New York, NY -- (SBWIRE) -- 04/28/2021 -- Increasing demand for vapor recovery units owing to stringent regulations on VOC emissions across the end-use industries, growing demand from truck, railcars, and pipelines, and recent technological developments are key factors contributing to the growth of market during the forecast period.

Market Size – USD 913.8 Million in 2020, Market Growth - CAGR of 4.8%, Market Trends – Increasing shale oil production and research for advanced Vapor recovery units

According to the current analysis of Reports and Data, the global Vapor Recovery Unit Market was valued at USD 913.8 Million in 2020 and is expected to reach USD 1,340.3 Million by 2028, at a CAGR of 4.8%. The study of Vapor recovery includes recovery of fuel and gasoline vapors from storage tanks, which restrict the escape of vapors into the atmosphere. The unit is to restrict, store, withdraw vapors from storage tanks. This process is done in filling stations to reduce explosive fumes and pollution. Use of vapor recovery unit would reduce harmful methane emissions from the crude oil storage tanks. The vapor recovery unit is expected to expand due to several countries regulating the use of the vapor recovery unit to curb the increasing environmental pollution.

Stringent environmental legislations on Volatile Organic Compounds (VOC) emissions are playing a key role in the adoption of vapor recovery units in end-use industries. Use of solvents in industries leads to VOC emission. To reduce this, the vapor recovery unit is installed on various petroleum and other end-use industries. Key market players in vapor recovery unit manufacturing are opting for mergers and acquisitions to increase their manufacturing capabilities to drive the market growth.  Environmental regulations for the reduction in hydrocarbon emissions into the atmosphere to improve air quality and operational safety is expected to remain the major driver for the growth of the vapor recovery unit market. The material used to design and engineer vapor recovery units and their installation is capital-intensive; thus, high installation and maintenance costs of vapor recovery units act as a restraint for the market growth.

Key market players are HY-BON/EDI, PSG Dover, AEREON, Petrogas Systems, John Zink Company, LLC, Cimarron Energy Inc., Wintek Corporation, Accel Compression Inc., and Whirlwind Methane Recovery Systems, LLC

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Further key findings from the report suggest

- The Vapor recovery unit market is expected to expand primarily due to increased use of the VRU units to control environmental pollution
- VRU has applications in upstream and downstream processes. VRU is gaining benefits from upstream and downstream applications with low installation cost and high return on investment
- To reduce VOC emission, environmental regulations have been implemented in various countries which compelled the key players of crude oil and petroleum industry to install vapor recovery units, thus promoting the growth
- The rapid increase in the number of crude oil storage tanks with vapor recovery units in recent years makes it evident that crude oil producers are focusing on optimizing the storage and distribution process to tackle the growing crude oil price crisis
- The U.S. market will lead the North America vapor recovery services market throughout the assessment. The country is estimated to hold nearly 80% of market share of the North American VRU market
- Rapid industrialization and discovery of new shale oil and gas fields drive the market in the North American region
- The European region is estimated to dominate the vapor recovery unit market with nearly 40.1% of market share by the year 2026. The large demand for vapor recovery units from the oil & gas industry in countries, such as the UK, Germany, Norway and Italy, is a key factor driving the growth of the vapor recovery unit market in Europe. The region also has some of the strictest laws concerning environmental pollutants, thus driving demand

To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/vapor-recovery-unit-market

For the purpose of this report, Reports and Data has segmented the vapor recovery unit market on the basis of application end use, and region:

Application (Revenue, USD Million; 2018–2028)

Processing
Storage
Transportation
Railcar loading
Pipeline

End use (Revenue, USD Million; 2018–2028)

Brewery and food processing
Landfills
Oil and gas
Chemicals and Petrochemicals
Other end users

Regional Outlook (Revenue in USD Million; 2018–2028)

North America
Europe
Asia Pacific
Latin America
Middle East & Africa

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Table of Content:

Chapter 1. Market Synopsis
    1.1. Market Definition
    1.2. Research Scope & Premise
    1.3. Methodology
    1.4. Market Estimation Technique
Chapter 2. Executive Summary
    2.1. Summary Snapshot, 2020 – 2028
Chapter 3. Indicative Metrics
    3.1. Growing demand for emission control systems
    3.2. Environmental regulation to reduce VOC emissions
Chapter 4. Vapor recovery unit Market Segmentation & Impact Analysis
    4.1. Vapor recovery unit Segmentation Analysis
    4.2. Vapor recovery unit Market Value Chain Analysis, 2018 – 2028
    4.3. Regulatory framework
    4.4. Vapor recovery unit Market Impact Analysis
         4.4.1. Market driver analysis
         4.4.2. Market restraint analysis
                 4.4.2.1. High installation costs
                 4.4.2.2. Fluctuating prices of crude oil
    4.5. Key opportunities prioritized
    4.6. Vapor recovery unit Pricing Analysis
    4.7. Industry analysis - Porter's
    4.8. Vapor recovery unit PESTEL Analysis
…..
Chapter 8. Competitive Landscape
    8.1. Market Revenue Share by Manufacturers
    8.2. Manufacturing Cost Breakdown Analysis
    8.3. Mergers & Acquisitions
    8.4. Strategy Benchmarking
    8.5. Vendor Landscape
Chapter 9. Company Profiles
    9.1. Abbott Laboratories
          9.1.1. Company Overview
          9.1.2. Financial Performance
          9.1.3. Product Length Benchmarking
          9.1.4. Strategic Initiatives
    9.2. Biomerieux SA
          9.2.1. Company Overview
          9.2.2. Financial Performance
          9.2.3. Product Length Benchmarking
          9.2.4. Strategic Initiatives
    9.3. Becton
          9.3.1. Company Overview
          9.3.2. Financial Performance
          9.3.3. Product Length Benchmarking
          9.3.4. Strategic Initiatives
    9.4. Dickinson And Company
           9.4.1. Company Overview
           9.4.2. Financial Performance
           9.4.3. Product Length Benchmarking
           9.4.4. Strategic Initiatives

Continue….

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