Vapor Recovery Units Market

Vapor Recovery Units Market (2024 - 2029):

The Global Vapor Recovery Units Market was worth USD 820 million in 2023 and is predicted to reach a valuation of USD 1090 million by 2029, with a CAGR of 5.79% from 2024 to 2029.

Market Overview:

Its main function is to recover the vapors formed inside the sealed tanks. Vapors from storage tanks are harmful to the environment. Vapor recovery units are in great call due to their environmentally friendly and efficient nature and their safety in use. Vapor recovery is a term employed for the recovery of fuel and gasoline vapors from storage tanks, which limit the escape of the vapors to the atmosphere. The unit is employed to restrict, store, remove and refine the vapor from gas storage tanks. Vapors in storage tanks are harmful to the environment and economically beneficial. Vapor recovery is in high call due to its eco-friendly and efficient nature and user safety. Using a vapor recovery unit would reduce harmful methane emissions from crude oil storage tanks. The vapor recovery unit industry has seen significant development in recent years and is predicted to grow significantly over the foreseen period. Vapor recovery is a term employed for the recovery of fuel and gasoline vapors from capacity tanks, limiting the escape of vapors to the environment. The unit is employed to retain, store, refine, and remove vapor from gas tanks employed for storage. The vapors in the tanks are destructive to the atmosphere and economically useful.

Market Drivers

VOCs emitted from various oil and gas storage facilities and during transportation operations are becoming a major environmental concern for various governmental and non-governmental organizations in North America. These compounds are dangerous air pollutants. To reduce the harmful effects of VOC emissions, environmental laws have been implemented in several North American countries regarding emission standards. Vapor condensation is one of the most basic processes available for vapor recovery, although it requires high maintenance and high nitrogen costs. For this reason, major industry players are rapidly turning to adsorption and absorption techniques, to avoid high investment costs and provide a vapor recovery rate. Furthermore, the membrane separation technique is another innovative technology with high efficiency and a high vapor recovery rate compared to other technologies.

Market Restraints:

Limitations in the industry for vapor recovery units are the high production and installation costs in the downstream sector due to the volatility of the oil and gas industry. Improper handling and mounting of vapor recovery units can lead to environmental and safety concerns.

Market Opportunities:

Crude oil storage tanks contain light hydrocarbons such as methane, natural gas liquids, and dangerous air pollutants, as well as some inert gases. During storage, these gases vaporize and accumulate in the storage space. When the liquid level in the tank fluctuates, the vapors are vented into the atmosphere. Vapor recovery units are employed to collect these hydrocarbons, which can then be sold and employed as fuel in on-site operations. All of this leads to significant cost savings. Vapor recovery units also help reduce methane emissions. These factors are predicted to drive the development of the North American vapor recovery services industry. The worldwide vapor recovery unit industry is predicted to experience high expansion during the foreseen period due to the escalating call for vapor recovery units in oil and gas management to relieve vapor pressure in oil management and gas tanks and prevent emissions.

Market Challenges:

High installation and maintenance costs are a limiting factor for the expansion of the global vapor recovery unit market.

VAPOR RECOVERY UNITS MARKET REPORT COVERAGE:

Market Segmentation:

Vapor Recovery Units Market - By Type:

• Conventional Vapor Recovery Unit
• Ejector Vapor Recovery Unit

Conventional vapor recovery units run on electricity.

Vapor Recovery Units Market - By Process:

• Adsorption
• Absorption
• Condensation
• Membrane Separation

Adsorption is a surface phenomenon procedure that creates an absorbent film on the absorbent surface for the vapor recovery unit.

Market Regional Analysis:
The Vapor Recovery Units Report includes the segmentation of Regions with their respective Countries.

• North American - U.S., Canada.
• Europe - The UK, France, Spain, Germany, Italy, Russia, Sweden, Denmark, Switzerland, Netherlands, Turkey, Czech Republic & Rest of Europe.
• Asia Pacific - India, China, Japan, South Korea, Australia & New Zealand, Thailand, Malaysia, Vietnam, Philippines, Indonesia, Singapore & Rest of APAC.
• Latin America - Brazil, Mexico, Argentina, Chile & Rest of LATAM.
• Middle East & Africa - KSA, UAE, Israel, the rest of GCC countries, South Africa, Ethiopia, Kenya, Egypt, Sudan, and the rest of MEA.

Geographically, the industry for vapor recovery units in North America is expanding due to rapid industrialization and the discovery of new shale oil and gas deposits. In Europe, countries like the UK, France, and Germany are using larger-scale steam recovery units for industrial purposes. In the Middle East, countries like Saudi Arabia and Qatar make extensive use of vapor recovery units, as these countries mainly produce oil and gas. In Asia-Pacific, countries like Australia have made the use of these units mandatory to reduce environmental risks. Countries like India, China, and Japan have a high call for vapor recovery units to reduce environmental pollution. African and Latin American countries are promising industries for vapor recovery units. Due to the worldwide oil crisis of recent years, major players in the North American region have been forced to focus on strengthening their storage and distribution capacities to minimize losses. Storage tanks play a critical role in meeting unique consumer call and in holding inventory for future calls. The imposition of strict emission standards by government and environmental agencies in North America prompts crude oil producers to minimize environmental impact by integrating sustainable technologies such as vapor recovery units.

Market Key Players:

1. Cool Sorption A/S.
2. Kilburn Engineering Ltd.
3. FLOGISTIX LP
4. HY-BON/EDI
5. Kappa Gi s.r.l.
6. Wintek Corporation
7. BORSIG GmbH
8. Zeeco, Inc.
9. VOCZero Ltd.
10. Cimarron Energy
11. ABB
12. Eaton
13. Accel Compression Inc.
14. Whirlwind Methane Recovery Systems, LLC
15. Petrogas Systems

Market Recent Developments:

• Fuel management firm Eaton will showcase its onboard Refueling Vapor Recovery system. The vehicle's emission control system collects fuel vapor that evaporates during the refueling process of a vehicle to burn it during normal operation.