What is Vapor Recovery Units Market?
Vapour recovery is the process of removing harmful vapour and fluid contaminants from crude products to improve the purity and prevent the release of toxic pollutants into the environment. A vapour recovery unit is designed to remove unwanted vapours present in crude oil and distillate tanks allowing operators to comply with prevailing emission regulations. The methods can be employed in a broad range of chemical industries with different variants available. For example, a vapour recovery framework for capacity tanks can be utilized to recuperate vent gas from unrefined petroleum and distillate tanks at storage spaces. Fast progress in the number of crude oil storage tanks accompanied by vapour recovery units in recent years makes it evident that crude oil makers are focusing on advancing the capacity and circulation cycle to handle the developing raw petroleum value emergency The imposition of stringent emission norms by the government and environmental agencies, these factors are creating a positive impact on the vapour recovery units market.
The market study is being classified by Type (Processing, Storage and Transportation), by Application (Oil & Gas, Landfill, Chemicals & Petrochemicals and Pharmaceuticals) and major geographies with country level break-up.
Carbovac (France), BORSIG Membrane Technology (Germany), John Zink Company (United States), SYMEX Technologies (United States), Aereon (United States), HY-BON/EDI (United States), Cool Sorption (Denmark), VOCZero (United Kingdom), Zeeco (United States) and Flogistix (United States) are some of the key players profiled in the study. Additionally, the Manufacturers which are also part of the research are Kappa Gi (Italy) and Kilburn Engineering (India).
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches, and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Research Analyst at AMA predicts that United States Manufacturers will contribute to the maximum growth of Global Vapor Recovery Units market throughout the predicted period.
Segment Analysis
Analyst at AMA have segmented the market study of Global Vapor Recovery Units market by Type, Application and Region.
On the basis of geography, the market of Vapor Recovery Units has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Drivers
- Government agencies in various countries have implemented stringent environmental legislation, in order to reduce the harmful effects of VOC emissions. These regulatory policies have mandated crude oil production companies and the petroleum industry to install vapour recovery units in each plant.
Market Trend
- Mergers and acquisitions among key players
Restraints
- High Cost of Installation and Maintenance of Vapor Recovery Units
Opportunities
- New environmental regulations are driving the demand for emission reduction. One vapour recovery unit can serve as many as four units
Challenges
- Improper Handling and Assembly of Vapor Recovery Units Can Lead to Safety and Environmental Issues
Market Leaders and some development strategies
In July 2019 Cimarron Energy United States based company announced their acquisition with the HY-BON/EDI, Both HY-BON/EDI and Cimarron’s long-term customer strategies are aligned to strengthen market positions in vapor recovery and emissions control solutions for oil and natural gas operators.
In November 2019 KMG International Group has debuted the new vapour recovery unit, a fully automated vapour recovery unit at the auto and rail loading points in the Vega refinery. The 2.3 million USD investment effort is intended to reduce the impact of the operational activities on the environment and communities in the area.
"Public Act No. 13-120 repealed the previous version of Connecticut General Statute Section 22a-174e, which required the Connecticut Department of Energy & Environmental Protection (DEEP) to adopt regulations pertaining to the installation and testing of Stage II vapour recovery systems, and replaced them with language that mandates the decommissioning of all Stage II systems by July 1, 2015."
Key Target Audience
New Entrants/Investors, Analysts and Strategic Business Planners, Vapour Recovery Units Manufacturer, Government Regulatory and Research Organizations and End-Use Industry