According to Future Market Insights, The global vapour recovery units market is expected to develop significantly between 2023 and 2033. According to a study analysis issued by Future Market Insights, the global market is expected to reach a size of US$ 1,256.2 million in 2023. It is expected to be worth US$ 2,105.5 million by 2033. From 2023 to 2033, the market is predicted to grow at a strong 5.3% CAGR.
Vapour Recovery Units (VRUs) are systems designed to capture and recover vapours from storage tanks and other industrial processes, preventing their release into the atmosphere. These units play a crucial role in reducing air pollution and minimizing greenhouse gas emissions by capturing volatile organic compounds (VOCs) and other harmful pollutants.
In a search for a net-zero future, governments all over the globe are implementing strict regulations to reduce the emission of volatile organic compounds (VOC) from storage tanks. In addition, the development of upstream and downstream projects in specific regions, including the Asia Pacific and North America, are expected to aid the market’s growth. The surging establishment of crude oil storage tanks worldwide has increased the need for vapor recovery units. These tanks are utilized to store oil for a brief period to stabilize the flow between production wells and pipelines.
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Key Components of Vapour Recovery Units:
- Vapor Collection System: VRUs include pipes, hoses, and nozzles to collect vapours emitted from storage tanks, loading terminals, and other sources.
- Compression System: The collected vapours are compressed using compressors to increase their pressure, making them easier to transport for processing.
- Recovery and Treatment System: Once compressed, the vapours are directed to a recovery and treatment system, where they undergo processes such as condensation, absorption, or adsorption to separate the volatile components from the air.
- Storage and Disposal: The recovered vapours are stored temporarily in tanks or containers before being treated further or disposed of in an environmentally responsible manner.
- Monitoring and Control: VRUs are equipped with monitoring devices and control systems to ensure efficient operation, detect leaks or malfunctions, and maintain compliance with regulatory standards.
Benefits of Vapour Recovery Units:
- Environmental Protection: VRUs help mitigate air pollution by capturing and treating harmful VOCs and other pollutants, preventing their release into the atmosphere and reducing the impact on air quality and public health.
- Regulatory Compliance: Many jurisdictions have regulations requiring industries to implement vapour recovery systems to minimize emissions of volatile organic compounds and comply with air quality standards and environmental regulations.
- Resource Conservation: By recovering and recycling vapours that would otherwise be released into the atmosphere or wasted, VRUs contribute to resource conservation and sustainability efforts.
- Cost Savings: Implementing VRUs can lead to cost savings for industries by reducing the loss of valuable hydrocarbons, minimizing the need for emissions control equipment, and avoiding potential fines or penalties for non-compliance with environmental regulations.
- Social Responsibility: Adopting vapour recovery technology demonstrates a commitment to environmental stewardship and corporate social responsibility, enhancing the reputation and credibility of businesses in the eyes of stakeholders and the public.
Key Players in the Vapour Recovery Units Market
- Hy-Bon/EDI, Petrogas Systems
- PSG Dover
- AEREON
- John Zink Company LLC
- Cimarron Energy Inc.
- Wintek Corporation, Accel Compression Inc.
- Whirlwind Methane Recovery Systems LLC
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Vapour Recovery Units Market Segmentation:
By Technology:
- Membrane Separation
- Adsorption
- Condensation
- Absorption
By Application:
- Marine Loading
- Truck Loading
- Railcar Loading
- Pipelines
- Storage Tank Vents
By Process:
- Upstream
- Downstream
By End-use:
- Oil & Gas Compressors
- Landfills
- Brewery and Food Processing
- Others
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- The Middle East & Africa (MEA)
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