The global Vapor Recovery Units Market is estimated to be valued at US$ 520.9 Mn in 2019 and is expected to exhibit a CAGR of 3.3% over the forecast period, as highlighted in a new report published by Coherent Market Insights.
A) Market Overview:
Vapor recovery units are devices used to recover vapors of gasoline, crude oil, and other fuels that evaporate during storage and transportation. These units capture the vapors and send them back to the storage tanks, preventing their release into the atmosphere. The main advantages of using vapor recovery units include reduced air pollution, compliance with environmental regulations, and cost savings for companies. With increasing concerns about climate change and the need to reduce greenhouse gas emissions, the demand for vapor recovery units is expected to rise in the coming years.
B) Market Key Trends:
One key trend in the vapor recovery units market is the increasing adoption of green initiatives by various industries. There is a growing awareness among companies about the need to reduce their carbon footprint and take proactive measures to protect the environment. Vapor recovery units help in reducing volatile organic compound (VOC) emissions, which contribute to air pollution and climate change. As a result, many industries are implementing vapor recovery systems to comply with environmental regulations and demonstrate their commitment to sustainability.
For example, in the oil and gas industry, vapor recovery units are widely used to capture fuel vapors during storage and loading processes. This not only reduces air pollution but also helps companies recover valuable hydrocarbons that would otherwise be lost. Similarly, the chemical industry is also adopting vapor recovery units to control emissions from storage tanks and reduce their impact on the environment.
C) PEST Analysis:
- Political: Governments around the world are introducing stricter regulations to reduce air pollution and mitigate climate change. This creates a favorable environment for the adoption of vapor recovery units.
- Economic: The increasing awareness about environmental sustainability and the potential cost savings offered by vapor recovery units are driving the market growth.
- Social: Society’s growing concern about the environment and the need for cleaner technologies is influencing companies to implement vapor recovery systems.
- Technological: Advances in vapor recovery unit technology, such as improved efficiency and automation, are making these systems more attractive to industries.
- D) Key Takeaways:
- The global vapor recovery units market is expected to witness high growth, exhibiting a CAGR of 3.3% over the forecast period, due to increasing environmental concerns and the need for sustainable practices.
- North America is expected to dominate the market, driven by stringent regulations and the presence of major oil and gas companies in the region.
- Key players operating in the global vapor recovery units market include John Zink Company, LLC, Hy-Bon/EDI, Whirlwind Methane Recovery Systems LLC, Petrogas Systems, Accel Compression Inc., PSG Dover, Wintek Corporation, AEREON Inc., and Cimarron Energy Inc.
In conclusion, the global vapor recovery units market is experiencing significant growth due to increasing environmental concerns and the adoption of sustainable practices. The rise in climate change awareness and stricter regulations on emissions are driving industries to implement vapor recovery systems. North America is expected to be the leading region in terms of market share, while key players such as John Zink Company, LLC and Hy-Bon/EDI are actively contributing to the market’s growth. With the continued focus on environmental sustainability, the vapor recovery units market is poised for further expansion in the coming years.