Vapor Recovery Units Market Analysis

Global Vapor Recovery Units Market Overview:

Vapor Recovery Units Market Size was valued at USD 1.14 Billion in 2023. The Vapor Recovery Units Market industry is projected to grow from USD 1.19 Billion in 2024 to USD 1.5 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 2.98% during the forecast period (2024 - 2032). Increasing manufacturing and installation costs, as well as environmental safety risks connected with handling and installing vapour recovery devices are the key market drivers enhancing the market growth.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Vapor Recovery Units Market Trends

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  Technological advances will propel market growth.

  
  

Market CAGR for vapor recovery unit is being driven by the rate of technical invention and advancement is unending. New technology is rapidly expanding in the vapour recovery unit sector. Because of new technologies, consumer demand has evolved from the traditional condensation approach employed in vapour recovery units to a new membrane separation technology. In membrane separation technology, a semipermeable membrane is utilised for filtering. Condensation technology paired with membrane separation technology has proven to be exceptionally effective and efficient in increasing recovery rates while decreasing maintenance costs. Innovative approaches and technologies may fuel the expansion of the vapour recovery units market over the forecast period.

Various industries are responsible for the release of volatile organic compounds into the environment, where they mix with the air. These substances pose a threat to the environment as hazardous air pollutants. Government authorities in numerous countries have passed strict environmental regulations in an effort to stop the negative effects of VOC emissions. These regulatory measures have required crude oil producers and the petroleum industry to install vapour recovery units in each of their operations.

For instance, the United States Environmental Protection Agency (EPA) issued a set of guidelines in May 2021 to minimise VOC, methane, and harmful air emissions in the oil and natural gas business. According to the revised guidelines, methane emissions in the country's oil and gas industry must be lowered by 40-45% by 2032 compared to 2019 levels.

Crude oil tanks hold light hydrocarbons like methane, natural gas liquids, hazardous air pollutants (HAP) and some inert gases. During storage, these hydrocarbons vaporise and amass in the storage area. These vapours are released into the atmosphere as the liquid level in the tank changes. These vaporised hydrocarbons are collected and stored using vapour recovery machines. In onsite operations, these hydrocarbons can be used and sold as fuel. All of this adds up to significant cost savings and a reduction in methane emissions. Thus, driving the Vapor Recovery Units Market revenue.

Vapor Recovery Units Market Segment Insights:

Vapor Recovery Units Horsepower Insights

The Vapor Recovery Units Market segmentation, based on horsepower includes Up to 50 HP, 51-200 HP, 201-500 HP, 501-1000 HP, Above 1000 HP. In 2022, up to 50 HP category had a large market share. Maximum gas flow can be achieved with as little as 50 HP. These compressors have a unique direct-drive rotor shape that delivers constant and dependable performance.

Vapor Recovery Units Application Insights

The Vapor Recovery Units Market segmentation, based on application, includes Oil Tank Vapors, Marine Loading Terminals, Barge Degassing, Truck Loading, Vapor Particulate Filter, Railcar Loading, and Storage Terminals. Storage terminals category  maintained a substantial market share. Tanks, pipes, and other vapour recovery unit storage terminal components are used to store recovered gas. A tank with a big capacity for storing natural gas extracted from pipelines or wells might be underground or above ground. The procedure involves removing methane molecules from raw natural gas in order to produce liquefied petroleum gas (LPG), often known as propane.

Vapor Recovery Units End-Use Insights

The Vapor Recovery Units Market segmentation, based on end-use, includes vapor recovery unit oil and gas, Landfill, Chemicals & Petrochemicals, and Pharmaceuticals. During the forecast period, the oil and gas category is likely to be the largest demand driver for vapour recovery units in the market, Because of causes such as increasing environmental restrictions, higher refining throughput, and rising oil and gas demand. Vapour recovery units for the oil and gas sector can range in size from tiny desktop devices for tiny gas streams to massive packages capable of handling millions of cubic feet of gas per day.

Figure1: Vapor Recovery Units Market, by End-Use, 2024 & 2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Vapor Recovery Units Regional Insights

By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. During the projected period, the Asia Pacific vapour recovery unit market is expected to rise rapidly. more oil and gas development, stricter pollution restrictions, and more manufacturing activity all contribute to the region's vapour recovery units market growth. Furthermore, industrial growth, an increase in the use of these recovery units in gas stations, and the strengthening of the petrochemical, chemical, and pharmaceutical industries all result in increased demand for vapour recovery units. Moreover, China’s Vapor Recovery Units Market held the largest market share, and the Indian Vapor Recovery Units Market was the fastest growing market in the Asia-Pacific region.

Further, the major countries studiedin the market reportare The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: Vapor Recovery Units Market Share By Region 2022 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe Vapor Recovery Units Market accounts for the second-largest market share due to the rapid industrialisation, the discovery of new shale oil and gas fields, stringent government regulations imposed on VOC emissions in the region's countries Further, the German Vapor Recovery Units Market held the largest market share, and the UK Vapor Recovery Units Market was the fastest growing market in the European region

The North America Vapor Recovery Units Market is expected to grow at the fastest CAGR from 2023 to 2032. This is because of severe laws requiring the installation of vapour recovery systems and the significant output of gasoline as a fuel.

Vapor Recovery Units Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Vapor Recovery Units Market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Vapor Recovery Units industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the Vapor Recovery Units industry to benefit clients and increase the market sector. In recent years, the Vapor Recovery Units industry has offered some of the most significant advantages to medicine. Major Vapor Recovery Unit manufacturers, including Whirlwind Methane Recovery Systems, LLC (US), Dover (India), BORSIG GmbH (Germany), John Zink Hamworthy (US), Hy-Bon/EDI (US), and others, are attempting to increase market demand by investing in research and development operations.

Chiyoda, Tokyo, Japan is home to the international company Hitachi, Ltd. It is the parent company of the Hitachi Group (Hitachi Gurpu), and when DKB and Fuji Bank (the main entity of the Fuyo Group) merged to become the Mizuho Financial Group, it was a member of the Nissan zaibatsu, DKB Group, and Fuyo Group of companies. By 2020, Hitachi will be involved in a variety of industries, including infrastructure, AI, the Internet of Things, and big data. In Jul 2019, Hitachi has agreed to offer innovative technologies and equipment for the Persian Gulf Bid Boland Gas Refinery project in southern Khuzestan Province. NIPNA, a Japanese corporation, will supply compressors, vapour recovery units, and gas storage equipment under the terms of the agreement.

Cimarron Energy Inc. is an oil and gas production equipment designer and manufacturer. Gas production units, separators, line heaters, vapour recovery towers, dehycombustor, and other related goods are available from the company. Cimarron Energy provides service to customers in the United States. In Jul 2019, Cimarron Energy, Inc. announced the purchase of HY-BON/EDI. Long-term client strategies for HY-BON/EDI and Cimarron are aligned in order to strengthen our market positions in vapour recovery and emissions control systems for oil and gas operators.

Key Companies in the Vapor Recovery Units market include

• ALMA Group (France)


• AEREON (US)


• Symex Technologies (Netherlands)


• Voczero Ltd. (UK)


• Zeeco Inc. (US)


• FLOGISTIX LP (US)


• Kilburn Engineering Ltd. (India)


• Whirlwind Methane Recovery Systems LLC (US)


• Dover (India)


• BORSIG GmbH (Germany)


• John Zink Hamworthy (US)


• Hy-Bon/EDI (US)


• Kappa GI (Italy)


• Gardner Denver (US)

Vapor Recovery Units Industry Developments

In March 2021,SCS Technologies recently introduced a new vapour recovery device. The launch of the new product allows the company to expand its line of measurement equipment, components, and field services. For optimum runtime, the new product has a variable speed drive and a bypass recycle valve, as well as bigger scrubbers, oversized filtering on lubricant injection lines, and suction scrubber filter separators. The revised launch is intended to comply with EPA 0000a rules while also addressing growing environmental concerns.

In May 2020,Aereon has been acquired by Cimarron Energy. The acquisition will help the company improve its capabilities in mission control systems and services for the energy and infrastructure markets. Aereon has a diverse range of such recovery equipment based on carbon bed absorption and standard compression technology. The acquisition also allowed the company to better serve its upstream, midstream, and downstream customers.

Vapor Recovery Units Market Segmentation:

Vapor Recovery Units Horsepower Outlook

• Up to 50 HP


• 51-200 HP


• 201-500 HP


• 501-1000 HP


• Above 1000 HP

Vapor Recovery Units Application Outlook

• Oil Tank Vapors


• Marine Loading Terminals


• Barge Degassing


• Truck Loading


• Vapor Particulate Filter


• Railcar Loading


• Storage Terminals

Vapor Recovery Units End-Use Outlook

• Oil & Gas


• Landfill


• Chemicals & Petrochemicals


• Pharmaceuticals

Vapor Recovery Units Regional Outlook

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America