Monday, 15 May 2023 10:00 AM
Company Update
NEWARK, DE / ACCESSWIRE / May 15, 2023 / In 2023, the vapour recovery units market is expected to reach a value of US$ 1,256.2 Million. By 2033, it is projected to have a value greater than US$ 2,105.5 Million. From 2023 to 2033, the market is anticipated to grow at a modest CAGR of 5.3%.
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, chemical manufacturing, and others. Governments across the globe are implementing stringent norms to reduce these emissions and increase sustainability.
The increasing implementation of strict government norms is likely to bolster market growth during the forecast period. Furthermore, VOC and other hazardous emissions pose severe health problems. To mitigate these health and safety risks, the implementation of VRUs can substantially aid companies across various industries.
The surging awareness of sustainability and environmental issues is creating new opportunities for products that can minimize emissions. Companies offering VRUs can gain a competitive edge due to the growing demand.
The increasing Corporate Social Responsibility (CSR) activities by companies are likely to aid market expansion. Reduction of the environmental footprint can help businesses uptick their brand recognition and cater to a large consumer base.
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The market's growth is also being boosted by the expanding use 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 around the world.
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:
- 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.
Recent Developments Observed by FMI Experts:
- Flogistix launched its new plant in May 2022 to double its manufacturing capacity. The new VRU complex, measuring 2, 59,000 square feet, is situated 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 Segmentation:
By Technology:
- Membrane Separation
- Adsorption
- Condensation
- Absorption
By Application:
- Marine Loading
- Truck Loading
- Railcar Loading
- Pipelines
- Storage Tank Vents
By Process:
- Upstream
- Downstream
By End-use:
- Oil & Gas Compressors
- Landfills
- Brewery and Food Processing
- Others
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- The Middle East & Africa (MEA)
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