Vapor recovery unit are specially designed to recover the vapor of gasoline or other fuels for injection into the suction of a large compressor. The demand for vapor recovery unit has increased significantly due to reduced regulatory and liability expense and the increasing need for the better vapor recovery unit system. Additionally, the oil and gas industry uses VRUs to capture vent gas so as to reduce current and future risk and liability, as well as greenhouse gas emission. VRUs are used to mitigate noxious and other potentially explosive fumes and pollution which are hazardous in nature.
On the basis of region, the global vapor recovery unit market is segmented into North America, Europe, Asia-Pacific, and Latin America and the Middle East & Africa (LAMEA).
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North America is expected to hold the largest share of the global vapor recovery unit market, followed by Europe. Several EPA regulations promote higher VOC emission recovery and subsequently, create opportunities for players in the market. In light of this, a number of prominent players headquartered outside the U.S. are looking to strengthen their footprint in the region. Additionally, the increasing number of crude oil storage tanks in North America is fostering the vapor recovery service market in the U.S. Thus, an increase in oil price is also expected to boost overall VRU sales in the region. Furthermore, state VOC regulations that further EPA guidelines such as Reasonably Available Control Technology (RACT) to reduce VOC emissions are implemented in every industrial vertical, which further drives market growth
Europe is an emerging region in the vapor recovery unit market due to the increasing concerns over the release of hazardous gases in the atmosphere, especially from oil & gas, chemical & petrochemical, and landfill industries.
Middle Eastern countries such as Saudi Arabia and Qatar are extensively using vapor recovery unit as these countries are home to prominent players in the oil and gas market. Moreover, the current oil crisis will negatively impact the market in the Middle East, and the market is expected to grow moderately in the long run.
The global vapor recovery market is segmented into type, application, and end use.
Based on type, the market is segmented into absorption, membrane separation, and condensation by refrigeration. The absorption system segment is expected to hold a prominent market share due to the high recovery efficiency and low level of emission associated with these systems. With the help of absorption systems, no hydrocarbons are trapped, and these systems produce more recovered liquid than any other stream and produce no waste products.
Based on application, the market is segmented into storage, transportation, and processing. The transportation segment is anticipated to hold a significant share due to the rising demand for the installation of vapor recovery in truck loading and rail loading. Additionally, it is also used to reduce VOC emission and make the recovered vapor saleable. According to the India Brand Equity Foundation (IBEF), the Indian government’s move towards building 100 smart cities and other associated infrastructure development reforms are anticipated to create new avenues for industry players.
Based on end-use industry, the market is segmented into oil & gas and others. The oil & gas segment is expected to hold a major share due to the high demand for vapor recovery units in the downstream process, owing to regulations regarding VOC emission. Increasing demand for products from emerging economies such as China and India is propelling the growth of the vapor recovery unit market.
Vapor Recovery Unit Market: Segmentation
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