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Vapor Recovery Units Market to be USD 1,177.8 Million by 2030

03-27-2023 02:39 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: P&S Intelligence

Vapor Recovery Units Market to be USD 1,177.8 Million by 2030

The global vapor recovery units market was valued at USD 758.5 million in 2021, and this number is expected to reach USD 1,177.8 million by 2030, advancing at a CAGR of 5% during 2022-2030, as per P&S Intelligence.

This can be credited to the snowballing production of oil and gas and, in turn, of petrochemicals. Moreover, the increasing awareness regarding the toxic emissions from petrochemicals and stringent guidelines for volatile organic compound emission decrease, are contributing to the growth of the industry.

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The transportation category is set to witness the highest CAGR of above 5%, in the coming few years. This can be because of the rising need for petroleum, petrochemical products, and other supplies, also the extensive usage of recovery units in automobiles to decrease volatile organic compounds emissions. The strict government guidelines limiting VOC emissions will fuel the growth of the industry.

In 2021, the oil and gas sector held the largest revenue share, of around 40%, and is projected to continue its dominance in the future as well. This is due to the increasing oil & gas usage, quickly changing environmental regulations and a growing number of refineries. Moreover, the increasing need for downstream developments and emission control systems throughout the industry boosts market growth.

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In 2021, The upstream process contributed the majority of the revenue share in the vapor recovery units market and is projected to keep the leading position in the future also.

This will be owing to the upstream oil and gas processes, including production and exploration activities.

Therefore, the surge in the number of upstream plans in North America and the Middle East energies the need for VRUs. As a result, the high use of such vapor recovery units in the upstream category will fuel the vapor recovery units industry.

In 2021, North America held the largest market share, at around 40%. And projected to keep the leading position in the future as well. This can be credited to the development of end-use industries, such as petrochemicals and pharmaceuticals which are also taking steps in order to improve the vapor recovery process in the continent. Moreover, the discovery of new shale oil & gas reserves quickens the continent's market growth.

APAC will witness the fastest development in the market in the coming years. due to the snowballing expenditure in oil and gas capacity addition, itself because of the increasing demand for such commodities and petrochemical by-products; and the development of the manufacturing sector.

Hence, the snowballing knowledge regarding the toxic emissions from petrochemicals and stringent guidelines for volatile organic compound emission reduction will drive the vapor recovery units industry.

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P&S Intelligence provides market research and consulting services to a vast array of industries across the world. As an enterprising research and consulting company, P&S believes in providing thorough insights on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness. P&S keeps the interest of its clients at heart, which is why the insights we provide are both honest and accurate. Our long list of satisfied clients includes entry-level firms as well as multi-million-dollar businesses and government agencies.

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