According to a recent research report published by Future Market Insights, the vapour recovery unit market By the end of 2022, the market is estimated to be worth US$ 1,202.0 million, with a CAGR of 5.6 percent between 2022 and 2028.
Vapour recovery machines capture vapour escaping from storage tanks, reducing VOC emissions by approximately 90%. Growing government limits and new regulations on VOC emissions levels are expected to boost global sales of vapour recovery devices.
These units are especially important in decreasing crude oil loss through storage tanks in both upstream and downstream activities. As a result, significant growth in crude oil storage tanks around the world is expected to drive sales of vapour recovery systems in the future years.
“North America and Europe are expected to maintain their dominant market shares over the forecast years, owing to their established markets for upstream and downstream applications.” However, APEJ and MEA are expected to give lucrative growth possibilities as the oil and gas sector develops in these regions.”
Key Takeaways of Vapour Recovery Unit Market Study
- The increased production and consumption of oil has resulted in an increase in the number of oil exploration units and refineries worldwide. Increases in storage batteries and tanks are expected to drive demand for vapour recovery systems during the forecasted period.
- The volatility of crude oil prices, as well as the increasing loss of oil due to vapour escape from storage vents, will increase the demand for vapour recovery units. Because these units reduce crude oil wastage owing to vapour loss, their use in both upstream and downstream applications is expected to rise in the future years.
- Environmental laws governing VOC emissions have tightened in the European Union and North America. Increasing greenhouse gas emissions and the dedication of many organisations to sustainable development are expected to further drive end users to follow guidelines and rules. The usage of vapour recovery systems assists these manufacturers in meeting these emission regulations.
- North America and Western Europe are expected to have a sizable market share. The presence of potential VRU manufacturers in these regions will drive market expansion.
Vapour Recovery Unit Market: Competitive Landscape
The global vapour recovery unit market is extremely fragmented, with various companies present. Different market competitors have a significant sales footprint in specific regions.
Among these companies are John Zink Company LLC, Zeeco Inc., and Gardner Denver Holdings Inc. Key market players are implementing market strategies such as sales channel development, commercial alliances with prominent companies, and the development of more innovative and efficient goods capable of meeting emission regulations.
Know More About Vapour Recovery Unit Market Report
The research study analyses sales by total volume (Units) and value (US$ Mn), with the market divided into four regions based on technology, application, process, and end use.
The report also includes a competition analysis section with market footprint analysis, structure analysis, competition development, a competition dashboard, and other critical information about global and regional players in the vapour recovery unit market.
Future Market Insights also contains forecast aspects such as GDP forecast, oil and gas sector upstream and downstream production, as well as market participant advances and technological improvements.