Global Vapor Recovery Units Market
Global Vapor Recovery Units Market Size Booming to Cross USD 1.3 Billion by 2029
Published | 11 August 2023
Global vapor recovery units market is flourishing because of the growing oil consumption, increasing strict regulatory policies regarding volatile organic compound (VOC) emission, and economic and environmental advantages offered by vapor recovery units.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the global vapor recovery units market size at USD 968.37 million in 2022. During the forecast period between 2023 and 2029, BlueWeave expects global vapor recovery units market size to grow at a CAGR of 5.53% reaching a value of USD 1,336.71 million by 2029. Major growth drivers for the global vapor recovery units market include the rising concerns over greenhouse gas emissions and the implementation of stringent environmental guidelines, particularly concerning the release of volatile organic compounds (VOC). Governments and environmental agencies worldwide are enforcing strict emission control regulations, prompting industries to adopt vapor recovery units to minimize harmful vapor emissions. The oil and gas sector, in particular, significantly relies on vapor recovery units due to the large volumes of vapors generated during oil and gas production and transportation. Also, the increasing awareness of the advantages of vapor recovery units in reducing pollution and conserving resources is leading to higher adoption rates. However, fluctuating oil prices and high initial investments in terms of production and installation in the oil and gas downstream sector are anticipated to hamper the growth of the overall market during the forecast period.
Global Vapor Recovery Units Market – Overview
The global vapor recovery units (VRU) market refers to the industry focused on the manufacturing, distribution, and utilization of vapor recovery units. These units are designed to capture and recover vapors emitted during various industrial processes, particularly in sectors such as oil and gas production, storage, transportation, and chemical manufacturing. The purpose of VRUs is to reduce harmful emissions of volatile organic compounds (VOCs) and greenhouse gases, contributing to environmental preservation and compliance with stringent emission regulations. The market encompasses a wide range of products and solutions aimed at mitigating the impact of industrial activities on the environment while maximizing resource utilization and energy efficiency.
Impact of COVID-19 on Global Vapor Recovery Units Market
COVID-19 pandemic had a positive impact on the global vapor recovery units market. During the initial phases, restrictions on industrial activities and disruptions in supply chains led to a temporary slowdown in VRU installations and manufacturing. However, the growing emphasis on environmental sustainability and compliance with emission regulations remained driving factors for the market. As industries resumed operations with pandemic-adapted protocols, the demand for VRUs, especially in the oil and gas sector, witnessed gradual recovery. Also, the increased awareness of health and environmental concerns further fueled the adoption of VRUs, positioning the market for steady growth during the pandemic recovery phase.
Global Vapor Recovery Units Market – By Application
Based on application, the global vapor recovery units market is divided into Processing, Storage, Transportation, and Railcar Loading segments. The transportation segment is expected to hold the highest market share during the forecast period by application due to its extensive use in mitigating vapor emissions during the transportation of crude oil, refined petroleum products, and various chemicals. Vapor recovery units (VRUs) play a crucial role in capturing and recovering vapors emitted during loading and unloading processes, ensuring compliance with emission regulations and reducing environmental impact. The rising demand for efficient and environmentally friendly transportation practices across industries like oil and gas, petrochemicals, and chemical transportation drives the significant adoption of VRUs, establishing the transportation segment as the dominant contributor to the market.
Major players operating in the global vapor recovery units market include ALMA CARBOVAC, BORSIG Membrane Technology GmbH, John Zink Company, LLC, Symex GmbH & Co. KG, AEREON, Hy-Bon Engineering Company, Inc., Cool Sorption A/S, VOCZero Ltd., Zeeco, Inc., FLOGISTIX, LP, Kappa GI, Kilburn Engineering Ltd, PSG, Cimarron Energy, Inc., and Carbovac. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Global Vapor Recovery Units Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Global Vapor Recovery Units Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
BlueWeave Consulting provides comprehensive Market Intelligence (MI) Solutions to businesses regarding various products and services online and offline. We offer all-inclusive market research reports by analyzing qualitative and quantitative data to boost the performance of your business solutions. BlueWeave has built its reputation by delivering quality inputs and nourishing long-lasting relationships with its clients. We are one of the promising digital MI solutions companies providing agile assistance to make your business endeavors successful.
BlueWeave Consulting & Research Pvt. Ltd
+1 866 658 6826 | +1 425 320 4776 | +44 1865 60 0662
- Vapor Recovery Units Market - Global Size, Share, Trend Analysis, Opportunity and Forecast Report, 2019–2029, Segmented By Technology (Condensation VRU, Membrane Separation VRU, Adsorption VRU, Absorption VRU, Rotary VRU); By Process (Upstream, Downstream); By Application (Processing, Storage, Transportation, Railcar Loading); By End User (Chemicals, Oil & Gas, Food & Beverages, Pharmaceuticals); By Region (North America, Europe, Asia Pacific, Latin America, Middle East and Africa)
Publish Date: August 2023
An increasing oil consumption, growing strict regulatory policies regarding VOC emissions, and economic and environmental advantages offered by vapor recovery units are projected to propel the expansion of the Global Vapor Recovery Units Market during the forecast period between 2023 and 2029.
Relevant Press Releases
- Global Battery-Free Sensors Market Witnessing Extraordinary Growth: Projected to Grow at a CAGR of 20.6% by 2027
- Global Managed Pressure Drilling Services Market Expands at Steady CAGR to Cross USD 4.3 Billion by 2029
- Oil and Gas Pipeline Leak Detection Market to Reach USD 5.7 Billion by 2028
- India Battery Energy Storage Systems (BESS) Market Size Set to Expand at Significant CAGR of 11% During 2023–2029
- South Africa Renewable Energy Market Size Booming to Reach USD 11.5 Billion by 2029