The global vapor recovery services market size was USD 360.8 Million in 2021 and is expected to register a revenue CAGR of 10.6% over the forecast period, according to the latest report by Reports and Data.
Strict regulatory guidelines regarding volatile chemical compound emissions, the environmental benefits of vapor recovery services, and the growing development of unique energy sources are key drivers of growth market revenue. Significant evaporation and loss of products into the atmosphere occurs as a result of the transportation and storage of petroleum products. By reducing these losses, vapor recovery systems improve the environment and bottom line, by recovering product and reducing volatile organic carbon (VOC) emissions.
A vapor recovery unit is a device designed to remove unwanted vapors from distillation or crude oil allowing operators to keep up with today's emissions requirements. In the Oil Gas (OG) sector, VRU is mainly used in upstream and downstream processes. In addition, it is also used in the refinery, chemical and oil and gas industries. In addition, steam discharged directly to the environment is recovered using a vapor recovery device. The VRU is mechanically operated by a gasoline or electric engine. For market participants, the development of unique energy sources, including coal bed methane, oil sands and shale oil, is expected to open up new growth potential. Oil and gas producers around the world are rapidly deploying innovative technologies, such as membrane separators, to improve their production processes. Government organizations are also working to reduce dependence on crude oil and help producers of unconventional energy sources implement innovative technologies and increase production.
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Some Key Highlights from the Report
- The North American market will account for the largest share of revenue in 2021. Advances in end-use industries including petrochemicals, pharmaceuticals and other chemical industries are accelerating efforts to support services. steam waste recovery services in North America, in addition to the widespread use of the oil and gas industry.
- Positive growth curves are favored by these factors. As a result, a number of important companies with global headquarters are now thriving in the United States. However, unexpected fluctuations in fuel prices, as well as initial fabrication and installation costs in downstream industries with poor knowledge of vapor recovery unit processing infrastructure, are some of the biggest barriers to the North American market for steam recovery services.
- On May 8, 2019, All-Flo Pump Co., Ltd was acquired in its entirety by Dover Corp. It is now part of the Pump Solutions Group of the Dover Liquids segment. This All-Flo purchase expands the geographic and channel reach of PSG's market-leading AODD pump line.
- Companies profiled in the market report include AEREON, Global Vapor Control, Inc., Atlas Process Innovation, SGS SA, Petrogas Systems, PSC (Vapor Control), OPW Company, Hy-Bon/EDI, PSG Dover, and Zeeco, Inc.
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- For the purpose of this report, Reports and Data has segmented the global vapor recovery services industry into Process Mode Outlook, Application Outlook, Operation Outlook, and Region:
Process Mode Outlook (Revenue, USD Billion; 2019-2030)
- Upstream
- Downstream
Application Outlook (Revenue, USD Billion; 2019-2030)
- Marine Loading
- Storage Tank Vents
- Railcar Truck Loading
Operation Outlook (Revenue, USD Billion; 2019-2030)
- New Installations
- Services
Regional Outlook (Revenue, USD Billion; 2019-2030)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Sweden
- BENELUX
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East Africa
- Saudi Arabia
- UAE
- South Africa
- Israel
- Rest of MEA
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