According to Market Research Future Analysis, the Global Vapor Recovery Units Market is anticipated to surpass a value of USD 864.0 Million by 2026, registering a CAGR of 5.10% during the research period. A vapor recovery unit is comprised of a scrubber, a compressor, and a switch. Its principal work is to recuperate fumes framed inside fixed tanks. Vapors away tanks are destructive to the climate. Vapour recuperation units are popular because of their earth favorable and effective nature and wellbeing of utilization.
Global Vapor Recovery Units Market is expected to register a CAGR of 5.10% during the forecast period owing to the stringent environmental regulations for VOC emissions and advanced technologies resulting in a reduction in the cost of production. Many leading manufacturers of vapor recovery units, such as Carbovac, BORSIG Membrane Technology, John Zink Company (US), Symex Technologies (US), and others are actively participating in the development. Also, the technology advancements in the market are projected to propel the growth of the global vapor recovery units market during the review period. However, the growth of the global vapor recovery units market growth is expected to hinder due to the high costs of installation and maintenance during the review period.
The global vapor recovery units market has been bifurcated into the application and end-use.
In terms of the application type, the global market has been classified into processing, storage, and transportation. The transportation segment is anticipated to hold the largest share of the market and grow at the fastest rate during the review period. However, the storage segment is also anticipated to register a substantial share of the vapor recovery units market during research. Depending on the application segment, the market has been segmented into the oil & gas segment and the others segment, which includes landfills, petrochemicals, and pharmaceuticals. The oil & gas segment is evaluated to lead the market and record the higher CAGR during the review period owing to the growing requirement for emission control systems and stringent regulations over volatile organic compound (VOC) emissions in the oil & gas industry.
Geographically, the global vapor recovery units market has been classified into North America, Asia-Pacific, the Middle East & Africa, Europe, and South America.
Europe is expected to dominate the largest share of the vapor recovery units market owing to the increasing demand for recovery units from countries such as Germany, the UK, Italy, and others. Furthermore, the vapor recovery units market in Asia-Pacific is expected to drive the second largest market during the review period, primarily owing to the various government initiatives introduced in the region to reduce VOC emissions.
The Major players in the global vapor recovery units market are 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), Kilburn Engineering (India), and others.
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