The market for vapour recovery units was worth US$ 805.1 million in 2013 and is anticipated to be worth US$ 1,202.0 million in 2022. It is anticipated that the market for vapour recovery units will expand at a 5.6% CAGR during the forecast period (2022-2028). The oil and gas industry is seeing an increase in demand for vapour recovery units because of their use in preventing crude oil loss from storage tanks by limiting vapour.
North America is anticipated to be the most lucrative regional market for vapour recovery units globally, holding over 61.5% of the market share in 2022. Due to the aforementioned factors, vapour recovery unit sales will have surpassed US$ 1,662.2 Mn by the end of 2022.
Vapour recovery units stop vapour from storage tanks from escaping and contribute to a nearly 90% reduction in VOC emissions. Vapour recovery unit sales are expected to increase globally due to rising government restrictions and new regulations on VOC emission levels.
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Additionally, these units significantly lower the amount of crude oil that leaks from storage tanks during upstream and downstream operations. Therefore, a significant increase in crude oil storage tanks around the world is anticipated to drive vapour recovery unit sales in the upcoming years.
Governments all over the world are enforcing strict regulations to reduce the emission of volatile organic compounds (VOC) from storage tanks in the pursuit of a net-zero future. In addition, the growth of upstream and downstream projects in North America and Asia Pacific is contributing to the market’s expansion.
“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.”
Key Takeaways of Vapour Recovery Unit Market Study
- Growing production and consumption of oil has resulted in a rise in the number of oil exploration units and refineries across the globe. Increment in storage batteries and tanks, in turn, is anticipated to propel the demand for vapour recovery units during the foreseen period.
- Price volatility of crude oil and increasing loss of oil due to vapour escape from storage vents will to fuel the requirement for vapour recovery units. These units restrict crude oil wastage due to vapour loss; hence, their utilization is anticipated to increase in upstream as well as downstream applications in the coming years.
- Environmental regulations regarding VOC emissions have become stricter across the European Union and North America. Increasing greenhouse emissions and commitment of various organizations towards sustainable development are anticipated to further motivate end users to ensure strict adherence to guidelines and regulations. The use of vapour recovery units helps these manufacturers meet these standards of emissions.
- North America and Western Europe are anticipated to hold substantial share in the market. The prominence of potential VRU manufacturers in these regions will spur market growth.
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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.
Know More About Vapour 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 vapour 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.
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