Vapour Recovery Units Market Anticipated 5.3% CAGR by 2033

In a search for a net-zero future, governments all over the globe are implementing strict regulations to reduce the emission of volatile organic compounds (VOC) from storage tanks. In addition, the development of upstream and downstream projects in specific regions, including the Asia Pacific and North America, are expected to aid the market’s growth. The surging establishment of crude oil storage tanks worldwide has increased the need for vapor recovery units. These tanks are utilized to store oil for a brief period to stabilize the flow between production wells and pipelines.

According to Future Market Insights, The global vapour recovery units market is expected to develop significantly between 2023 and 2033. According to a study analysis issued by Future Market Insights, the global market is expected to reach a size of US$ 1,256.2 million in 2023. It is expected to be worth US$ 2,105.5 million by 2033. From 2023 to 2033, the market is predicted to grow at a strong 5.3% CAGR.

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End users are escalating the adoption of vapor recovery units to decrease the emission of light hydrocarbon and various other volatile compounds. According to the U.S. Environmental Protection Agency (EPA), there are approximately 500,000 crude oil storage tanks in the U.S. Approximately 7,000 to 9,000 vapour recovery units are installed in the U.S. oil production sector, and increasing development of upstream and downstream projects are anticipated to accelerate the adoption of vapour recovery units. On a regional basis, North America is anticipated to be the most lucrative pocket in the global vapour recovery units market, possessing about 61.5% of the market share in 2022. On account of these factors above, the sales in the global vapor recovery units market are expected to surpass US$ 1,662.2 Million by the end of 2022.

Trends

Key Players 

• Hy-Bon/EDI, Petrogas Systems
• PSG Dover
• AEREON
• John Zink Company LLC
• Cimarron Energy Inc.
• Wintek Corporation, Accel Compression Inc.
• Whirlwind Methane Recovery Systems LLC

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Market 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)