Vapor Recovery Units Market Estimated to Reach US$ 1.2 Billion by 2022

Vapor Recovery Units Market
Vapor Recovery Units Market


The global vapor recovery units market is estimated to be valued at US$ 1.2 billion in 2022 and is expected to exhibit a CAGR of 3.3% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.


Market Overview:
Vapor recovery units are used to capture and recover various gaseous compounds emitted during the loading, unloading, and storage of volatile organic compounds (VOCs) in industrial processes. These units help in reducing emissions and preventing environmental pollution. The increasing demand for VOC emission control, coupled with stringent government regulations regarding air quality, is driving the adoption of vapor recovery units in various industrial sectors. These units provide advantages such as cost-effectiveness, improved operational efficiency, and compliance with environmental regulations. The need for effective VOC management and mitigation of greenhouse gas emissions is further promoting the use of vapor recovery units in industries worldwide.

Market Key Trends:
One key trend observed in the vapor recovery units market is the increasing adoption of advanced technologies for improved efficiency and performance. Manufacturers are focusing on developing innovative and technologically advanced vapor recovery units to provide better control and capture of harmful emissions. The incorporation of smart sensors, advanced control systems, and automated processes in these units enhances their efficiency and reduces maintenance requirements. Additionally, the introduction of high-capacity units with greater volatility control capabilities is gaining traction in the market. These advancements in technology are expected to drive the growth of the vapor recovery units market during the forecast period.
Segment Analysis:

The vapor recovery units market can be segmented based on the type of unit and end-use industry. In terms of type, the market can be categorized into adsorption units, condensation units, absorption units, and membrane separation units. Among these, the adsorption units segment is expected to dominate the market. Adsorption units are widely used for vapor recovery in various industries due to their high efficiency and cost-effectiveness. They work by collecting the hydrocarbon vapors from storage tanks and processing them to separate and capture the valuable components. The adsorption units segment is expected to maintain its dominance due to increasing awareness about environmental regulations and the need to minimize emissions.

Key Takeaways:

The global vapor recovery units market is expected to witness high growth, exhibiting a CAGR of 3.3% over the forecast period of 2023-2030. This growth can be attributed to several factors. One of the major drivers is the increasing focus on environmental regulations regarding emissions from storage tanks and other industrial processes. Governments around the world are imposing stringent regulations to reduce air pollution and greenhouse gas emissions. Vapor recovery units help industries comply with these regulations by capturing and treating the hydrocarbon vapors, thereby reducing emissions. This is expected to drive the demand for vapor recovery units in various industries.

In terms of regional analysis, North America is expected to be the fastest growing and dominating region in the vapor recovery units market. This can be attributed to the presence of a large number of oil and gas refineries in the region, which are required to implement vapor recovery units to comply with environmental regulations. Additionally, the increasing shale gas production in North America is further driving the demand for vapor recovery units in the region.

Key players operating in the vapor recovery units market include John Zink Company, LLC, Hy-Bon/EDI, Whirlwind Methane Recovery Systems LLC, Petrogas Systems, Accel Compression Inc., PSG Dover, Wintek Corporation, AEREON Inc., and Cimarron Energy Inc. These key players are focusing on strategies such as partnerships, acquisitions, and new product development to strengthen their market position and cater to the increasing demand for vapor recovery units. They are also investing in research and development activities to develop innovative and advanced solutions for vapor recovery.

Read More:

https://www.ukwebwire.com/vapor-recovery-units-market-growing-focus-on-environmental-sustainability-to-drive-market-growth/

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