Vapor Recovery Unit Market Will See Strong Expansion Through 2025
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Restraints of the vapor recovery unit market are high cost of production and installation in downstream sector due to the oil & gas market volatility. Improper handling and assembling of vapor recovery units can lead to safety and environmental concerns.
However, the vapor recovery unit market is expected to expand primarily due to several countries regulating the use of these units to curb the increasing environmental pollution. Government subsidies in several economies have resulted in high demand for these units. Advanced and emerging technologies have resulted in the reduction in cost of production.
In terms of geography, the vapor recovery unit market in North America is expanding due to rapid industrialization and discoveries of new shale oil and gas fields. In Europe, countries such as the U.K., France, and Germany have been using vapor recovery unit on a wider scale for industrial purposes. In the Middle East, countries such as Saudi Arabia and Qatar are extensively using vapor recovery units as these countries largely produce oil and gas. In Asia Pacific, countries such as Australia have made the use of these unit mandatory for curbing environmental hazards. Countries such as India, China, and Japan have high demand for vapor recovery units to reduce environmental pollution. Countries in Africa and Latin America are promising markets for vapor recovery unit.
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Key players operating in the vapor recovery unit market include Cimarron Energy Inc., Wintek Corporation, Siemens AG, Accel Compression Inc., ABB Ltd, and Eaton.
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