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Vapor Recovery Units Market Analysis | 2023-2028
Vapor Recovery Units Market Size, Share, Trends, Dynamics, Forecast, & Growth Analysis: 2023-2028
The vapor recovery units market was estimated at USD 0.76 billion in 2022 and is likely to grow at a CAGR of 3.54% during 2023-2028 to reach USD 0.94 billion in 2028.
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A vapor recovery unit (VRU) is a specially designed compression package that reduces emissions from fuel vapors while recovering valuable hydrocarbons for on-site sale or reuse as fuel. A vapor recovery package is designed to capture approximately 95% of Btu-rich vapors, which have many benefits, including reduced air pollution and the recovery of gasoline vapors for use as fuel.
Covid-19 Impact
The COVID-19 outbreak has had an effect on the market for vapor recovery units due to supply chain disruption, business closures, delays in transportation services, and travel restrictions. Because of the decrease in demand for the products brought on by the pandemic, the oil and gas industry has been severely impacted.
Manufacturing activities have also come to a halt as a result of the globalization of strict regulations. Additional factors influencing market development include decreased oil demand, the state of the economy, and the decline in oil prices.
Concerns about greenhouse gas emissions and strict environmental regulations for volatile organic compound (VOC) emissions are expected to drive market growth over the forecast period. Every industrial process's effectiveness and safety have received increased attention on a global scale.
As a result, the use of vapor recovery units, as well as extensive development such as dry pump technology, with its overall dependability and lower contamination of recovered vapors, is likely to create an excellent opportunity for the vapor recovery units market in the future.
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The following are the key players in the vapor recovery units market:
Note: The above list does not necessarily include all the top players in the market.
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Segmentations |
List of Sub-Segments |
Segments with High Growth Opportunity |
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Application Type Analysis |
Processing, Storage, and Transportation |
Transportation is expected to remain the dominant applications in the market during the forecast period. |
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End-User Type Analysis |
Oil & Gas, Chemical & Petrochemical, and Others |
The oil & gas industry is expected to remain the biggest demand generator for vapor recovery units in the market during the forecast period. |
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Regional Analysis |
North America, Europe, Asia-Pacific, and Rest of the World |
Asia-Pacific is expected to remain the largest and the fastest-growing market for vapor recovery units during the forecast period. |
The vapor recovery units market is segmented as processing, storage, and transportation. Transportation is expected to remain the dominant application in the market during the forecast period. The market is expected to grow as a result of the rising fuel demand, growing transportation safety demand, technological advancements, and the introduction of stricter emission regulations. Market participants, producers, and private businesses are working together to expand, serve more applications, and create cutting-edge technologies.
The market is segmented as oil & gas, chemical & petrochemical, and others. The oil & gas industry is expected to remain the biggest demand generator for vapor recovery units in the market during the forecast period owing to factors such as escalating environmental regulations, increased refining throughput, and rising oil and gas demand. For the oil & gas industry, vapor recovery units can range in size from tiny tabletop packages for tiny gas streams to large packages capable of handling millions of cubic feet of gas each day.
In terms of regions, Asia-Pacific is expected to remain the largest and the fastest-growing market for vapor recovery units during the forecast period owing to the rising oil & gas demand. Asia-Pacific is one of the world's fastest-growing regions due to rapid urbanization, industrialization, and population growth. As a result, the demand for oil and gas is rapidly increasing. Environmental regulations for VOC emissions being implemented by the region's developing nations would also help the market.
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This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s vapor recovery units market realities and future market possibilities for the forecast period of 2023 to 2028. After a continuous interest in our vapor recovery units market report from the industry stakeholders, we have tried to further accentuate our research scope to the vapor recovery units market to provide the most crystal-clear picture of the market. The report segments and analyses the market in the most detailed manner to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.
This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:
This report studies the market, covering a period of 12 years of trends and forecasts. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.
The vapor recovery units market is segmented into the following categories:
By Application Type
By End-User Type
By Region
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With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:
Company Profiling
Competitive Benchmarking
Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to [email protected].
A vapor recovery unit (VRU) is a specially designed compression package that reduces emissions from fuel vapors while recovering valuable hydrocarbons for on-site sale or re-use as fuel. A vapor recovery package is designed to capture approximately 95% of Btu-rich vapors, which have many benefits, including reduced air pollution and the recovery of gasoline vapors for use as fuel.
The vapor recovery units market was estimated at USD 0.76 billion in 2022.
The forecasted value of the vapor recovery units market is expected to be USD 0.94 billion in 2028.
The vapor recovery units market is likely to grow at a CAGR of 3.54% during 2023-2028.
Kilburn Engineering Ltd., Kappa GI, FLOGISTIX LP, VOCZero Ltd., Aereon Inc., ALMA CARBOVAC, BORSIG Membrane Technology GmbH, Cool Sorption A/S, Hy-Bon Engineering Company, Inc., and John Zink Company, LLC are the leading players in the market.
Asia-Pacific is estimated to remain dominant in the market in the foreseeable future, owing to rising oil and gas demand.
Concerns about greenhouse gas emissions and strict environmental regulations for volatile organic compound (VOC) emissions are expected to drive market growth over the forecast period.
Transportation is expected to remain the dominant application of the market in the coming years. The market is expected to grow as a result of rising fuel demand, growing transportation safety demand, technological advancements, and the introduction of stricter emission regulations.
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