The global vapor recovery units market size is expected to reach USD 1.24 billion by 2030, according to a new study by Polaris Market Research. The report “Vapor Recovery Units Market Share, Size, Trends, Industry Analysis Report, By Application (Processing, Storage, Transportation, Railcar Loading); By End-Use; By Technology; By Region; Segment Forecast, 2022 – 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The industry is driven by economic growth in developing countries, increasing oil and gas production, and greater demand for natural gas. The growth in the global oil and gas industry and technological advancements in these technologies have further contributed to industry growth.
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However, the COVID-19 outbreak has negatively impacted the industry on account of disruption of the supply chain, operational challenges, transportation delays, and travel restrictions. Reduced oil demand, economic decline, and drop in oil prices have impacted the growth of the industry.
Asia-Pacific is expected to experience significant growth during the forecast period. Increasing oil and gas exploration and growth in petrochemicals, chemicals, and pharmaceuticals sectors support industry growth in this region. Leading global players are expanding their presence in developing nations of this region to tap the growth opportunities offered by these countries.
The oil and gas segment contributed a significant share in the global market in 2021. Expansion in oil exploration activities, greater demand for such units from demand from upstream and downstream applications, technological advancements, and rising demand for natural gas to meet energy requirements support the industry growth. Industry players, manufacturers, and private organizations are collaborating to expand and cater to wider applications and develop advanced vapor recovery technologies.
Some major participants include Alma Group, BORSIG GmbH, Cimarron Energy, Dover, Flogistix LP, Gardner Denver, Hy-Bon/EDI, John Zink Company, Kappa GI, Kilburn Engineering Ltd, Petrogas Systems, Symex Technologies, Voczero Ltd., Whirlwind Methane Recovery Systems LLC, and Zeeco Inc. Industry players are collaborating with each other for research and development, strengthening global presence, and technological innovation. The greater need to cater to growing customer requirements has encouraged industry participants to leverage new technologies for the development of high-quality products.
Vapor Recovery Units Market Report Highlights
- The transportation segment accounted for a major share in 2021. Increasing demand for fuel, and introduction of stringent emission regulations drives the growth of this segment.
- Oil and gas segment accounted for the largest revenue share on account of increasing demand from upstream and downstream applications, expansion in oil exploration activities, and greater demand from emerging economies.
- Membrane separation technology is expected to grow at a significant rate during the forecast period owing to high recovery rate and reduced installation and maintenance costs.
- The Asia-Pacific region is expected to register high growth during the forecast period owing to industrial growth, expansion of global players in the region, and introduction of stringent government regulations.
Polaris Market Research has segmented the vapor recovery units market report based on application, end-user, technology, and region:
Vapor Recovery Units, Application Outlook (Revenue – USD Billion, 2018 – 2030)
- Railcar Loading
Vapor Recovery Units, End-User Outlook (Revenue – USD Billion, 2018 – 2030)
- Oil & Gas
- Chemicals & Petrochemicals
Vapor Recovery Units, Technology Outlook (Revenue – USD Billion, 2018 – 2030)
- Membrane Separation
Vapor Recovery Units, Regional Outlook (Revenue – USD Billion, 2018 – 2030)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa