Vapor Recovery Units Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2023-2028
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Vapor Recovery Units Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2023-2028
The Vapor Recovery Units Market is segmented by Application Type (Processing, Storage, and Transportation), End-User Type (Oil & Gas, Chemical & Petrochemical, and Others), and Region (North America [The USA, Canada, and Mexico], Europe [Germany, France, The UK, Russia, Italy, and Rest of Europe], Asia-Pacific [China, Japan, India, South Korea, and Rest of Asia-Pacific], and Rest of the World [Brazil, Argentina, and Others]).
The Vapor Recovery Units Market is segmented by Application Type...
The Vapor Recovery Units Market is expected to grow from USD 0.76 billion in 2022 to USD 0.94billion by 2028 at a CAGR of 3.54% during the forecast period.
A Vapor Recovery Unit (VRU) is a specially designed compression package that reduces emissions from fuel vapors while recovering valuable hydrocarbons for on-site sale or re-use as fuel. A vapor recovery package is designed to capture approximately 95% of Btu-rich vapors, which have many benefits, including reduced air pollution and the recovery of gasoline vapors for use as fuel.
Market Dynamics
Market Drivers
Concerns about greenhouse gas emissions and strict environmental regulations for volatile organic compound (VOC) emissions are expected to drive market growth over the forecast period. Every industrial process's effectiveness and safety have received increased attention on a global scale.
As a result, the use of vapor recovery units, as well as extensive development such as dry pump technology, with its overall dependability and lower contamination of recovered vapors, is likely to create an excellent opportunity for the vapor recovery units market in the future.
Covid-19 Impact
The COVID-19 outbreak has had an effect on the market for vapor recovery units due to supply chain disruption, business closures, delays in transportation services, and travel restrictions. Because of the decrease in demand for the products brought on by the pandemic, the oil and gas industry has been severely impacted.
Manufacturing activities have also come to a halt as a result of the globalization of strict regulations. Additional factors influencing market development include decreased oil demand, the state of the economy, and the decline in oil prices.
Segments Analysis
By Application Type
The vapor recovery units market is segmented as processing, storage, and transportation. Transportation application to remain the dominant application of the market during the forecast period. The market is expected to grow as a result of the rising fuel demand, growing transportation safety demand, technological advancements, and the introduction of stricter emission regulations. Market participants, producers, and private businesses are working together to expand, serve more applications, and create cutting-edge technologies.
By End-User Type
The market is segmented as oil & gas, chemical & petrochemical, and others. The oil & gas industry is expected to remain the biggest demand generator for vapor recovery units in the market during the forecast period owing to factors such as escalating environmental regulations, increased refining throughput, and rising oil and gas demand. For the oil & gas industry, vapour recovery units can range in size from tiny tabletop packages for tiny gas streams to large packages capable of handling millions of cubic feet of gas each day.
Regional Analysis
In terms of regions, Asia-Pacific is expected to remain the largest and the fastest-growing market for vapor recovery units during the forecast period owing to the rising oil & gas demand. Asia-Pacific is one of the world's fastest-growing regions due to rapid urbanisation, industrialization, and population growth. As a result, the demand for oil and gas is rapidly increasing. Environmental regulations for VOC emissions being implemented by the region's developing nations would also help the market.
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Key Players
The following are the key players in the vapor recovery units market:
Kilburn Engineering Ltd.
Kappa GI
Flogistix LP
VOCZero Ltd.
Aereon Inc.
ALMA CARBOVAC
BORSIG Membrane Technology GmbH
Cool Sorption A/S
Hy-Bon Engineering Company, Inc.
John Zink Company, LLC
Report Features
This report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.
What Deliverables Will You Get in this Report?
Key questions this report answers
Relevant contents in the report
How big is the sales opportunity?
In-depth Analysis of the Vapor Recovery Units Market
How lucrative is the future?
Market forecast and trend data and emerging trends
Which regions offer the best sales opportunities?
Global, regional, and country level historical data and forecasts
Which are the most attractive market segments?
Market segment analysis and forecast
Which are the top players and their market positioning?
Porter’s five forces analysis, PEST analysis, Life cycle analysis
What are the factors affecting the market?
Drivers & challenges
Will I get the information on my specific requirement?
10% free customization
Research Methodology
This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.
Customization Options
With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:
Company Profiling
Detailed profiling of additional market players (up to three players)
SWOT analysis of key players (up to three players)
Competitive Benchmarking
Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances
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The vapor recovery units market is estimated to grow at a CAGR of 3.54% by 2028, driven by escalating concerns over greenhouse gas emissions and strict environmental regulations for emissions of volatile organic compounds (VOCs).
Kilburn Engineering Ltd., Kappa GI, FLOGISTIX LP, VOCZero Ltd., Aereon Inc., ALMA CARBOVAC, BORSIG Membrane Technology GmbH, Cool Sorption A/S, Hy-Bon Engineering Company, Inc., and John Zink Company, LLC are the leading players in the vapor recovery units market.
Asia-Pacific is estimated to remain the fastest-growing market for vapor recovery units in the foreseen future. Asia-Pacific is one of the world's fastest-growing regions due to rapid urbanisation, industrialization, and population growth. As a result, the demand for oil and gas is rapidly increasing. Environmental regulations for VOC emissions being implemented by the region's developing nations would also help the market.
Transportation application to remain the dominant application of the market in the coming years. The market is expected to grow as a result of rising fuel demand, growing transportation safety demand, technological advancements, and the introduction of stricter emission regulations.