Vapor Recovery Units Market Overview
According to a research survey conducted by ChemView Consulting, in 2022, the Global Vapor Recovery Units Market was worth US$ 1,202.1 Mn and is expected to grow at a CAGR of 5.9% over the forecast period. The market is expected to hit US$ 2,132.6 Mn by 2032 end. From 2017–2021, when the market’s CAGR was 4.4%, the market underwent significant growth.
The recovery of the oil and gas industry from the COVID-19 pandemic’s effects, stricter regulations, and rising production of oil and gas and petrochemicals, among other factors, are all contributing to an increase in demand for Vapor recovery units globally. The market expansion coincides with the development of the oil and gas sector. However, the global COVID-19 epidemic caused a drop in the market in 2020.
ChemView Consulting has analyzed that Vapor recovery units are significant in demand due to crude oil storage tanks being built more often worldwide. These tanks temporarily store oil to steady the flow between producing wells and pipelines.
The main factors contributing to a steady rise in upstream projects and oil and gas exploration operations. The oil and gas and maritime sectors are seeking “alternative techniques” to comply with the standards due to more stringent environmental restrictions restricting the emission of GHG and other VOCs. As a result, the oil and gas sector anticipates a sharp increase in demand for Vapor recovery units throughout the projection period.
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Segments Covered in Report
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 and Country:
- North America (U.S., Canada)
- Latin America (Brazil, Mexico, Rest of Latin America)
- Europe (Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, Rest of Europe)
- Asia-Pacific (China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Rest of Asia-Pacific)
- Middle East (Saudi Arabia, Turkey, UAE, Rest of Middle East)
- Africa (South Africa, Nigeria, Egypt, Rest of Africa)
Key Takeaways from the Vapor Recovery Units Market
- Based on the technology, demand for Vapor recovery units using membrane separation technology is anticipated to be at its peak. The need for membrane separation technology is expected to continue strong due to its cost-effective operational and installation costs compared to other technologies.
- Based on the application, Railcar and maritime loading are anticipated to expand significantly throughout the projection period. The rising use of crude oil in these industries supports growth in these areas.
- North America is anticipated to hold more than 61.0% of the worldwide market for Vapor recovery units by 2021, making it the most profitable region.
Competition Summary
Key companies covered in the market study are 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, and Others.
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Report Key Highlights
- Detailed information on factors that will assist Global Vapor Recovery Units’ growth during the next ten years
- Assessment of the historical and current Global Vapor Recovery Units Market size (2017-2021), market projections (2022-2032), and its contribution to the parent market
- The growth of the market across North America, Europe, East Asia, South Asia & Pacific, Latin America, Middle East, and Africa
- Segment-wise, country-wise, and region-wise market analysis
- Key drivers, restraints, opportunities, and key emerging trends impacting market growth
- Predictions on critical supply, demand, and technological trends and changes in consumer behavior
- Value chain analysis (list of manufacturers, distributors, end-users, average profitability margins, etc.)
- Competition mapping, market share analysis, key strategies adopted by top players, and competitive tactical intelligence
- Covid-19 impact on the market and how to navigate
- Strategic market analysis and recommendations on crucial winning strategies
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