The global vapor recovery units market size is predicted to grow at a 5.10% CAGR in the forecast period (2020- 2027), states the current Market Research Future (MRFR) report.
A vapor recovery unit, put simply, is a system which features a switch, a compressor, and scrubber. Its key function is in recovering vapors formed inside sealed tanks. The vapors in storage tanks are indeed harmful to the environment. The vapor recovery unit is in great demand owing to its efficient nature, safety of use, and its environmentally conducive nature.
Alluring Features that Boost Market Growth
According to the MRFR report, there are numerous factors that are propelling the global vapor recovery units market share. Some of these entail the stringent environmental regulations for VOC emissions, increasing need in the oil and gas industry, increasing need for storage and transportation of oil and gas, manufacturers witnessing demand upheaval in brewery and food processing sectors, and increasing use in different end use industries for applications in crude oil tanks, petrochemical and chemical plants, petroleum distribution terminals, and others. The additional factors adding to the vapor recovery units market revenue include its importance in downstream/midstream processes, favorable regulations imposed by the government of different countries to promote the adoption of these units to lower the environmental pollution, increasing installation and adoption of these units in most filling stations due to stringent government rules, and technological advances. The development of cost-effective vapor recovery units, and growing preference for membrane separation technology over condensation technology are the latest vapor recovery units market trends.
On the contrary, high production and installation cost in downstream sector owing to oil and gas volatility coupled with improper handling and assembling of vapor recovery units leading to environmental and safety concerns may limit the global vapor recovery units market value over the forecast period.
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Unfortunately, the global vapor recovery units market has faced the brunt of the COVID-19 outbreak. This is owing to several factors such as supply chain disruptions, demand share fluctuations, the economic outcomes of the pandemic, and the instant as well as future impact of the global crisis due to physical distancing trends and lockdowns imposed by the government all across the world have all affected the market growth negatively. However following relaxation of the lockdown in some parts the market is likely to return to normalcy soon.
The global vapor recovery units market is fragmented and also competitive with the presence of many domestic as well as international industry players. They have incorporated assorted strategies to stay at the forefront and also cater to the surging needs of the customers, including collaborations, partnerships, contracts, geographic expansions, new product launches, joint ventures, and more. Additionally, these players are also making heavy investments in research and development activities for strengthening their portfolios and also creating a hold in the market.
The MRFR report highlights an inclusive analysis of the global vapor recovery units industry based on end use, application, and horsepower.
By horsepower, the global vapor recovery units market is segmented into above 1,000 HP, 501 to 1,000 HP, 201 to 500 HP, 51 to 200 HP, and up to 50 HP.
By application, the global vapor recovery units market is segmented into storage terminals, railcar loading, vapor particulate filter, truck loading, barge degassing, marine loading terminals, and oil tank vapors.
By end use, the global vapor recovery units market is segmented into pharmaceuticals, chemicals and petrochemicals, landfill, and oil and gas. Of these, the oil and gas segment will lead the market over the forecast period.
APAC to Head Vapor Recovery Units Market
Geographically, the global vapor recovery units market is bifurcated into Europe, North America, South America, the Asia Pacific, the Middle East and Africa (MEA). Of these, the APAC region will head the market over the forecast period. Mandatory use of such units to curb environmental hazards, rapidly growing end use industries, government regulations to install vapor recovery units, increasing demand in Australia, India, China, and Japan to lower environmental pollution, government authorities legislating strict anti-pollution laws that is boosting the need for vapor recovery units, rapidly growing industries and manufacturing plants, and the booming oil and gas industry in the region are adding to the global vapor recovery units market growth in the region.
Browse In-depth Market Research Report (155 pages) on Vapor Recovery Units Market
Europe to Hold Second-Largest Share in Vapor Recovery Units Market
In Europe, the global vapor recovery units market is predicted to hold the second-largest share over the forecast period. The high demand from the oil and gas industry in Italy, Germany, and the UK, the presence of well-established end use industries, surging need for these units, rapid industrialization, stringent government regulations regarding VOC emissions, discovery of new shale oil and gas fields, and higher adoption and installation of these units by crude oil producers for controlling environmental pollution are adding to the global vapor recovery units market growth in the region. Besides, the large number of manufacturing plants, the need for such units in these plants, and strict environmental laws and regulations for the environmental conservation in the region particularly for landfill industries, oil and gas, and chemicals are also adding market growth.
North America to Have Promising Growth in Vapor Recovery Units Market
In North America, the global vapor recovery units market is predicted to have promising growth over the forecast period. Stringent regulations to install such units coupled with high production of gasoline as fuel are adding to the global vapor recovery units market growth in the region. Further, the United States EPA regulation has also called for higher VOC emission recovery. The US is predicted to hold the utmost market share.
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