Market Size of Vapor Recovery Units Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 2.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Vapor Recovery Units Market Analysis
The global vapor recovery units market is expected to grow at a CAGR of more than 2% over the period of 2020-2025. Factors such as rising concerns over greenhouse gas emissions, along with stringent environmental regulations for volatile organic compounds (VOC) emissions are expected to drive the market in the forecast period. However, the high cost of installation and maintenance for recovery systems is likely to restrain the growth of the vapor recovery units market in the coming years.
- The oil & gas sector has dominated the market in recent years and is expected to be the largest market during the forecast period, owing to the increasing demand for vapor recovery units from the downstream processes.
- Globally, the focus has increased on the efficiency and safety of every industrial process. As a result, extensive development like the dry pump technology with its overall reliability and lower contamination of recovered vapors and the use of vapor recovery units is likely to create an excellent opportunity for the vapor recovery units market in the future.
- Asia-Pacific is expected to fastest-growing market in the forecast period, with the majority of the demand coming from China, Japan, and India, mainly due to a rise in oil and gas consumption and increasing demand from chemical industry.
Vapor Recovery Units Industry Segmentation
The vapor recovery units market report includes:
| Application | |
| Processing | |
| Storage | |
| Transportation |
| End-User | |
| Oil & Gas | |
| Chemical & Petrochemical | |
| Others |
| Geography | |
| North America | |
| Europe | |
| Asia-Pacific | |
| South America | |
| Middle-East and Africa |
Vapor Recovery Units Market Size Summary
The vapor recovery units market is poised for growth, driven by increasing concerns over greenhouse gas emissions and stringent environmental regulations targeting volatile organic compounds. Despite the high installation and maintenance costs posing challenges, the market is expected to expand, particularly within the oil and gas sector, which remains the dominant force due to rising demand from downstream processes. Innovations such as dry pump technology are enhancing the efficiency and safety of industrial operations, presenting significant opportunities for market expansion. The Asia-Pacific region is anticipated to experience the fastest growth, fueled by rising oil and gas consumption and burgeoning demand from the chemical industry, particularly in China, Japan, and India.
In the oil and gas industry, vapor recovery units play a crucial role in recovering vent gas and preventing atmospheric release, thereby aligning with environmental regulations and generating additional revenue through recovered vapor sales. The demand for these units is bolstered by increasing oil and gas consumption and the need for compliance with evolving environmental standards. The market is characterized by a range of solutions, from small-scale packages to large systems handling substantial gas volumes. Key players in this partially fragmented market include Kilburn Engineering Ltd, Kappa GI, Flogistix LP, VOCZero Ltd., and Aereon Inc., all contributing to the competitive landscape as the market continues to grow.
Vapor Recovery Units Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Market Size and Demand Forecast in USD billion, till 2025
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1.3 Recent Trends and Developments
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1.4 Government Policies and Regulations
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1.5 Market Dynamics
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1.5.1 Drivers
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1.5.2 Restraints
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1.6 Supply Chain Analysis
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1.7 Porter's Five Forces Analysis
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1.7.1 Bargaining Power of Suppliers
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1.7.2 Bargaining Power of Consumers
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1.7.3 Threat of New Entrants
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1.7.4 Threat of Substitutes Products and Services
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1.7.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Application
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2.1.1 Processing
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2.1.2 Storage
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2.1.3 Transportation
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2.2 End-User
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2.2.1 Oil & Gas
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2.2.2 Chemical & Petrochemical
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2.2.3 Others
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2.3 Geography
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2.3.1 North America
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2.3.2 Europe
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2.3.3 Asia-Pacific
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2.3.4 South America
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2.3.5 Middle-East and Africa
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Vapor Recovery Units Market Size FAQs
What is the current Vapor Recovery Units Market size?
The Vapor Recovery Units Market is projected to register a CAGR of greater than 2% during the forecast period (2024-2029)
Who are the key players in Vapor Recovery Units Market?
Kilburn Engineering Ltd , Kappa GI , FLOGISTIX LP , VOCZero Ltd. and Aereon Inc. are the major companies operating in the Vapor Recovery Units Market.
