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Vapor Recovery Services Market Size 2020: By Keyplayers SGS SA, PSC (Vapor Control), Zeeco, Inc., PSG Dover, Atlas Process Innovation, Hy-Bon/EDI, AEREON, Entech Corporation, JOHN ZINK COMPANY, LLC, Vapor Point LLC., OPW Company, Global Vapor Control, Inc

03-24-2020 10:16 AM CET | IT, New Media & Software

Press release from: Coherent Market Insights

Market Overview

Vapor recovery unit is a set-up designed to remove undesirable vapors present in distillate tank or crude oil that allows operators to adhere to prevailing emission regulations. VRU is predominantly used in upstream and downstream processes in oil & gas industry. It is also used in chemicals, oil & gas, and refineries. Moreover, vapor recovery unit is used to recover vapors that are directly emitted into the environment. VRUs are mechanically driven and are powered by an electric motor or gas engine. The working of VRU is based on the Ideal gas law. There are four principal components of vapor recovery unit namely scrubber, gas compressor, switching device, and variable frequency drives (VFDs).

The global vapor recovery services market is estimated to account forUS$ 303.5 Mnin terms of value by the end of 2019

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Competitive Section

Key players operating in the global vapor recovery services market are SGS SA, PSC (Vapor Control), Zeeco, Inc., PSG Dover, Atlas Process Innovation, Hy-Bon/EDI, AEREON, Entech Corporation, JOHN ZINK COMPANY, LLC, Vapor Point LLC., OPW Company, Global Vapor Control, Inc. (GVC) (part of Tri-Star), and Petrogas Systems.

Market Dynamics- Drivers

1. Strict regulatory policies concerning volatile organic compound (VOC) emissions is expected to drive the global vapor recovery services market during the forecast period

The VOCs emitted from numerous oil and gas storage services during transportation operations have become major environmental concern for various government and non-government agencies. To curb these hazardous pollutants, regulatory agencies have enforced strict policies regarding these emissions. These policies have compelled industry players in oil & gas sector to incorporate VRU systems. For instance, in August 2013, Environmental Protection Agency (EPA) updated its 2012 performance standards for oil & natural gas industry to address VOC emissions from storage tanks that are being used for oil & natural gas industry. These updates will make sure that highest emissions from tank are controlled first and give tank owners and operators time to purchase and install VOC. In European Union Countries, VOC emissions cannot exceed 35g (HC)/Nm3, measured in the vent of the vapour recovery unit for petrol.

2. Environmental and economic advantages offered by VPUs are expected to propel the global vapor recovery services market growth over the forecast period

Crude oil storage tanks are comprised of hydrocarbons such as natural gas, methane, hazardous air pollutants and also some inert gases. These gases vaporize and are collected in a storage tank. Whenever there is fluctuation in liquid level of tank, vapors are emitted out into the atmosphere. In such cases, vapor recovery units collect these hydrocarbons, which are sold and used as fuel in onsite operations. This, in turn, leads to significant cost savings. Moreover, VPUs can collect, store, and reduce the emission of methane, which is a hazardous greenhouse gas.
North America region dominated the global vapor recovery services market in 2018, accounting for75.5%share in terms of value, followed by Europe and Latin America, respectively

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Market Opportunities

1. Development of unconventional energy sources is expected to offer lucrative growth opportunities for market players
Development of unconventional energy sources such as oil sands, shale oil, and coal bed methane are expected to create new growth opportunities for market players. Oil & gas producers around the world are increasingly adopting novel technologies such as membrane-separated vapor recover units, in order to optimize their production process. Moreover, government agencies are focused on minimizing dependency on crude oil and are further helping producers of unconventional energy sources to incorporate advanced technologies and maximize production. For instance, in June 2016, Machine Making Company entered into a US$ 550 million contract with China's largest heavy industry enterprise to build an oil terminal with a capacity of 30 million barrels on Qeshm Island, in the southern Persian Gulf.

2. Rising demand for energy in Middle East & Africa to offer significant growth opportunities
There has been high demand for oil storage in Middle East & Africa, typically owing to growing demand for energy in respective regions. Oil storages require robust VPU systems so that hazardous gases do not emit into the atmosphere, which in turn, is expected to offer lucrative growth opportunities for market players over the forecast period.

Market Trends

1. Paradigm shift from condensation technology to membrane separation technology is a major trend in the market
Vapors are condensed to liquid form by lowering the temperature, though this process has its drawbacks such as high maintenance and high cost of nitrogen. Therefore, key players in the market are increasingly shifting towards adosporation and absorption techniques, since they can offer high vapor recovery rate and low concentrations of VOCs. These systems require low capital cost and are easy to operate. Moreover, these systems require relatively low operational cost as compared to other vapor recovery units. Development in technologies has enabled the use of membrane separation technology, which is highly efficient and offers high vapor recovery rate as compared to other technologies. Moreover, this technology can be customized according to a customer's demand.

2. Strategic mergers and acquisitions among key players in the market
Key companies in the market are focused on mergers and acquisitions, in order to expand their market presence and gain competitive edge in the market. For instance, in February 2014, Regal Beloit Corporation acquired Hy-Bon Engineering Company, Inc. for US$ 78 million.

Contact Us:
Mr. Shah
Coherent Market Insights
1001 4th Ave,
#3200
Seattle, WA 98154
Tel: +1-206-701-6702
Email: sales@coherentmarketinsights.com

About Coherent Market Insights:
Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.

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