The 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″, 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.
The vapor recovery units market is projected to reach USD 1,007.2 million by 2022, at a CAGR of 5.0% from 2017 to 2022. The growing demand for vapor recovery units from end-use industries, such as oil & gas and others is expected to drive the vapor recovery units market. The oil & gas industry is governed by regulatory agencies, such as the Environmental Protection Agency (EPA) and European Environment Agency (EEA), over the emissions of VOC and other hazardous gases. Therefore, stringent regulations for emission control will fuel the demand for vapor recovery units as they not only restrict the release of hazardous vapors in the atmosphere but also recover valuable vapor for further saleability.
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Transportation is expected to be the fastest-growing application segment of the vapor recovery units market during the forecast period. The demand from trucks, railcars, and marine loading terminals to recover valuable vapors, lost during loading and transit is fueling the growth of this segment. Vapor recovery units are widely used in truck loading and rail loading, which are major application areas of vapor recovery units.
Based on end-use industry, the oil & gas segment is expected to grow at the highest CAGR during the forecast period. The growth of this segment can be attributed to rising demand for vapor recovery units from the downstream process in the oil & gas segment.
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The vapor recovery units market in Asia Pacific is expected to grow at the highest CAGR during the forecast period, due to the increasing demand for vapor recovery units from the downstream process in the oil & gas industry, particularly in China and India. The rise in demand for gasoline and LNG in these countries has contributed to the growth of oil & gas industry, which is expected to fuel the growth of vapor recovery units market in the region during the forecast period. The vapor recovery units market is led by few established players who are engaged in manufacturing and distributing vapor recovery units.
Major companies operating in this 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). These companies have a significant presence in regions such as North America, Europe, and Asia Pacific and are undertaking organic and inorganic expansion strategies to increase their market shares.
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