The increase in oil production and consumption is leading to an expansion of oil exploration units and refineries in the United States. Some positive factors for the development of vapour recovery unit market.
NEWARK, Del, Oct. 25, 2023 (GLOBE NEWSWIRE) — The global vapour recovery units market size is slated to cross a valuation of US$ 1,256.2 million in 2023. It is anticipated to surpass a valuation of US$ 2,105.5 million by 2033. The market will exhibit a modest CAGR of 5.3% from 2023 to 2033.
Vapour recovery units are crucial in controlling Volatile Organic Compounds (VOCs) and other harmful vapours emitted in various industrial processes. These processes include storage tank operations, oil and gas production, and chemical manufacturing. Governments across the globe are implementing stringent norms to reduce these emissions and increase sustainability.
The increasing implementation of strict government norms will likely bolster market growth during the forecast period. Furthermore, VOC and other hazardous emissions pose severe health problems. To mitigate these health and safety risks, implementing VRUs can substantially aid companies across various industries.
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The surging awareness of sustainability and environmental issues creates new opportunities for products that minimize emissions. Companies offering VRUs can gain a competitive edge due to the growing demand.
The increasing Corporate Social Responsibility (CSR) activities by companies will likely aid market expansion. Environmental footprint reduction can help businesses increase their brand recognition and cater to a large consumer base.
The market’s growth is also boosted by the expansion of vapour recovery units in the oil and gas sector. The need for vapour recovery units is astronomically increasing as many crude oil storage tanks are being built worldwide.
End users are using vapour recovery equipment frequently to limit the emission of light hydrocarbon and other volatile chemicals. During the forecast period, it is anticipated that the upcoming oilfield and oil storage opportunities might offer growth prospects for manufacturers of vapour recovery units.
Key Takeaways from the Vapour Recovery Units Market:
- In 2018, the global vapour recovery units market size stood at US$ 955.5 million.
- The global market accounted for US$ 1,196.4 million in 2022.
- The market developed at a modest CAGR of 4.6% from 2017 to 2022.
- The condensation segment by technology captured 46.0% market share in 2022.
- The oil & gas compressors segment captured 39.6% market shares in 2022.
- India’s vapour recovery units market occupied 6.5% of the global market share in 2022.
- The United States captured 17.6% market shares in 2022.
“Vapour Recovery Units are rapidly gaining prominence in today’s environmentally conscious industrial landscape. The study underscores Vapour Recovery Units’ significant role in mitigating emissions and enhancing operational efficiency, making them a pivotal component in various industries. With a growing awareness of environmental responsibilities, Vapour Recovery Units are expected to witness substantial adoption and contribute to a cleaner and more sustainable future for the global industrial sector,” says Nikhil Kaitwade, Associate Vice President at Future Market Insights, Inc.
Recent Developments Observed by FMI:
- Flogistix launched its new plant in May 2022 to double its manufacturing capacity. The new VRU complex, measuring 2,59,000 square feet, is in El Reno, Oklahoma.
- A brand-new vapour recovery system for wet cooling towers was unveiled by InventHelp Inventor in November 2021. This method might aid in boosting the amount of cooling tower process water that can be collected, minimizing the environmental impact.
- SCS Technologies launched a new environmental product line for their vapour recovery machines in March 2021. To comply with EPA 0000a rules, the company created a best-in-class vapour recovery technology through a recent acquisition.
Key Players in the Vapour Recovery Units Market
- Hy-Bon/EDI, Petrogas Systems
- PSG Dover
- AEREON
- John Zink Company LLC
- Cimarron Energy Inc.
- Wintek Corporation, Accel Compression Inc.
- Whirlwind Methane Recovery Systems LLC
- Others
Scope of Report:
| Attribute | Details | |
| Forecast Period | 2023 to 2033 | |
| Historical Data Available for | 2017 to 2022 | |
| Market Analysis | US$ million for Value | |
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Vapour Recovery Units Market Segmentation:
By Technology:
- Membrane Separation
- Adsorption
- Condensation
- Absorption
By Application:
- Marine Loading
- Truck Loading
- Railcar Loading
- Pipelines
- Storage Tank Vents
By Process:
By End-use:
- Oil & Gas Compressors
- Landfills
- Brewery and Food Processing
- Others
Author By:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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Originally published at https://www.einpresswire.com/article/664118738/vapour-recovery-units-market-is-expected-to-be-worth-us-2-105-5-million-and-at-cagr-of-5-3-by-the-forecast-period-2033-end-future-market-insights
