The size of the global vapour recovery units market is anticipated to increase significantly between 2023 and 2033. In 2023, the global market is projected to be worth US$ 1,256.2 million, according to a study published by Future Market Insights. It is anticipated to be worth more than US$ 2,105.5 million by 2033. Between 2023 and 2033, the market is anticipated to display a notable CAGR of 5.3%.
Vapour recovery units arrest vapour escaping from storage tanks, and help reduce VOC emissions by nearly 90%. Growing government restrictions and new regulations on the levels of VOC emissions are anticipated to elevate the sales of vapour recovery units across the world.
Additionally, these units significantly lower the amount of crude oil that leaks from storage tanks during upstream and downstream activities. Therefore, a significant increase in crude oil storage tanks around the world is anticipated to drive vapour recovery unit sales in the upcoming years.
“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.”
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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.
According to a recent research report published by Future Market Insights, the vapour recovery unit market value US$ 1,202.0 Mn by 2022 end, and expected to register a decent CAGR of 5.6% during the forecast period of 2022-2028.
Key Segment:
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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About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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