The market is expected to generate an incremental $ opportunity of US$ 699.4 Mn between 2022 and 2032
Category: Chemicals & Materials Published Date : October 2022 ID: CVC-00275 Format: PDF Pages: 320
Vapor Recovery Units Market Size Analysis
According to a research survey conducted by ChemView Consulting, in 2022, the Global Vapor Recovery Units Market was worth US$ 1,202.1 Mn and is expected to grow at a CAGR of 5.9% over the forecast period. The market is expected to hit US$ 2,132.6 Mn by 2032 end. From 2017–2021, when the market’s CAGR was 4.4%, the market underwent significant growth.
A vapor recovery unit (VRU) is a device that collects Vapors that may be used again in industrial settings to make fuels like oil, natural gas, and other types of energy. Vapor recovery units are mostly utilized in upstream and downstream processes in the chemical process sector.
The recovery of the oil and gas industry from the COVID-19 pandemic’s effects, stricter regulations, and rising production of oil and gas and petrochemicals, among other factors, are all contributing to an increase in demand for Vapor recovery units globally. The market expansion coincides with the development of the oil and gas sector. However, the global COVID-19 epidemic caused a drop in the market in 2020.
STRINGENT EMISSION REGULATIONS FUEL THE MARKET
The necessity for Vapor recovery units has increased as crude oil storage tanks are being built more often worldwide. These tanks temporarily store oil to steady the flow between producing wells and pipelines.
End users are installing more Vapor recovery units due to the steady rise in upstream projects and oil and gas exploration operations. The oil and gas and maritime sectors are seeking “alternative techniques” to comply with the standards due to more stringent environmental restrictions restricting the emission of GHG and other VOCs. As a result, the oil and gas sector anticipates a sharp increase in demand for Vapor recovery units throughout the projection period.
HIGH INSTALLATION COSTS HAMPER THE MARKET GROWTH
Vapor recovery units are placed in oil and gas facilities to prevent the emission of VOCs; these units are often customized to meet the needs of the plants. These units, which range in capacity, are deployed at various points in upstream and downstream applications. Each unit’s design, component procurement, and installation become expensive due to customization, variation in sizes, capacities, and changing processing parameters. As a result, Vapor recovery unit installation costs are higher than other units.
Market Segments Covered in Report
By Region and Country:
Which technology segment of Vapor Recovery Units is projected to rise during the projection period?
Over the projection period, demand for Vapor recovery units using membrane separation technology is anticipated to be at its peak. The need for membrane separation technology is expected to continue strong due to its cost-effective operational and installation costs compared to other technologies.
Additionally, since membrane separation technology-based Vapor recovery units are simple to operate and install, end customers are increasingly choosing them for upstream applications. VRUs with membrane separation technology have a greater recovery rate and much lower maintenance costs.
Why is the marine loading segment expected to expand the fastest during the forecast period?
Railcar and maritime loading are anticipated to expand significantly throughout the projection period. The rising use of crude oil in these industries supports growth in these areas.
The need for VRUs in upstream applications has increased due to the expansion of upstream projects across North America and the Middle East. The high cost of these Vapor recovery systems upstream will thus be the main factor driving upstream sector development.
The use of Vapor recovery units in the oil and gas industries has also been boosted by rising oil output and development in oil exploration units and refineries.
The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.
The market for Vapor recovery systems is anticipated to be highly fragmented. The market now has many top companies, which has raised competition and led to more product releases.
Several businesses are seeking strategic mergers and acquisitions to increase their worldwide footprint. To fulfill the emission regulations, tier-1 players are simultaneously expanding their sales channels and launching cutting-edge products.
Some of the key developments that have taken place in the Vapor Recovery Units Market include:
A list of some of the key suppliers present in the market are:
Global Vapor Recovery Units Market 2022-2032: Report Coverage and Highlights
|Historical data available for||2017-2021|
|Market analysis||USD Million for Value and Tons for Volume, and CAGR from 2022 to 2032|
|Key regions covered||North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa|
|Key countries covered||US, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Saudi Arabia, Turkey, UAE, South Africa, Nigeria, Egypt|
|Key segments covered||By Technology, Application, Process, End-Use, and Region|
|Customization scope||Available upon Request|
|Pricing and purchase options||Available upon Request|