The vapor recovery units market is estimated to be USD 787.5 Million in 2017 and is projected to reach USD 1,007.2 Million by 2022, at a CAGR of 5.0% from 2017 to 2022.
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According to the new market research report "Vapor Recovery Units Market by Application (Processing, Storage, and Transportation), End-use Industry (Oil & Gas (Upstream and Downstream), Landfills), and Region (North America (US, Canada), Europe (UK, Germany), Asia Pacific) - Global Forecast to 2022", published by MarketsandMarkets™,
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The growth of the vapor recovery units market can be attributed to stringent environmental regulations for VOC emissions. Rising energy demand in the Middle East & Africa results into oil storage.
This provides an opportunity to the vapor recovery units market to grow in the coming years.
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The transportation application segment is estimated to lead the vapor recovery units market in 2017, and this trend is expected to continue during the forecast period. The growth of this segment can be attributed to the increasing use of vapor recovery units in the oil & gas industry.
Vapor recovery units are widely used in transportation to reduce VOC emission and make the recovered vapor saleable. Therefore, rising demand for installation of vapor recovery units in truck loading and rail loading is driving the growth of the transportation segment.
Based on end-use industry, the oil & gas segment is projected to lead the vapor recovery units market during the forecast period
Based on end-use industry, the oil & gas segment is estimated to lead the vapor recovery units market in 2017, and this trend is expected to continue in the coming years. The growth of the oil & gas segment can be attributed to high demand for vapor recovery units in the downstream process in the oil & gas industry due to stringent regulations with respect to VOC emissions into the atmosphere.
Growing demand for oil & gas products from the emerging economies, such as China and India, is fueling the growth of the oil & gas industry.
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Europe is estimated to be the largest market for vapor recovery units in 2017
The European region is estimated to lead the vapor recovery units market in 2017 and is expected to continue its dominance in the near future. The high demand for vapor recovery units from the oil & gas industry in countries, such as the UK, Germany, and Italy, is a key factor driving the growth of the vapor recovery units market in Europe.
Key players operating in the vapor recovery units market include Carbovac (France), BORSIG Membrane Technology (Germany), John Zink Company (US), SYMEX Technologies (US), Aereon (US), HY-BON/EDI (US), Cool Sorption (Denmark), VOCZero (UK), Zeeco (US), Flogistix (US), Kappa Gi (Italy), and Kilburn Engineering (India).
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