What is Global Vapour Recovery Units Market?
The Global Vapour Recovery Units Market is a specialized sector that focuses on the production and distribution of vapour recovery units across the globe. These units are essential in industries that deal with volatile organic compounds (VOCs), as they help in capturing and recovering the vapours that are released during the storage and transportation of these compounds. The market is driven by the increasing need for environmental conservation and the stringent regulations imposed by governments worldwide to reduce the emission of VOCs. The market is also influenced by the technological advancements in vapour recovery units and the growing awareness about the benefits of using these units in various industries. However, the market faces challenges in terms of high installation and maintenance costs of these units. Despite these challenges, the market is expected to grow steadily in the coming years, thanks to the increasing demand for vapour recovery units in emerging economies.
Less than 500m3/h, 500-2000m3/h, More than 2000m3/h in the Global Vapour Recovery Units Market:
The Global Vapour Recovery Units Market is segmented based on the capacity of the units, which includes Less than 500m3/h, 500-2000m3/h, and More than 2000m3/h. The Less than 500m3/h segment holds the largest share in the market, owing to its wide usage in various industries due to its efficiency and cost-effectiveness. The 500-2000m3/h segment is expected to witness significant growth in the coming years, due to the increasing demand for medium-capacity units in industries such as oil and gas, chemical, and petrochemical. The More than 2000m3/h segment is also expected to grow at a steady rate, thanks to the increasing need for high-capacity units in large-scale industries.
Gas Station, Tank Truck, Oilfield & Oil Refinery, Oil Depot, Other in the Global Vapour Recovery Units Market:
The Global Vapour Recovery Units Market finds its application in various areas such as Gas Station, Tank Truck, Oilfield & Oil Refinery, Oil Depot, and Others. The Gas Station segment dominates the market, as vapour recovery units are extensively used in gas stations to capture and recover the vapours that are released during the refuelling of vehicles. The Tank Truck segment is also a significant contributor to the market, as these units are used in tank trucks to prevent the emission of VOCs during the transportation of volatile compounds. The Oilfield & Oil Refinery segment is expected to witness substantial growth in the future, due to the increasing demand for vapour recovery units in oilfields and refineries to reduce the emission of harmful vapours. The Oil Depot segment is also expected to grow at a steady rate, thanks to the increasing need for these units in oil depots for the safe storage of volatile compounds.
Global Vapour Recovery Units Market Outlook:
Looking at the Global Vapour Recovery Units Market outlook, it is evident that the market is on a growth trajectory. In 2022, the market was valued at US$ 308.7 million and it is projected to reach US$ 355.2 million by 2029. This indicates a Compound Annual Growth Rate (CAGR) of 2.0% during the forecast period of 2023-2029. The largest segment in terms of product type is Less than 500m3/h, which accounts for a whopping 83% of the market share. On the other hand, in terms of application, Gas Station holds a significant share of about 52%. This data clearly shows the potential and the growth prospects of the Global Vapour Recovery Units Market.
| Report Metric | Details |
| Report Name | Vapour Recovery Units Market |
| Accounted market size in 2022 | US$ 308.7 million |
| Forecasted market size in 2029 | US$ 355.2 million |
| CAGR | 2.0% |
| Base Year | 2022 |
| Forecasted years | 2023 - 2029 |
| Segment by Type |
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| Segment by Application |
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| Production by Region |
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| Consumption by Region |
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| By Company | Alma Group, Borsig (KNM Group Berhad), John Zink Hamworthy (Koch Industries), Generon, Aereon (Cimarron Energy), Cool Sorption, VOCZero, Zeeco, Unimac (Air Mac), Kappa GI, Kilburn Engineering, S&S Technical, Platinum Control, OTA Compression, Flotech Performance Systems, PSG (Dover), Petrogas Systems, AQT, CORKEN, Bay Environmental Technology (Beijing), Jiangsu Golden Gate Energy & Equipment, Shenzhen Autoware Science&Technology |
| Forecast units | USD million in value |
| Report coverage | Revenue and volume forecast, company share, competitive landscape, growth factors and trends |
