The market for vapour recovery units was worth US$ 805.1 million in 2013 and is anticipated to be worth US$ 1,202.0 million in 2022. It is anticipated that the market for vapour recovery units will expand at a 5.6% CAGR during the forecast period (2022-2028). The oil and gas industry is seeing an increase in demand for vapour recovery units because of their use in preventing crude oil loss from storage tanks by limiting vapour.
Vapour recovery units arrest vapour escaping from storage tanks, and help reduce VOC emissions by nearly 90%. Growing government restrictions and new regulations on the levels of VOC emissions are anticipated to elevate the sales of vapour recovery units across the world.
These units also play a major role in reducing loss of crude oil through storage tanks in upstream and downstream operations. As a result, notable growth in crude oil storage tanks across the globe is projected to fuel the sales of vapour recovery units over the coming years.
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“North America and Europe are anticipated to retain their prominent shares in the market throughout the forecast years, due to their established markets for upstream and downstream applications. However, APEJ and MEA are anticipated to provide lucrative growth opportunities on the back of development of the oil & gas sector in these regions.”
Key Takeaways of Vapour Recovery Unit Market Study
Growing production and consumption of oil has resulted in a rise in the number of oil exploration units and refineries across the globe. Increment in storage batteries and tanks, in turn, is anticipated to propel the demand for vapour recovery units during the foreseen period.
Price volatility of crude oil and increasing loss of oil due to vapour escape from storage vents will to fuel the requirement for vapour recovery units. These units restrict crude oil wastage due to vapour loss; hence, their utilization is anticipated to increase in upstream as well as downstream applications in the coming years.
Environmental regulations regarding VOC emissions have become stricter across the European Union and North America. Increasing greenhouse emissions and commitment of various organizations towards sustainable development are anticipated to further motivate end users to ensure strict adherence to guidelines and regulations. The use of vapour recovery units helps these manufacturers meet these standards of emissions.
North America and Western Europe are anticipated to hold substantial share in the market. The prominence of potential VRU manufacturers in these regions will spur market growth.
Vapour Recovery Unit Market: Competitive Landscape
The vapour recovery unit market is highly fragmented, with the presence of numerous players across the globe. Different players in the market have substantial sales footprint in specific regions.
These players include John Zink Company LLC, Zeeco Inc., and Gardner Denver Holdings Inc. Key players are adopting market strategies such as sales channel development, business partnerships with prominent players, as well as development of more advanced and efficient products that can meet emission standards.
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Know More About Vapour Recovery Unit Market Report
The research report provides analysis of sales by total volume (Units) and value (US$ Mn), with the market being bifurcated according to technology, application, process, and end use, across four regions.
The report also includes global competition analysis with the sales footprints of key players, regional competition landscape, and competition dashboard, and provides a competition analysis section that includes market footprint analysis, structure analysis, competition development, competition dashboard, and other crucial information about global and regional players in the vapour recovery unit market.
Future Market Insights also includes forecast factors such as GDP forecast, oil and gas industry upstream production, downstream production, as well as developments and technology advancements by market participants.
Competitive Landscape
As per Future Market Insights, the global vapour recovery units market is expected to be fragmented in nature. Presence of numerous leading players in the market have intensified the competition, resulting in increased product launches.
Some of the players are also aiming for strategic mergers and acquisitions to expand their global presence. Meanwhile, tier-1 players are developing their sales channel and introducing advanced products to meet the emission standards.
For instance,
- In November 2021, InventHelp Inventor introduced a new vapour recovery system for wet cooling towers (HUN-1025). This system will help to increase the percentage of process water that could be recovered from a cooling tower, to reduce the ecological impact.
- In March 2021, SCS Technologies announced a new environmental product offering through their vapour recovery units. Through a recent acquisition, the company developed a best in class vapour recovery solution to adhere to EPA 0000a regulations.
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Vapour Recovery Units Market by Category
Technology:
- Membrane Separation
- Adsorption
- Condensation
- Absorption
Application:
- Marine Loading
- Truck Loading
- Railcar Loading
- Pipelines
- Storage Tank Vents
Process:
- Upstream
- Downstream
End use:
- Oil & Gas Compressors
- Landfills
- Brewery and Food Processing
- Others
Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- MEA
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