[230 Pages Report] Vapour Recovery Units Market was valued at US$ 878 Bn in 2018 and is expected to register a decent CAGR of more than 5% during the forecast period of 2019-2029. Vapor recovery units based on the adsorption principle will continue to shape the market landscape in the coming years. While considering cost and operational efficiency, adsorption-based VRUs are a universal choice among end-users. Moreover, these vapor recovery units would near revenue worth around US$ 1 Bn towards the end of the projection period. However, VRUs based on membrane separation technology are likely to witness greater demand growth owing to their straightforward installation and usage.
According to a recent research report published by Future Market Insights, the vapour recovery unit market was valued at US$ 878 Bn in 2018, and expected to register a decent CAGR of more than 5% during the forecast period of 2019-2029.
“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.”
Vapour Recovery Units Market Stakeholders Eye North America and APEJ for Bigger Margins
Combination of strong foothold of manufacturers and rising upstream & downstream projects are providing a spurt to the vapour recovery units market in North America and Western Europe. Collectively capturing around 70% of total demand, the Vapour Recovery Units Market in these developed regions would also be driven by strict mandates regarding greenhouse gas (GHG) emissions. The vapour recovery units market in Asia Pacific excluding Japan (APEJ) is flourishing at a staggering rate, attributable to increasing gas demand from industry-adjacent sectors in China and ASEAN countries.
Regulatory Framework to Add Another Leg of Vapour recovery units Market Growth
In the race towards a net-zero future, governments across the globe are imposing stringent norms regarding volatile organic compounds (VOC) emissions from storage tanks. Vapour recovery units prevent the escaping of vapours from storage tanks, and help allay VOC emissions by around 90%.
Additionally, they help reduce crude oil wastage in upstream & downstream operations. In order to sustain air quality index, companies, especially in oil & gas field services, are installing vapour recovery units in their manufacturing facilities. This, in turn, would translate into exponential demand for vapour recovery units Market.
How Growth will Unfold – Vapour Recovery Units Market
Oil & gas compressors would generate over 70% of overall returns to market players as compared to other end-use sectors. Increasing need for storage and transportation of oil & gas to outpace their demand growth is resulting in widespread adoption of vapour recovery units in oil & gas compressors.
Manufacturers are also witnessing demand upheaval in the brewery and food processing sectors, despite contributing marginally to vapour recovery units market revenue. Although the usage of vapour recovery units Market in these end-use categories is accelerating, vapour recovery units Market players continue to create maximum value from oil & gas compressors.
VAPOUR RECOVERY UNITS MARKET TAXONOMY
The global vapour recovery units market is segmented in detail to cover every aspect of the market, and present complete market intelligence to readers.
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
- APAC
- Americas
- Europe
- MEA
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.