ID: MRFR/E&P/8543-CR | 155 Pages | Published By Anshula Mandaokar on February 2021
Vapor Recovery Units Market is expected to grow at a CAGR of 4% during the forecast period and is expected to reach USD 1417.2 Million by 2030.
Vapor Recovery Units Market size is predicted to grow at a 4% CAGR during the forecast period 2022-2030.
A vapor recovery unit is a set of components that includes a scrubber, compressor, and switch. Its main purpose is to collect vapors that have developed inside sealed tanks. Storage tank vapors are hazardous to the environment. Due to their environmentally friendly and efficient character, as well as their ease of use, vapor recovery systems are in high demand. The strict environmental rules for VOC emissions are driving the market for vapor recovery units. VOCs (volatile organic compounds) are substances that vaporize at room temperature and are a major source of pollution at ground level. Various state regulatory agencies have implemented strict environmental restrictions to recover VOCs.
In the forecast period, factors such as increased concerns about greenhouse gas emissions, as well as strict environmental restrictions for volatile organic compound (VOC) emissions, are projected to drive the market. The high cost of installation and maintenance for recovery systems, on the other hand, is anticipated to limit the market's growth in the coming years. The purchase of raw materials necessary to build and engineer vapor recovery systems, as well as their installation and maintenance, require a significant amount of capital.
The Prominent Players operating in the global vapor recovery units market include ALMA Group (France), AEREON (US), Symex Technologies (Netherlands), Voczero Ltd. (UK), Zeeco, Inc. (US), FLOGISTIX, LP (US), Kilburn Engineering Ltd. (India), Whirlwind Methane Recovery Systems, LLC (US), Dover (India), BORSIG GmbH (Germany), John Zink Hamworthy (US), Hy-Bon/EDI (US), Kappa GI (Italy), and Gardner Denver (US).
The factor driving the demand for vapor recovery unit is the stringent environmental regulations for VOC emissions. Volatile organic compounds (VOCs) are the chemicals that vaporize at room temperature and are the major reason for ground-level air pollution. Stringent environmental regulations have been imposed by various state regulatory bodies to recover the VOCs. For instance, the US regulates VOCs at the federal level through the 40CFR 59, which is the National Volatile Organic Compound Emission Standards for Consumer and Commercial Products. Environmental regulations are mainly made for different types of coatings, including aerosol coatings, automobile refinish coatings, architectural coatings, and consumer products. Aerosol coatings are generally covered under the 40 CFR 59 Subpart E, which contains the responsibilities of defined parties, labeling requirements, definitions, reporting requirements, record keeping, and category limits. Architectural coatings are covered under the 40 CFR 59 Subpart D, which contains definitions, labeling requirements, reporting requirements, record keeping, category limits, and exceedance fees. Moreover, automobile refinish coatings are covered in 40 CFR 59 Subpart B, containing responsibilities of defined parties, definitions, labeling requirements, record keeping, and reporting requirements. Additionally, consumer products are covered under the 40 CFR 59 Subpart C, containing responsibilities of defined parties, definitions, record keeping, labeling requirements, and reporting requirements. Such factors boost the demand for the vapor recovery units during the forecast period.
Global Vapor Recovery Units Market is classified based on horsepower, application, end use, and region. By horsepower, the vapor recovery units market has been segmented into up to 50 HP, 51 to 200 HP, 201 to 500 HP, 501 to 1,000 HP, and above 1,000 HP. By application, the vapor recovery units market has been segmented into oil tank vapors, marine loading terminals, barge degassing, truck loading, vapor particulate filter, railcar loading, and storage terminals. By end use, the vapor recovery units market has been segmented into oil & gas, landfill, chemicals & petrochemicals, and pharmaceuticals.
Geographically, the global vapor recovery units market has been segmented into five major regions, namely, North America, Europe, Asia-Pacific, the Middle East & Africa, and South America. The vapor recovery unit market in Asia-Pacific is expected to account for the largest share of the vapor recovery unit market. According to Baker Hughes (US), in 2018, Asia-Pacific accounted for about 10.3% of the total rigs operating globally. Additionally, according to the BP Statistical Report 2018, the total reserves in Asia-Pacific were estimated to be 48,000 million barrels with a 16.7 reserve to production ratio. Major vapor recovery unit companies are focusing on this region due to the growing demand for oil and gas, chemicals, petrochemicals, and pharmaceuticals in the region. These factors are expected to improve the opportunities for the vapor recovery unit manufacturers in this region. In India, according to the Department of Industrial Policy and Promotion (DIPP), India’s petroleum and natural gas sector attracted FDI worth USD 7 billion between April 2000 and June 2018. The Indian government has allowed 100% FDI in many market segments, such as natural gas, petroleum products, and refineries. This has led to an increase in offshore oil production and refinery projects in the country. Furthermore, the continuous development in the infrastructure throughout Asia-Pacific is also driving the vapor recovery unit market in Asia-Pacific.
The report for the global vapor recovery unit market of Market Research Future research covers extensive primary research. This is accompanied by a detailed analysis of qualitative and quantitative aspects by various industry experts and key opinion leaders to gain deeper insights into the market and industry performance. The Vapor Recovery Units Market report gives a clear picture of the current market scenario, which includes the historic and forecasted market size in terms of value and volume, technological advancement, macroeconomic, and governing factors of the market. The report provides comprehensive information about the strategies of the top companies in the industry, along with a broad study of the different Vapor Recovery Units Market segments and regions.
|Market Size||2030: USD 1417.2 Million|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Horsepower, Application and End Use|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||ALMA Group (France), AEREON (US), Symex Technologies (Netherlands), Voczero Ltd. (UK), Zeeco, Inc. (US), FLOGISTIX, LP (US), Kilburn Engineering Ltd. (India), Whirlwind Methane Recovery Systems, LLC (US), Dover (India), BORSIG GmbH (Germany), John Zink Hamworthy (US), Hy-Bon/EDI (US), Kappa GI (Italy), and Gardner Denver (US)|
|Key Market Opportunities||Oil storage opportunities in the countries of the Middle East & Africa|
|Key Market Drivers||Stringent environmental regulations for VOC emissions|
Global vapor recovery units market can reach a decent valuation till forecast period.
Global vapor recovery units market is expected to display 4% CAGR from 2022 to 2030.
global vapor recovery units market is driven by its use in capturing vent gas and preventing the emission of greenhouse gases.
Transportation can command a huge share of the global vapor recovery units market.
The oil & gas industry can dominate the global vapor recovery units market till 2030.
John Zink Company, Kappa Gi, BORSIG Membrane Technology, Flogistix, Kilburn Engineering, Carbovac, HY-BON/EDI, Cool Sorption, Zeeco, Symex Technologies, VOCZero, and Aereon are prominent players of the global vapor recovery units market.