Vapor Recovery Units Market worth $1.0 billion by 2027 - Exclusive Report by MarketsandMarkets™
CHICAGO, May 23, 2022 /PRNewswire/ -- According to the report "Vapor Recovery Units Market by Application (Processing, Storage, and Transportation), End-use Industry (Oil & Gas, Landfills), and Region (North America, Europe, Asia Pacific, Middle East & Africa, and Latin America) - Global Forecast to 2027", published by MarketsandMarkets™, the global Vapor recovery units market size is projected to grow from USD 0.8 billion in 2022 to USD 1.0 billion by 2027, at a CAGR of 3.9%. Worldwide, increasing demand from the oil & gas industry supports for the growth of the vapor recovery units market. Stringent government regulation, expansion of production facilities, and growing demand for fuels and petrochemicals products across the globe are few factors supports for the growth of the market.
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Transportation segment to drive the market throughout the forecast period
The transportation application includes trucks, marine, railcars, and pipeline. It is a vital activity in logistics and distribution of the production process in oil & gas, chemicals & petrochemicals, landfills and other. Vapor recovery units are widely installed on trucks and railcars for loading applications of gasoline, liquefied natural gas, and other products. While product loading and during transit, there is a high possibility of vapor leakage of VOCs and HAPs. Owing to which, the vapor recovery units is mainly installed. Thus, growing transportation of fuels and petrochemicals across the globe, the demand for vapor recovery unit will increase significantly.
Oil & gas industry to maintain ascendency during the forecast period
In terms of demand, the oil & gas industry is expected to register significant growth throughout the forecast period. This is mainly attributed to increasing production of downstream products, capacity addition in developing region, stringency of regulations, and strong emphasized on optimization of process. This industry is growing rapidly, as many refineries globally are converting into integrated plants. This resulted in the increasing demand for vapor recovery unit to comply with regulatory standards.
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Asia Pacific is expected to register the highest CAGR during the forecast period.
The market for Vapor recovery units in Asia Pacific is estimated to register healthy growth, and this trend is anticipated to continue during the forecast period. This is attributed to economic growth of India, china and ASEAN countries, followed by massive investments in several industries such as petrochemical, oil & gas, and others. Asia Pacific is the lucrative market and should be the same in the near future.
Asia Pacific is the center of foreign investments and several manufacturing facilities are shifting from developed nations to developing countries of Asia Pacific. The rise in demand for Vapor recovery units can be ascribed to the growing oil & gas, and petrochemical industries.
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Major players operating in the Vapor recovery units market include PSG Dover (US), Aareon (US), Cimarron Energy, Inc. (US), John Zink Company (US), Carbovac (France), SYMEX Technologies (US), VOCZero (UK), Flogistix (US), and Kappa Gi (Italy), among others.
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