Vapor Recovery Units Market Growth Is Attributed To The Increased Adoption Of Membrane Separation Technology

According to Precision Business Insights (PBI), latest report vapor recovery units market was valued at USD 923.7 million in 2022 and is poised to grow at a CAGR of 4.2% during the forecast period 2023 to 2029. The adoption of stringent environmental regulations by governments and international bodies to reduce air pollution and greenhouse gas emissions in various countries drives the demand for the vapor recovery unit's market. Furthermore, the additional advantage of energy efficiency and cost savings from the recovered hydrocarbons that would otherwise be lost as vapor emissions has proved to be a lucrative option for companies to adopt vapor recovery units. Moreover, several old industrial facilities with outdated or less efficient emission control systems have upgraded these facilities with modern VRU to improve efficiency, compliance, and environmental performance further which has led to market growth. Additionally, the integration of remote monitoring and control capabilities into VRUs to monitor system performance and make adjustments remotely has become popular in the market and its adoption has led to a surge in market growth.

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The vapor recovery units market is segmented based on technology, application, end-user industry, and geography.
Based on the technology, the market is segmented into the following:
• Membrane Separation
• Adsorption
• Condensation
• Absorption

Based on the application, the market is segmented into the following:
• Processing
• Storage and Transportation
• Railcar Loading
• Others

Based on the end-user industry, the market is segmented into the following:
• Oil & Gas
• Chemicals and Petrochemicals
• Landfills
• Brewery and Food Processing
• Others

Based on the end-user industry, the market is segmented into the following:
• Upstream
• Downstream

Based on Geography, the market is segmented into the following:
• North America
• Europe
• Asia Pacific
• Latin America
• MEA

Membrane Separation Segment Dominates Vapor Recovery Units Market:
Based on technology, membrane separation technology is anticipated to show a significant growth rate in the market share over the forecasting period. Membrane separation technology utilizes specialized membranes that allow for the selective isolation and capture of particular components from gas mixtures, such as volatile organic compounds (VOCs) from vapor emissions. The cost-effectiveness in terms of operation and installation when compared to other technologies is anticipated to drive the market. The Vapour Recovery Units (VRUs) based on membrane separation technology are easy to install, relatively compact design, lower energy consumption, minimal maintenance, and have straightforward usage making it the preferred choice of end-user industries that further boosts the market.

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Asia Pacific Leads Vapor Recovery Units Market:
Vapor Recovery Units market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. Asia Pacific accounted for a significant share of the vapor recovery units market. The market is expected to grow at a significant CAGR over the forecast years owing to rising concerns regarding the quality of the air and its effects on public health that prompt industries to adopt emission control technologies like VRUs to mitigate their contribution to air pollution especially in high population densities and urban areas like China and India. North America region is also anticipated to grow in the forecasting period owing to the increased production and consumption of oil along with oil exploration units and refineries across the United States.

Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players:
Vapor Recovery Units market further reveals that the key players increasingly adopting strategies such as the launch of newer products, and long-term alliances to improve market revenue share and gain significant geographic presence across the region.

Key player profiles in the vapor recovery units' market Hy-Bon/EDI, Petrogas Systems, PSG Dover, Alma Group, Flogistix LP, Gardner Denver, Kappa GI, Kilburn Engineering Ltd, Symex Technologies, Voczero Ltd., BORSIG GmbH, AEREON, John Zink Company LLC, Cimarron Energy Inc., Wintek Corporation, Accel Compression Inc., and Whirlwind Methane Recovery Systems LLC

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This release was published on openPR.