Vapor Recovery Units Market Revenue To Reach $1,177.8 Million by 2030, says P&S Intelligence

NEW YORK, June 27, 2022 /PRNewswire/ -- According to the latest market research report published by P&S Intelligence, in 2021, the revenue of the vapor recovery units market was $758.5 million, and it will reach $1,177.8 million by 2030, progressing at a growth rate of 5% between 2021 and 2030. This will mainly be because of the growing production of oil & gas and, in line, of petrochemicals. Additionally, the increasing apprehensions pertaining to the toxic releases from petrochemicals and strict rules for the reduction of VOC emissions will help the market grow.

Transportation will have the highest growth rate in the vapor recovery units market during 2021–2030, in excess of 5%. This will be because of the increasing requirement for petrochemical products, petroleum, and other supplies, along with the extensive usage of recovery units in vehicles for the reduction of VOC emissions.

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In 2021, the oil & gas industry had the largest share, of about 40%, and it will continue this way in the years to come. This can be credited to the increasing use of oil and gas, rising count of refineries, and quickly altering ecological laws. Furthermore, the booming requirement for downstream procedures and emission control systems in the industry pushes the advance of the industry.

Regional Analysis of Vapor Recovery Units Market

• North America has the largest share in the vapor recovery units market, of about 40%. It will dominate the industry in the coming years as well because of the growth in the petrochemicals and pharmaceuticals industries, which are, additionally, taking initiatives for enhancing their process of vapor recovery.
• APAC will have the fastest progress in the market during 2021–2030 because of the growing investments in oil & gas capacity addition. This is itself credited to the increasing need for these supplies and petrochemical products. China and India are making a significant contribution to the vapor recovery units market growth owing to the increasing population and pacy industrialization and urbanization.
• Chinese companies have to abide by strict regulations with respect to energy transition. Government-owned companies together produced about 4.5 million barrels of liquids each day in China, equal to nearly 30% of the oil requirement of the country, in 2020. Furthermore, that year, they garnered revenue of approximately $650 billion.
• The Indian oil & gas industry contributes majorly to the economy. India was globally placed third among the consumers of oil and gas in 2021. Moreover, primary energy requirement in the nation will double to 1,130 million tonnes of oil equivalent by the year 2040, as the GDP increases to approximately $9.0 trillion.

Browse detailed report on Vapor Recovery Units Market Size, Industry Shares, Global Growth and Analysis 2022 to 2030

Vapor Recovery Units Market Segmentation Analysis

By Process

• Upstream
• Downstream 

By Application

• Storage
• Processing
• Transportation

By Technology

• Condensation
• Adsorption
• Absorption
• Membrane Separation

By End User

• Oil & Gas Industry
• Landfills
• Brewery & Food Processing Industry

Regional Outlook

• North America
• U.S.
• Canada
• Europe
• Germany
• France
• U.K.
• Italy
• Spain
• APAC
• China
• India
• Japan
• Australia
• South Korea
• LATAM
• Brazil
• Mexico
• MEA
• Saudi Arabia
• South Africa

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SOURCE P&S Intelligence