national oil companies in the Middle East and North America are heavily investing in oil and gas projects while maintaining transparent and efficient management.
Competitive Landscape
According to the reports by Future Market Insights, the global vapour recovery units market is anticipated to have a fragmented reach. Owing to the presence of various leading players in the market has intensified the competition, resulting in increased product launches.
Some of the key players in the market are aiming for strategic mergers and acquisitions to efficiently expand their global presence. Meanwhile, tier-1 players are escalating their scale channel and introducing technologically advanced products to efficiently meet the emission standards.
Top Key Players
- 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
- Others
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More Insights into the Vapour Recovery Units Market
According to the reports of Future Market Insights, the Asia Pacific region excluding Japan is predicted to be the second largest market of vapour recovery units, accounting for around 10.4% of the total market share in 2022. The growth of this region is attributed to the increasing number of oil and gas exploration activities in emerging economies like India.
Key Segmentations
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)
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