Global Vapor Recovery Units Market is expected to grow at a robust CAGR
Global Vapor
Recovery Units Market is expected to grow owing to stringency of regulation and
increasing production oil & gas and petrochemicals throughout the forecast
period.
According to
TechSci Research report, “Vapor
Recovery Units Market - Global Industry Size, Share, Trends,
Opportunity, and Forecast 2018-2028”, the Global Vapor Recovery Units
Market is expected to register robust growth during the forecast period owing to
the implementation of stringent emission regulations. These units also
facilitate the recovery of hydrocarbon gas, which can be utilized as fuel or
reinjected into oil wells. They are increasingly employed in chemical
industries to extract unwanted vapors from storage units, thereby enhancing the
purity of chemicals and ensuring their safe handling and transportation. These
units are designed to capture nearly 95% of Btu-rich vapors, contributing to
improved profitability and reduced operating costs. They find application in
various sectors such as oil tank vapors, marine loading terminals, storage
terminals, truck loading, railcar loading, barge degassing, and vapor
particulate filtering, among others. This adsorption-based recovery unit offers
a comprehensive filtration system for managing vapor offset during the liquid
loading of trucks, railcars, marine vessels, or tanks. In this unit,
hydrocarbons are adsorbed by an activated carbon bed to purify the air
discharged from the system.
The
pace of technological innovation and advancement is ceaseless. The market for
vapor recovery units is witnessing substantial growth in novel technologies.
Considering these advancements, consumer preference has shifted from
traditional condensation techniques to the application of membrane separation
technology. This technology employs a semipermeable membrane for the filtration
process. The combination of condensation and membrane separation technologies
has proven highly effective and efficient, resulting in increased recovery
rates and reduced maintenance costs. Over the projected period, the market for
vapor recovery units could experience further expansion, driven by innovative
techniques and technologies.
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The Global Vapor
Recovery Units Market is segmented based on application, end-use, technology and
region. Based on application, the market is bifurcated into processing,
storage, transportation, railcar and loading. Based on end-use, the market is
bifurcated into oil & gas, chemicals & petrochemicals, landfills and
others. Based on technology, the market is bifurcated into absorption,
condensation, membrane separation and adsorption. Based on region, the market
is further bifurcated into North America, Asia-Pacific, Europe, South America,
Middle East & Africa.
Based on end-use, Oil & Gas segment is
expected to dominate the market during the forecast period. Offshore oil and
gas platforms and facilities encounter distinctive challenges in emissions
control as a result of their remote locations and stringent environmental
regulations. Vapor Recovery Units (VRUs) are utilized in offshore operations to
capture Volatile Organic Compounds (VOCs) released during drilling, production,
and processing activities. The ability to recover VOCs and diminish emissions
is vital in offshore environments, where emissions can directly impact marine
ecosystems and air quality. In addition to regulatory compliance, the oil and
gas industry's growing emphasis on sustainability and corporate responsibility
has stimulated the adoption of VRUs. Companies are proactively investing in
emission control technologies such as VRUs to showcase their commitment to
environmental stewardship, reduce their carbon footprint, and align with global
sustainability initiatives. VRUs play a critical role in addressing VOC
emissions throughout all stages of oil and gas operations, ensuring compliance
with regulations, enhancing operational efficiency, and contributing to the
industry's broader sustainability objectives.
Based on technology,
Membrane Separation segment is projected to dominate the market throughout the
forecast period. It plays a crucial role
in capturing and recovering volatile organic compounds (VOCs) from various
industrial processes, including oil and gas operations, petrochemicals,
chemical manufacturing, and transportation. Membrane separation is an efficient
and environmentally friendly method for separating VOCs from gas streams,
contributing to emissions reduction and regulatory compliance. Membrane
separation is a physical process that utilizes semipermeable membranes to
separate different components from a gas mixture based on their molecular size,
polarity, and solubility. In the context of VRUs, membrane separation
technology is employed to capture and recover VOCs from gas streams emitted
during various industrial operations. The technology offers high selectivity
and efficiency, making it well-suited for removing VOCs and other contaminants
from exhaust gases. Membrane separation technology has gained traction in
industries that emit VOCs and are subject to emissions regulations. The oil and
gas sector, petrochemical industry, and chemical manufacturing are prominent
users of membrane-based VRUs. These industries are attracted to the
technology's efficiency, reliability, and potential for economic returns
through VOC recovery.
Key market
players in the Global Vapor Recovery Units Market are:-
- BORSIG Membrane Technology GmbH
- John Zink Company, LLC
- Symex GmbH & Co. KG
- Hy-Bon Engineering Company, Inc.
- Cool Sorption A/S
- VOCZero Ltd.
- Zeeco, Inc.
- FLOGISTIX, LP
- Kappa GI
- Kilburn Engineering Ltd Thermax
Limited
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“North America is
expected to dominate the market during the forecast period as the region's vast
oil and gas operations, encompassing shale gas production, drilling, refining,
and distribution, result in significant emissions of VOCs. VRUs are integrated
into these operations to capture VOCs emitted from storage tanks, production
facilities, and transportation activities. The adoption of VRUs aligns with the
industry's commitment to emission reduction, regulatory compliance, and
operational sustainability enhancement.” said Mr. Karan Chechi, Research
Director with TechSci Research, a research-based global management consulting
firm.
“Vapor
Recovery Units Market – Global Industry Size, Share, Trends, Opportunity, and
Forecast, 2018-2028, Segmented By
Application (Processing, Storage, Transportation, Railcar and Loading), By
End-Use (Oil & Gas, Chemicals & Petrochemicals, Landfills and Others),
By Technology (Absorption, Condensation, Membrane Separation and Adsorption),
By Region, By Competition Forecast & Opportunities, 2018-2028F, By Region,” has evaluated the
future growth potential of Global Vapor Recovery Units Market and
provides statistics & information on market size, structure, and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides the report
also identifies and analyzes the emerging trends along with essential drivers, challenges,
and opportunities in Global Vapor Recovery Units Market.
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