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Vapor Recovery Units Market Analysis- Industry Size, Share, Research Report, Insights, Covid-19 Impact, Statistics, Trends, Growth and Forecast 2023-2030

Published Date: December, 2022
No of Pages: 164
Delivery Format: PDF+ Excel

$2,950.00

The global market for vapour recovery devices is anticipated to reach USD 3.63 billion by 2025, according to a recent analysis by MWR. Devices called “vapour recovery units” are employed to recover vapours from storage tanks. Both pollution and energy consumption are reduced thanks to these devices. One of the key factors fueling the market for vapour recovery devices is the rising demand for environmental protection. In addition, the market is anticipated to develop as a result of the rising need for energy efficiency. The research includes insights on the key variables influencing the industry’s growth and offers a thorough study of the market. Additionally, a thorough market segmentation by kind, application, and area is provided. The competitive landscape of the top market competitors is thoroughly described in the study.

Vapor Recovery Units Market Report Scope and Segmentation
ATTRIBUTESDETAILS
ESTIMATED YEAR2023
BASE YEAR2022
FORECAST YEAR2030
HISTORICAL YEAR2017-2022
UNITValue (USD Million/Billion)
BY REGIONNorth America, Europe, Asia Pacific, Latin America, Middle East and Africa

Devices used to collect and reuse vapours from industrial processes are called vapour recovery units (VRUs). These vapours can be dangerous or not and are often made of greenhouse gases or volatile organic compounds (VOCs) (GHGs). Vapor recovery units (VRUs) can be used to collect vapours from a number of processes, including but not limited to:

-Operations for loading and unloading; -Storage tank breathing; -Pressure relief valve venting
losses due to evaporation

The vapours are either captured and recycled by VRUs or they are burned away by them. Recycling vapours can be advantageous for the environment and the economy because it lowers pollutants and can result in cost savings from lower fuel usage.

VRUs come in a few different varieties, each with unique benefits and drawbacks. The most prevalent kind of VRU is a thermal oxidizer, which vaporises gases using heat. The most expensive choice is often thermal oxidizers, which are also the best.

Another type of VRU that uses a catalyst to extinguish the vapours is called a catalytic oxidizer. Although less expensive than thermal oxidizers, catalytic oxidizers are less efficient.

The adsorption unit, which uses a substance to adsorb the vapours, is the final form of the VRU. The least expensive alternative is adsorption units; however, they have a limited capacity and require replacement more frequently than the other kinds of VRUs.

VRUs are a crucial component of many industrial processes and can be used to cut costs and emissions.

Market Opportunities for Vapor Recovery Units

New technology and procedures are always being introduced, causing the oil and gas business to change. Vapor recovery is one such method that is employed to recover vapours from the atmosphere. In this procedure, the vapours are captured and sent back to the oil and gas wells using vapour recovery units (VRUs).

From 2019 to 2024, the market for vapour recovery units is anticipated to expand at a CAGR of 5.5%. The market is expanding as a result of rising oil and gas production, strict environmental protection rules, and the demand for energy efficiency.

The main obstacles limiting the market’s growth, however, are the expensive nature of vapour recovery systems and the general lack of knowledge regarding its advantages.

Type, application, and geography are the segments used to divide the vapour recovery units market.

The market is split into three types based on type: gas scrubbers, oil mist eliminators, and condensate recovery units. Due to the rise in oil and gas production, the condensate recovery units category is anticipated to develop at the highest CAGR throughout the projection period.

The market is divided into two categories: onshore and offshore, depending on the application. Due to the rise in oil and gas production, the onshore category is anticipated to develop at a higher CAGR throughout the projection period.

The vapour recovery units market is divided into four geographic segments: North America, Europe, Asia-Pacific, and the Rest of the World (RoW). Due to the region’s rising oil and gas production, North America is anticipated to dominate the market.

Market Restrictions for Vapor Recovery Units

Due to strict environmental restrictions pertaining to volatile organic compound (VOC) emissions, the market for vapour recovery units (VRUs) is anticipated to experience considerable expansion in the upcoming years. Among other industries, VRUs are used in the oil and gas, chemical, pharmaceutical, and food and beverage sectors to remove VOCs from process vapours before they are released into the atmosphere.

The high initial investment and maintenance expenses related to the installation and operation of these units, however, are anticipated to constrain the market for VRUs. Additionally, it is anticipated that a certain degree of market growth limitation will result from a lack of knowledge about the advantages of VRUs.

Key Trends in the Vapor Recovery Units Market

The manufacture, storage, and handling of petroleum products create vapours, which are collected and recycled by vapour recovery systems. VRUs are a crucial component of the fight against air pollution and are mandated by law in several areas.

Thermal oxidizers and condensers are the two primary categories of VRUs. Condensers collect and recycle pollutants, whereas thermal oxidizers employ heat to eliminate them.

VRUs are employed in a range of locations, such as gas stations, oil refineries, and facilities that process natural gas. From 2019 to 2024, the market for vapour recovery units is anticipated to expand at a CAGR of 5.5%.

The main element fueling the market growth for vapour recovery devices is the expansion of legislation pertaining to air pollution. To lessen air pollution, numerous governments around the world have established strict environmental restrictions. Vapor recovery systems are now being used more often across a range of industries as a result of these laws.

Another factor propelling the market for vapour recovery systems is the increase in crude oil output. The necessity for vapour recovery systems to catch and recycle the vapours released during the production process has increased due to the rise in crude oil production.

The main element limiting the market’s growth is the high cost of vapour recovery devices. VRU usage is constrained in small and medium-sized businesses because to their high installation and maintenance costs.

The largest market for vapour recovery units is in the Asia-Pacific region, which is also predicted to develop at the greatest CAGR throughout the projected period. Some of the world’s largest producers and refiners of crude oil are found in the Asia-Pacific region, including China, India, and Indonesia.

The leading companies in the market for vapour recovery units are Koch-Glitsch, Eaton, John Zink Hamworthy Combustion, and Alfa Laval (Sweden) (US).

Drivers of the Vapor Recovery Units Market

One of the largest energy consumers in the world is the oil and gas sector. The oil and gas sector must continuously explore and develop new resources in order to meet the rising demand for these commodities. The quantity of oil and gas wells being drilled each year has increased as a result of this.

Large amounts of gas are produced as one of the byproducts of drilling oil and gas wells. Due to its potential to escape into the environment if improper controls are not in place, this gas is frequently referred to as “fugitive gas.” A significant source of pollution in the oil and gas sector is fugitive gas emissions.

The industry has created a number of various technologies, like the vapour recovery unit, to manage these emissions (VRU). In order to stop fugitive gas emissions from escaping into the atmosphere, a VRU is a piece of equipment that is used. VRUs come in a variety of shapes and sizes, but they all function by capturing gas and returning it to the wellhead for re-injection via a network of pumps and compressors.

It has been demonstrated that the deployment of VRUs can significantly lower fugitive gas emissions from oil and gas wells. Utilizing a VRU can sometimes lower emissions by up to 95%. Environmental requirements, the need to enhance public perception of the oil and gas business, and the need to cut operational costs are just a few of the causes driving the adoption of VRUs.

The use of VRUs is anticipated to increase as the oil and gas sector continues to expand. This will assist in lowering emissions and enhancing the environmental performance of the sector.

Vapor Recovery Units Market Covid-19 Impact

The onset of the COVID-19 pandemic has led to a major reduction in the demand for vapour recovery units (VRUs) internationally. The lockdown imposed by several governments across the globe to control the spread of the epidemic has resulted in the closing of several manufacturing facilities and oil and gas exploration and production activities. This has led to a sharp decline in the demand for VRUs from the oil and gas industry.

Moreover, the transportation sector, which is a major end-user of VRUs, has also been adversely affected by the pandemic. The lockdown has resulted in a significant decline in the demand for transportation fuels, which has further led to a decline in the demand for VRUs.

The COVID-19 pandemic has had a negative impact on the market for vapour recovery units. The market is expected to witness a significant decline in 2020 as compared to 2019. However, the market is expected to recover in 2021 and return to its pre-pandemic level by 2022.

The oil and gas industry is the major end-user of vapour recovery units. The industry uses VRUs for the recovery of vapours from volatile organic compounds (VOCs) emitted during the oil and gas exploration and production processes. The COVID-19 pandemic has led to a significant decline in the demand for oil and gas globally. The lockdown imposed by several governments across the globe to control the spread of the epidemic has resulted in the closing of several manufacturing facilities and oil and gas exploration and production activities. This has led to a sharp decline in the demand for VRUs from the oil and gas industry.

The transportation sector is another major end-user of VRUs. The sector uses VRUs for the recovery of vapours from fuel tanks in vehicles. The COVID-19 pandemic has led to a significant decline in the demand for transportation fuels globally. The lockdown imposed by various governments across the globe to contain the spread of the pandemic has resulted in a decrease in the number of vehicles on the road. This has led to a decline in the demand for VRUs from the transportation sector.

Vapor Recovery Units Market Key Industry Developments

The oil and gas industry is highly regulated in order to protect the environment. One of the regulations that the industry must follow is the capture of vapours that are released during the drilling, transportation, and storage of oil and gas. These vapours can be harmful to the environment, so they must be captured and either reused or destroyed.

Vapor recovery units (VRUs) are used to capture these vapours and either reuse them or destroy them. VRUs are an important part of the oil and gas industry and are used in a variety of applications.

The global vapour recovery units market is expected to grow at a CAGR of 5.8% from 2019 to 2024. The market is driven by the increase in environmental regulations, the need for energy efficiency, and the advancement of technology.

The increase in environmental regulations is the most important driver of the vapour recovery units market. Governments around the world are imposing stricter regulations on the oil and gas industry in order to protect the environment. These regulations require the capture of vapours that are released during the drilling, transportation, and storage of oil and gas.

The need for energy efficiency is another driver of the vapour recovery units market. VRUs can help oil and gas companies reduce their energy consumption and operating costs. The advancement of technology is also driving the market for vapour recovery units. New technologies are being developed that can improve the efficiency of VRUs and make them more cost-effective.

The global vapour recovery units market is segmented by type, application.

  • By type, the market is segmented into condensate, absorption, adsorption, and membrane. The condensate type is the largest segment of the market and is expected to grow at the highest CAGR during the forecast period.
  • By application, the market is segmented into onshore and offshore. Onshore applications are the largest segment of the market and are expected to grow at the highest CAGR during the forecast period.

Vapor Recovery Units Market Future Outlook

The oil and gas industry has been under pressure in recent years to reduce its environmental impact. One way that companies are looking to do this is by using vapour recovery units (VRUs)nmental impact. One way that companies are looking to do this is by using vapour recovery units (VRUs). VRUs are devices that capture vapours that would otherwise be released into the atmosphere, preventing them from contributing to air pollution.

The global VRU market is expected to grow at a CAGR of 5.8% from 2019 to 2024, according to a report by MWR. This growth is being driven by the increasing regulations around the world that are forcing oil and gas companies to adopt vapour recovery technologies. In addition, the falling cost of VRUs is making them more attractive to companies.

The report forecasts that the Asia-Pacific region will be the biggest market for VRUs, due to the growing oil and gas industries in countries like China and India. North America is also expected to be a significant market due to the large number of oil and gas companies operating in the region.

There are a number of different types of VRUs, but the most common are condensate stabilisation units and flashing units. Condensate stabilisation units are used to remove light hydrocarbons from gas streams, while flashing units are used to recover vapours that have already been released into the atmosphere.

The global VRU market is expected to grow at a CAGR of 5.8% from 2019 to 2024, according to a report by MWR. This growth is being driven by the increasing regulations around the world that are forcing oil and gas companies to adopt vapour recovery technologies. In addition, the falling cost of VRUs is making them more attractive to companies.

 

By Application

 

 

· Transportation

· Processing

· Storage

 

By End-user

 

 

· Landfills

· Oil & Gas

· Others

Cimarron Energy Inc., PSG Dover, Aereon, PGS Petrogas Systems, John Zink Hamworthy Company, Wintek Corporation, Accel Compression Inc., and Whirlwind Methane Recovery Systems.

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