Vapor Recovery Units Market Is Expected To Touch $1,177.8 Million by 2030

The market is growing as a result of rigorous rules for reducing volatile organic compound (VOC) emissions and growing concerns about the harmful emissions from petrochemicals. This is why the vapor recovery units market accounts for around $758.5 million value in 2021, which is on the track to hit $1,177.8 million by 2030. This is mostly due to rising oil and gas output, which then leads to rising petrochemical production.

Transportation is predicted to experience a CAGR of over 5% in the coming years. This will be brought on by the rise in demand for commodities like oil, petrochemicals, and other goods, as well as the widespread usage of recovery units in cars to cut back on VOC emissions. In this aspect, strict government regulations restricting VOC emissions will spur industrial expansion.

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Moreover, the storage category holds the largest share in the vapor recovery units market. This is because vent gases from crude oil and distillation tanks may be collected at storage facilities using vapor recovery systems for storage tanks. In this regard, the demand for VRUs has grown due to the growth in the count of crude oil storage tanks throughout the world.

The technology is expected to continue to grow at the fastest rate in the vapor recovery units market. This is because adsorption-based VRUs are frequently used to recover or remove Sulphur from crude oil and to stop the release of harmful VOCs into the environment when engaging in evaporative hydrocarbon transfer operations.

The North American vapor recovery units market now accounts for the biggest share, or about 40%, which is predicted that it will maintain its dominance in the future. This is due to the expansion of end-use industries including petrochemicals and the pharmaceutical sector, which are also making efforts to enhance their vapor recovery process.

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Similarly, APAC will have the fastest market growth in the coming years, due to rising investments in oil and gas capacity addition, which are themselves driven by a rise in demand for such commodities and their derivatives, as well as expansion of the manufacturing sector. With their expanding populations, rapid urbanization, and industrialization, emerging economies like China and India are significantly impacting the industry.

Market Segmentation by Process
• Upstream
• Downstream
Market Segmentation by Application
• Storage
• Processing
• Transportation
Market Segmentation by Technology
• Condensation
• Adsorption
• Absorption
• Membrane Separation
Market Segmentation by End User
• Oil & Gas Industry
• Landfills
• Brewery & Food Processing Industry
• Others
Market Segmentation by Region
• North America Vapor Recovery Units Market
o By process
o By application
o By technology
o By end user
o By country - U.S. and Canada
• Europe Vapor Recovery Units Market
o By process
o By application
o By technology
o By end user
o By country - Germany, France, U.K., Italy, Spain, and Rest of Europe
• APAC Vapor Recovery Units Market
o By process
o By application
o By technology
o By end user
o By country - China, India, Japan, Australia, South Korea, and Rest of APAC
• LATAM Vapor Recovery Units Market
o By process
o By application
o By technology
o By end user
o By country - Brazil, Mexico, and Rest of LATAM
• MEA Vapor Recovery Units Market
o By process
o By application
o By technology
o By end user
o By country - Saudi Arabia, South Africa, and Rest of MEA

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This release was published on openPR.