According to the current analysis of Reports and Data, the global Vapor recovery unit market was valued at USD 913.8 Million in 2020 and is expected to reach USD 1,340.3 Million by 2028, at a CAGR of 4.8%. The study of Vapor recovery includes recovery of fuel and gasoline vapors from storage tanks, which restrict the escape of vapors into the atmosphere. The unit is to restrict, store, withdraw vapors from storage tanks. This process is done in filling stations to reduce explosive fumes and pollution. Use of vapor recovery unit would reduce harmful methane emissions from the crude oil storage tanks. The vapor recovery unit is expected to expand due to several countries regulating the use of the vapor recovery unit to curb the increasing environmental pollution.
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Key market players are HY-BON/EDI,
- PSG Dover,
- AEREON,
- Petrogas Systems,
- John Zink Company, LLC,
- Cimarron Energy Inc.,
- Wintek Corporation,
- Accel Compression Inc.,
- Whirlwind Methane Recovery Systems, LLC
Further key findings from the report suggest
- The Vapor recovery unit market is expected to expand primarily due to increased use of the VRU units to control environmental pollution
- VRU has applications in upstream and downstream processes. VRU is gaining benefits from upstream and downstream applications with low installation cost and high return on investment
- To reduce VOC emission, environmental regulations have been implemented in various countries which compelled the key players of crude oil and petroleum industry to install vapor recovery units, thus promoting the growth
- The rapid increase in the number of crude oil storage tanks with vapor recovery units in recent years makes it evident that crude oil producers are focusing on optimizing the storage and distribution process to tackle the growing crude oil price crisis
- The U.S. market will lead the North America vapor recovery services market throughout the assessment. The country is estimated to hold nearly 80% of market share of the North American VRU market
For the purpose of this report, Reports and Data has segmented the vapor recovery unit market on the basis of application end use, and region:
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Application (Revenue, USD Million; 2018–2028)
- Processing
- Storage
- Transportation
- Railcar loading
- Pipeline
End use (Revenue, USD Million; 2018–2028)
- Brewery and food processing
- Landfills
- Oil and gas
- Chemicals and Petrochemicals
- Other end users
Regional Outlook (Revenue in USD Million; 2018–2028)
- North America
- U.S
- Canada
- Mexico
- Europe
- U.K
- Germany
- Italy
- France
- Spain
- Norway
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Australia
- Rest of Asia Pacific
- Latin America
- Brazil
- Argentina
- Rest of Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
- Rest of Middle East and Africa
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