Global Vapor Recovery Units Market is projected to be valued at USD 864.0 Million by 2026, recording a CAGR of 5.10% during the forecast period, 2020–2026. Vapor recovery is the removal of harmful vapors and fluids from crude products to improve the product quality and to prevent the release of pollutants into the environment. A vapor recovery unit is a system consisting of a compressor, a scrubber, and a switch. The switch detects the pressure inside the oil tanks and turns the compressor either on or off.
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In 2019, Europe Dominated the Global Vapor Recovery Units Market in Terms of Share: MRFR
The global vapor recovery units market has been segmented into five regions, namely, Asia-Pacific, the Middle East & Africa, Europe, North America, and South America. Europe is expected to hold the largest share of the market during the forecast period, which is mainly because the countries in the region are extensively focused on reducing VOC emissions. In Asia-Pacific, China held the largest market share in 2018 due to the low cost of production. In North America, the US held the largest market share, and it is expected to record the highest CAGR during the review period as vapor recovery units are widely used in the US for industrial purposes. Moreover, many manufactures are headquartered in the US and European countries. In Europe, Germany accounted for the largest market share in 2018, and it is projected to record the highest CAGR during the review period, primarily due to the increasing need to meet minimum VOC emission requirements. In the Middle East & Africa region, Saudi Arabia, Qatar, Iran, and UAE, among other countries, are extensively using vapor recovery units as these countries largely produce oil & gas.
The global vapor recovery units market has been segmented based on application and end-use. Based on the application, the global market is divided into processing, storage, and transportation. The transportation segment is expected to hold the largest share of the market and grow at the fastest rate during the forecast period. Increasing demand from the oil & gas industry in countries such as India, China, and a few European countries are also contributing to the growth of the transportation segment in the vapor recovery units market. Based on end-use, the global vapor recovery units market has been divided into oil & gas and others. The oil & gas segment is expected to hold a larger share within the global vapor recovery units market.
Global Vapor Recovery Units Market is projected to grow at a CAGR of 5.10% during the forecast period.
Scope of the Report
This report features an in-depth analysis of the global vapor recovery units market, tracking two market segments across five geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights the market size and shares for North America, Europe, Asia-Pacific, South America, and the Middle East & Africa. The report also presents a forecast, focusing on the market opportunities for the next five years for each region. The report segments the global vapor recovery units market, by application, end-use, and region.
- Oil & Gas
- North America
- Middle East & Africa
- South America
The key players in the global vapor recovery units market are John Zink Company (US), Carbovac (France), Kappa Gi (Italy), Kilburn Engineering (India), VOCZero (UK), BORSIG Membrane Technology (Germany), Sysmex Technologies (US), HY-BON/EDI (US), Cool Sorption (Denmark), Zeeco (US), Aereon (US), Flogistix (US) and others.
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