The Vapour recovery units market help to reduce VOC emissions by nearly 90% by intercepting vapour escaping from storage tanks. Growing government restrictions and new regulations on VOC emissions levels are expected to boost global sales of vapour recovery units.
These units are also important 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 is expected to be worth US$ 1,202.0 Million by the end of 2022, with a CAGR of 5.6%.
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List Of Key Players Covered in Vapour Recovery Units Market are:
- 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
- Others
“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 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.
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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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As per FMI, North America is expected to contribute over 3/5th of demand share in global vapour recovery units market. With increasing oil storage opportunities and favourable stringent norms imposed by EPA, the U.S. is expected to dominate the North America market.
Future Market Insights estimates, increasing upstream and downstream projects in Middle East will provide remunerative growth opportunities for vapour recovery units market players. Development of oil exploration activities in Kuwait, Qatar, and UAE are expected to increase the sales of vapour recovery units to reduce the GHG and VOC emissions.
Detailed Table of Content:
- Executive Summary
- Global Market Outlook
- Demand Side Trends
- Supply Side Trends
- Technology Roadmap
- Analysis and Recommendations
- Market Overview
- Market Coverage / Taxonomy
- Market Definition / Scope / Limitations
- Key Market Trends
- Key Trends Impacting the Market
- Product Innovation / Development Trends
- Key Success Factors
- Product Adoption / Usage Analysis
- Product USPs / Features
- Strategic Promotional Strategies
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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