Vapor Recovery Units Market Overview:
Vapor Recovery Units Market size is predicted to grow at a 4% CAGR during the forecast period.
The global vapor recovery units market is primarily driven by the growing awareness about environmental pollution and the increasing focus on reducing greenhouse gas emissions. Additionally, stringent environmental regulations and the expansion of the oil and gas industry are also contributing to the growth of the market.
Global Vapor Recovery Units Market is projected to grow at a high rate during the forecast period, primarily due to the stringent environmental regulations for VOC emissions. Moreover, oil storage opportunities in the countries of the Middle East Africa are expected to present a growth opportunity for the vapor recovery units market.
Volatile organic compounds (VOCs) are the chemicals that vaporize at room temperature and are the major reason for ground-level air pollution. Stringent environmental regulations have been imposed by various state regulatory bodies to recover the VOCs. For instance, the US regulates VOCs at the federal level through the 40CFR 59, which is the National Volatile Organic Compound Emission Standards for Consumer and Commercial Products.
Request Sample Report @ https://www.marketresearchfuture.com/sample_request/10021
Environmental regulations are mainly made for different types of coatings, including aerosol coatings, automobile refinish coatings, architectural coatings, and consumer products. Aerosol coatings are generally covered under the 40 CFR 59 Subpart E, which contains the responsibilities of defined parties, labeling requirements, definitions, reporting requirements, record keeping, and category limits. Architectural coatings are covered under the 40 CFR 59 Subpart D, which contains definitions, labeling requirements, reporting requirements, record keeping, category limits, and exceedance fees. Moreover, Automobile refinish coatings are covered in 40 CFR 59 Subpart B, which contains responsibilities of defined parties, definitions, labeling requirements, record keeping, and reporting requirements. Additionally, consumer products are covered under the 40 CFR 59 Subpart C, which contains responsibilities of defined parties, definitions, record keeping, labeling requirements, and reporting requirements.
The global market for vapor recovery units is classified based on horsepower, application, end use, and region. By horsepower, the global market has been segmented into up to 50 HP, 51 to 200 HP, 201 to 500 HP, 501 to 1000 HP, and above 1000 HP. By application, the global market has been segmented into oil tank vapors, marine loading terminals, barge degassing, truck loading, vapor particulate filter, railcar loading, and storage terminals. By end use, the global market has been segmented into oil gas, landfill, chemicals petrochemicals, and pharmaceuticals.
Market Research Analysis
In terms of region, the vapor recovery units market is segmented into Europe, Asia-Pacific, North America, the Middle East Africa, and South America. Asia-Pacific dominates the vapor recovery units market.
The vapor recovery units market in Asia-Pacific is likely to account for the largest share during the review period. According to Baker Hughes (US), in 2018, the region accounted for about 10.3% of the total rigs operating globally. Additionally, according to the BP Statistical Report 2018, the total reserves in Asia-Pacific were estimated to be 48,000 million barrels with a 16.7 reserve to production ratio. Major vapor recovery unit companies are focusing on this region due to the growing demand for oil and gas, chemicals, petrochemicals, and pharmaceuticals in the region. These factors are expected to improve the opportunities for the vapor recovery unit manufacturers in this region. Furthermore, the continuous development in the infrastructure throughout Asia-Pacific is also contributing to the growth of the regional market.
Market Segmentation:
By Type
- Up to 50 HP
- 51 to 200 HP
- 201 to 500 HP
- 501 to 1000 HP
- Above 1000 HP
By Application
- Oil Tank Vapors
- Marine Loading Terminals
- Barge Degassing
- Truck Loading
- Vapor Particulate Filter
- Railcar Loading
- Storage Terminals
By End-Use
- Oil Gas
- Landfill
- Chemicals Petrochemicals
- Pharmaceuticals
By Regions
- North America
- Asia-Pacific
- Europe
- Middle East Africa
- South America
Key Players
The major industry participants of the global market for vapor recovery units are Gardner Denver (US), FLOGISTIX, LP (US), AEREON (US), Zeeco, Inc. (US), John Zink Hamworthy (US), Hy-Bon/EDI (US), Whirlwind Methane Recovery Systems, LLC (US), BORSIG GmbH (Germany), Symex Technologies (Netherlands), ALMA Group (France), Voczero Ltd. (UK), Dover (India), Kappa GI (Italy), and Kilburn Engineering Ltd. (India).
Related Reports:
transformers cost billion study says
