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“The vapor recovery units market is projected to reach USD 1,007.2 million by 2022”
The vapor recovery units market is projected to grow from USD 787.5 million in 2017 to USD 1,007.2 million by 2022, at a CAGR of 5.0% during the forecast period. Stringent environmental regulations with respect to VOC emissions is anticipated to drive the growth of this market. However, high cost of installation and maintenance of vapor recovery units is expected to restrain the market growth.
“Based on application, the transportation segment is expected to grow at the highest CAGR during the forecast period”
The transportation application segment of the vapor recovery units market is expected to grow at the highest CAGR during the forecast period. There is high emission of VOCs during loading and transporting gasoline and LNG. Therefore, vapor recovery units are widely used in truck loading, rail loading, and marine loading in this application.
“Based on end-use industry, the oil & gas segment is expected to grow at the highest CAGR during the forecast period”
The oil & gas segment of the vapor recovery units market is expected to grow at the highest CAGR during the forecast period. Vapor recovery units are widely used in across the value chain of the oil & gas industry. Additionally, there are strict regulations in regions such as North America and Europe that restrict the emission of VOCs from the oil & gas industry. These factors drive the oil & gas segment.
“The Asia Pacific vapor recovery units market is projected to grow at the highest CAGR during the forecast period”
Based on region, the vapor recovery units market in Asia Pacific is expected to grow at the highest CAGR from 2017 to 2022. Developing countries in Asia Pacific such as China and India have huge demand for oil & gas products, which increase the possibility of VOC emissions and vapor leakage during storage and transportation. Hence, the increasing demand for vapor recovery units from the oil & gas industry in China and India is anticipated to drive the growth of the market in this region.
Breakdown of profiles of primary participants:
- By Company Type: Tier 1 – 19%, Tier 2 – 50%, and Tier 3 - 31%
- By Designation: C Level Executives- 31%, Directors - 25%, and Others – 44%
- By Region: Asia Pacific - 31%, North America - 25%, Europe – 25%, Middle East & Africa - 13%, and Latin America – 6%
As part of the qualitative analysis, this report provides a comprehensive overview of major market drivers, restraints, opportunities, and challenges. It also discusses competitive leadership mapping and strategies adopted by key market players, such as 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).
The report provides an analysis of the vapor recovery units market across different regions, such as North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America. It aims at estimating the market size and growth potential of various market segments based on application and end-use industry. The report also includes an in-depth competitive analysis of key players in the market, recent developments, and key market strategies.
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This report covers the following key aspects:
- Market size by 2022 and market growth rate
- Key factors expected to drive the market
- Challenges that impact market growth
- Key players operating in the market