Dublin, Sept. 03, 2020 (GLOBE NEWSWIRE) -- The "Vapor Recovery Units Market - Growth, Trends, and Forecasts (2020 - 2025)" report has been added to ResearchAndMarkets.com's offering.
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.
Key Market Trends
Oil & gas Sector to Dominate the Market
- The oil & gas sector is expected to dominate the vapor recovery units market in the forecast period, owing to factors like rising oil & gas demand, increased refining throughput, and rapidly evolving environmental regulations.
- Vapor recovery units are used in the oil & gas industry to recover vent gas and to prevent its release into the atmosphere. The vapor recovery units (VRUs) collect vapor entrained in crude oil, well production wastewater, or other fuels stored in tanks. The VRUs also help oil & gas companies to earn additional revenues through the sale of the recovered vapor and simultaneously meet environmental regulations.
- Vapor recovery units for the oil and gas industry can vary from a range from small table-top packages for minute gas streams to packages handling millions of cubic feet of gas per day. The demand for vapor recovery units in the sector is driven by the increasing oil and gas demand. The global oil consumption grew by over 15% from 86619 thousand barrels daily in 2008 to 99843 thousand barrels daily in 2018, while the gas consumption grew by over 28% from 289.3 billion cubic feet in 2008 to 372.4 billion cubic feet in 2018.
- Vapor recovery units in the oil and gas industry are also used for providing flash gas recovery at near atmospheric pressure without the potential of oxygen ingress from the top of the storage tanks. The creation of vapor flash inside storage tanks has been observed to reduce the emissions from storage tanks to less than 6 tons per year.
- Therefore, with the increase in oil and gas demand and the rise in stringent regulations on the sector, the market for vapor recovery units is expected to grow with it.
Asia-Pacific to Dominate the Market Growth
- Asia-Pacific is expected to be the fastest-growing market in the forecast period due to rising oil and gas demand.
- Asia-Pacific is one of the fastest-growing regions in the world because of the increasing population, urbanization, and industrialization. As a result, the demand for oil and gas is increasing rapidly.
- The oil consumption in the region has increased by over 38%, from 25940 thousand barrels daily in 2008 to 35863 thousand barrels daily in 2018, while gas consumption increased by over 63%, from 503.7 billion cubic meters in 2008 to 825.3 billion cubic meters in 2018. The oil consumption of the region was highest in the world and made up a 35.9% share of the global oil consumption in 2018, while gas consumption was second to North America at 21.4%.
- All of the above factors point towards ever-increasing oil and gas demand and, in turn, the demand for vapor recovery units in the region. The vapor recovery units market is also complemented by the environmental regulation for VOC emissions being put in place by developing countries in the region.
- Therefore, the aforementioned factors are expected to drive the market in the forecast period.
Competitive Landscape
The vapor recovery units market is partially fragmented. Some of the key players in this market include Kilburn Engineering Ltd, Kappa GI, Flogistix LP, VOCZero Ltd., and Aereon Inc.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
Key Topics Covered:
1 INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2 EXECUTIVE SUMMARY
3 RESEARCH METHODOLOGY
4 MARKET OVERVIEW
4.1 Introduction
4.2 Market Size and Demand Forecast in USD billion, till 2025
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.5.1 Drivers
4.5.2 Restraints
4.6 Supply Chain Analysis
4.7 Porter's Five Forces Analysis
4.7.1 Bargaining Power of Suppliers
4.7.2 Bargaining Power of Consumers
4.7.3 Threat of New Entrants
4.7.4 Threat of Substitutes Products and Services
4.7.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 Application
5.1.1 Processing
5.1.2 Storage
5.1.3 Transportation
5.2 End-User
5.2.1 Oil & Gas
5.2.2 Chemical & Petrochemical
5.2.3 Others
5.3 Geography
5.3.1 North America
5.3.2 Europe
5.3.3 Asia-Pacific
5.3.4 South America
5.3.5 Middle-East and Africa
6 COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 ALMA CARBOVAC
6.3.2 BORSIG Membrane Technology GmbH
6.3.3 John Zink Company, LLC
6.3.4 Symex GmbH & Co. KG
6.3.5 AEREON
6.3.6 Hy-Bon Engineering Company, Inc.
6.3.7 Cool Sorption A/S
6.3.8 VOCZero Ltd.
6.3.9 Zeeco, Inc.
6.3.10 FLOGISTIX, LP
6.3.11 Kappa GI
6.3.12 Kilburn Engineering Ltd
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/qxv4sg
Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.
CONTACT: ResearchAndMarkets.com Laura Wood, Senior Press Manager press@researchandmarkets.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900