ID: MRFR/E&P/8543-CR | February 2021 | Region: Global | 155 pages
A vapor recovery unit is a system that features a scrubber, a compressor, and a switch. Its main function is to recover vapors formed inside sealed tanks. Vapors in storage tanks are harmful to the environment. Vapor recovery units are in high demand due to their environmentally conducive and efficient nature and safety of use.
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 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 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 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 market segments and regions.
|Market Size||2027: Significant Value|
|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||New product launches and R&D Amongst major key Players|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
global vapor recovery units market valuation can reach USD 864 million by 2026.
global vapor recovery units market is expected to display 5.10% CAGR from 2020 to 2026.
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 2027.
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.