The Vapour Recovery Units Market was worth the US $ 878 billion in 2018 and is expected to grow at a CAGR of more than 5% between 2019 and 2029. Adsorption-based vapour recovery units will continue to shape the market landscape in the coming years. Adsorption-based VRUs are a popular choice among end-users when it comes to cost and operational efficiency. Furthermore, by the end of the projection period, these vapour recovery units would have generated around US$ 1 billion in revenue. VRUs based on membrane separation technology, on the other hand, are likely to see higher demand growth due to their ease of installation and use.
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Vapour recovery units capture vapour escaping from storage tanks, reducing VOC emissions by nearly 90%. Growing government restrictions and new regulations on VOC emissions levels are expected to boost global sales of vapour recovery units. These units also play an important role in reducing crude oil loss through storage tanks in both upstream and downstream operations.
As a result, significant growth in crude oil storage tanks around the world is expected to drive sales of vapour recovery units in the coming years. 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 is expected to grow at a CAGR of more than 5% between 2019 and 2029.
“North America and Europe are expected to maintain their dominant market shares over the forecast years, owing to their established markets for upstream and downstream applications.” However, APEJ and MEA are expected to provide lucrative growth opportunities as the oil and gas sector develops in these regions.”
Key Takeaways of Vapour Recovery Unit Market Study
The increased production and consumption of oil has resulted in an increase in the number of oil exploration units and refineries worldwide. Increases in storage batteries and tanks are expected to drive demand for vapour recovery units during the forecasted period.
The volatility of crude oil prices, as well as the increasing loss of oil due to vapour escape from storage vents, will increase the demand for vapour recovery units. Because these units reduce crude oil wastage due to vapour loss, their use in both upstream and downstream applications is expected to increase in the coming years.
Environmental regulations governing VOC emissions have tightened in the European Union and North America.
Increasing greenhouse gas emissions and the commitment of various organisations to sustainable development are expected to further motivate end-users to adhere to guidelines and regulations. The use of vapour recovery units assists these manufacturers in meeting these emission standards.
North America and Western Europe are expected to have a sizable market share. The presence of potential VRU manufacturers in these regions will drive market expansion.
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 a 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 the development of more advanced and efficient products that can meet emission standards.
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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Know More About Vapor 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 vapor 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.
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of the Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favour the market growth in various segments based on Source, Application, Sales Channel and End-Use over the next 10-years.
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