Global Vapor Recovery Services Market to 2030: Strict Regulatory Guidelines Regarding the Emissions of Volatile Chemical Compounds Drives Growth

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Apr 20, 2023, 13:00 ET

DUBLIN, April 20, 2023 /PRNewswire/ -- The "Vapor Recovery Services Market By Process, By Application, By Operation, and By Region Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.

The vapor recovery services market is experiencing significant growth, with a market size of USD 360.8 million in 2021 and an expected revenue CAGR of 10.6% during the forecast period.

Companies Mentioned

AEREON
Global Vapor Control Inc.
Atlas Process Innovation
SGS SA
Petrogas Systems
PSC (Vapor Control)
OPW Company
Hy-Bon/EDI
PSG Dover
Zeeco Inc.

This growth is primarily driven by strict regulatory guidelines regarding the emissions of volatile chemical compounds, environmental benefits associated with vapor recovery services, and the increasing development of unconventional energy sources .

Transportation and storage of petroleum products often result in significant product losses and evaporation into the atmosphere. Vapor recovery systems can help reduce these losses, improve the environment, and boost profits by reclaiming products and reducing Volatile Organic Carbon (VOC) emissions.

Vapor recovery units are specifically designed to remove unwanted vapors from distillate tanks or crude oil to help operators comply with current emission regulations. These units are mainly used in the Oil & Gas (O&G) industry for upstream and downstream processes, as well as in refineries, chemicals, and other O&G-related industries.

Additionally, vapor recovery units are employed to recover vapors that are directly released into the environment. VRUs can be powered by gas or electric engines .

Market players can capitalize on the growth potential of the market by focusing on the development of unconventional energy sources such as coal bed methane, oil sands, and shale oil. O&G producers are implementing cutting-edge technology, such as membrane-separated vapor recovery units, to improve their production processes.

Government organizations are also encouraging the reduction of reliance on crude oil and supporting producers of unconventional energy sources in implementing new technology and increasing production.

Market Dynamics:

Driver:

Strict regulatory guidelines regarding VOC emissions

Due to concerns about dangerous VOC emissions from O&G storage facilities during transportation operations, various government and non-government organizations have implemented strict regulations to reduce these pollutants. This has led to an increase in the adoption of VRU systems by oil and gas industry participants.

In the European Union, for example, VOC emissions are limited to 35g (HC)/Nm3, as measured in the vent of gasoline vapor recovery units. Additionally, crude oil storage tanks contain hydrocarbons such as natural gas, methane, and dangerous air pollutants, which are released into the atmosphere when the liquid level in the tank changes.

Vapor recovery devices collect these hydrocarbons, which can then be sold or utilized as fuel for onsite operations, resulting in significant cost savings. Methane, a harmful greenhouse gas, can also be collected and stored to decrease emissions using VPUs.

Restraint:

Mechanical failures and operational risks

The cost of a vapor recovery unit for truck loading operations is typically around USD 500,000, with the price influenced by customer requirements.

Furthermore, the cost of vapor recovery devices for marine loading applications is higher than for truck loading applications. While a vapor recovery machine can offer a full return on investment within two to three years for truck loading applications, the return on investment for vapor recovery systems used in maritime loading applications is relatively low, which has driven market growth.

Key Topics Covered:

Chapter 1. Market Synopsis

Chapter 2. Executive Summary

Chapter 3. Indicative Metrics

Chapter 4. Vapor Recovery Services Market Segmentation & Impact Analysis
4.1. Vapor Recovery Services Market Segmentation Analysis
4.2. Industrial Outlook
4.2.1. Market indicators analysis
4.2.2. Market drivers' analysis
4.2.2.1. Environmental advantages of vapor recovery services
4.2.2.2. Strict regulatory guidelines regarding emissions of volatile chemical compounds
4.2.2.3. Increasing development of unconventional energy sources
4.2.3. Market restraints analysis
4.2.3.1. Possibilities of mechanical failures and operational risks
4.2.3.2. High capital investments upfront
4.3. Technological Insights
4.4. Regulatory Framework
4.5. ETOP Analysis
4.6. Porter's Five Forces Analysis
4.7. Competitive Metric Space Analysis
4.8. Price Trend Analysis
4.9. Customer Mapping
4.10. COVID-19 Impact Analysis
4.11. Global Recession Influence

Chapter 5. Vapor Recovery Services Market by Process Insights & Trends

Chapter 6. Vapor Recovery Services Market by Application Insights & Trends

Chapter 7. Vapor Recovery Services Market by Operation Insights & Trends

Chapter 8. Vapor Recovery Services Market Regional Outlook

Chapter 9. Competitive Landscape
9.1. Market Revenue Share By Manufacturers
9.2. Manufacturing Cost Breakdown Analysis
9.3. Mergers & Acquisitions
9.4. Market Positioning
9.5. Strategy Benchmarking
9.6. Vendor Landscape

Chapter 10. Company Profiles

For more information about this report visit https://www.researchandmarkets.com/r/i1u8r5

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