Vapor Recovery Unit Market

Market Overview:

The global vapor recovery unit market size reached US$ 832.1 Million in 2023. Looking forward, IMARC Group expects the market to reach US$ 1,315.4 Million by 2032, exhibiting a growth rate (CAGR) of 5.22% during 2024-2032. The growing expansion of the oil and gas industry, widespread equipment utilization in the F&B industry, and the introduction of membrane-based vapor recovery units (VRUs) represent some of the key factors driving the market.

A vapor recovery unit (VRU) refers to equipment used to capture volatile organic compounds (VOCs) generated during industrial processes. It’s comprised of several components, such as a compressor, condenser, scrubber, separator, storage tanks, pipes, and control systems. VRU is manufactured using strong, durable, and corrosion-resistant materials, such as steel, aluminum, polypropylene, and fiberglass. It is widely used in oil extraction and transportation, chemical production, food processing, drug manufacturing, mining activities, brewery, and landfills. VRU prevents the release of harmful gases, minimizes environmental pollution, and reduces carbon footprint. It also aids in increasing worker safety, minimizing health risks, improving equipment performance, enhancing production efficiency, and reducing the risks of fires, explosions, and other accidents. As a result, VRU finds extensive applications across the oil and gas, food and beverage (F&B), mining, pharmaceutical, and chemical industries.

Vapor Recovery Unit Market Trends:

The rapid expansion of the oil and gas industry is one of the primary factors propelling the market growth. VRU is widely used to capture various hydrocarbons, such as methane, ethane, propane, and butane, generated during oil and gas production, transportation, storage, loading and unloading, and refining processes. In addition to this, the rising investments in oil and gas production due to the increasing energy demands is acting as another growth-inducing factor. Furthermore, the widespread equipment utilization during fermentation, evaporation, drying, and distillation processes in the F&B industry to capture vapors containing flavors, aromas, and various VOCs, such as ethanol, acetic acid, hexane, and methane, is providing an impetus to the market growth. Additionally, the introduction of membrane-based VRUs that are cost-effective, highly efficient, reduce energy consumption, require low maintenance, and improve workplace safety is positively influencing the market growth. Besides this, the integration of advanced sensors, control systems, and artificial intelligence (AI) to maximize recovery rate, reduce frequent manual interventions, reduce operational costs, detect anomalies, and provide real-time monitoring capabilities is favoring the market growth. Moreover, the implementation of various government initiatives to reduce VOC emission levels and mandate the installation of VRUs across industries are propelling the market growth. Other factors, including rising environmental concerns among the masses, increasing investments in the development of advanced products, and the widespread exploration of unconventional energy sources, such as coal bed methane, shale gas, and oil sands, are anticipated to drive the market growth.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global vapor recovery unit market report, along with forecasts at the global, regional, and country levels for 2024-2032. Our report has categorized the market based on type, process, application, technology, and end user.

Type Insights:

• Conventional Vapor Recovery Unit
• Ejector Vapor Recovery Unit
   

The report has provided a detailed breakup and analysis of the vapor recovery unit market based on the type. This includes conventional and ejector vapor recovery units.

Process Insights:

• Upstream
• Downstream
   

A detailed breakup and analysis of the vapor recovery unit market based on the process has also been provided in the report. This includes upstream and downstream. According to the report, upstream accounted for the largest market share.

Application Insights:

• Storage
• Processing
• Transportation
   

A detailed breakup and analysis of the vapor recovery unit market based on the application has also been provided in the report. This includes storage, processing, and transportation. According to the report, transportation accounted for the largest market share.

Technology Insights:

• Condensation
• Adsorption
• Absorption
• Membrane Separation
   

A detailed breakup and analysis of the vapor recovery unit market based on the technology has also been provided in the report. This includes condensation, adsorption, absorption, and membrane separation.

End User Insights:

• Oil and Gas Industry
• Landfills
• Brewery and Food Processing Industry
   

A detailed breakup and analysis of the vapor recovery unit market based on the end user has also been provided in the report. This includes oil and gas industry, landfills, and brewery and food processing industry. According to the report, oil and gas accounted for the largest market share.

Regional Insights:

• North America
  • United States
  • Canada
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Others
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, North America was the largest market for vapor recovery unit. Some of the factors driving the North America vapor recovery unit market included rapid industrialization, increasing government initiatives, and significant technological advancements.

Competitive Landscape:

The report has also provided a comprehensive analysis of the competitive landscape in the global vapor recovery unit market. Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. Some of the companies covered include Accel Compression Inc., BORSIG GmbH (Deutsche KNM GmbH), Cimarron Energy Inc., Cool Sorption A/S (Diamond Key International (Denmark) Holdings ApS), Flogistix LP, John Zink Company, LLC (Koch Engineered Solutions, LLC), Petrogas Systems, PSG Dover, VOCZero Ltd. (VEFEL LIMITED), Zeeco Inc., etc. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.

Vapor Recovery Unit Market Report Scope:

Key Questions Answered in This Report:

• How has the global vapor recovery unit market performed so far, and how will it perform in the coming years?
• What are the drivers, restraints, and opportunities in the global vapor recovery unit market?
• What is the impact of each driver, restraint, and opportunity on the global vapor recovery unit market?
• What are the key regional markets?
• Which countries represent the most attractive vapor recovery unit market?
• What is the breakup of the market based on the type?
• Which is the most attractive type in the vapor recovery unit market?
• What is the breakup of the market based on the process?
• Which is the most attractive process in the vapor recovery unit market?
• What is the breakup of the market based on application?
• Which is the most attractive application in the vapor recovery unit market?
• What is the breakup of the market based on technology?
• Which is the most attractive technology in the vapor recovery unit market?
• What is the breakup of the market based on end user?
• Which is the most attractive end user in the vapor recovery unit market?
• What is the competitive structure of the global vapor recovery unit market?
• Who are the key players/companies in the global vapor recovery unit market?

Key Benefits for Stakeholders:

• IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the vapor recovery unit market from 2018-2032.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the global vapor recovery unit market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the vapor recovery unit industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.