Vapor Recovery Units Market worth $1.0 billion by 2027 Globally, at a CAGR of 3.9%, says MarketsandMarkets™
Chicago, June 02, 2023 (GLOBE NEWSWIRE) — The global Vapor recovery units market size is projected to grow from USD 0.8 billion in 2022 to USD 1.0 billion by 2027, at a CAGR of 3.9%, as per the recent study by MarketsandMarkets™. Factors such as stringent regulations pertaining to emission norms, rising adoption in developing countries, growth of the manufacturing sector, and increasing production capacity in the petrochemical industry are supporting the growth of the vapor recovery units market. Moreover, the high installation and maintenance costs of vapor recovery units act as a restraint for the market growth.
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229- Market Data Tables
List of Key Players in Vapor Recovery Units Market:
- PSG Dover (US), Aareon (US)
- Cimarron Energy, Inc. (US)
- John Zink Company (US)
- Carbovac (France)
- SYMEX Technologies (US)
- VOCZero (UK)
- Flogistix (US)
- Kappa Gi (Italy)
Drivers, Restraints, Opportunities and Challenges in Vapor Recovery Units Market:
- Drivers: Stringent environmental regulations regarding VOC emissions
- Restraints: High cost of installation and maintenance of vapor recovery units
- Opportunity: Oil storage opportunities in Middle East & Africa due to rising energy demand
- Challenge: Improper handling and assembly of vapor recovery units can lead to safety and environmental issues
Key Findings of the Study:
- Transportation segment to drive the market throughout the forecast period
- Oil & gas industry to maintain ascendency during the forecast period
- Asia Pacific is expected to register the highest CAGR during the forecast period.
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The vapor recovery units market is segmented on the basis of application as processing, storage, and transportation. The transportation segment is the major consumer of vapor recovery units, owing to the high demand for this system in truck loading, rail loading, and marine applications. The growing demand for oil & gas products such as gasoline and LNG, particularly in emerging countries, has increased the trade between countries, which has given rise to transportation activities. During the transportation of oil & gas products from refineries to fuel stations, there is high vapor loss. Due to this, there is a demand for vapor recovery units from this application segment.
The vapor recovery units market is segmented on the basis of end-use industry as oil & gas and others. The oil & gas industry is the dominant consumer of vapor recovery units, wherein these units are used in upstream and downstream processes. The downstream process is engaged in the processing and distribution of oil & gas products, wherein there are high possibilities of vapor loss during storage and transportation. Hence, downstream is the larger user of vapor recovery units in the oil & gas segment. The upstream process is an emerging market for vapor recovery units in the oil & gas industry. The upstream process segment is expected to witness comparatively moderate growth during the forecast period.
The vapor recovery units market is studied for five regions, namely, North America, Asia Pacific, Europe, Middle East & Africa, and Latin America. Europe accounts for the largest share of the global vapor recovery units market in 2021. The oil & gas industry is the major emitter of hazardous gases. Therefore, the region has imposed stringent regulations, especially for the oil & gas industry, regarding the emission of VOCs and HAPs. Countries such as the UK, Germany, and Italy are expected to be the major markets for vapor recovery units. The Asia Pacific and the Middle East & Africa regions are the emerging markets for vapor recovery units.
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