Vapour recovery units are crucial in reducing VOC emissions and crude oil loss. Market growth is driven by stricter regulations and increased oil storage needs.
Vapour recovery units arrest vapour escaping from storage tanks, and help reduce VOC emissions by nearly 90%. Growing government restrictions and new regulations on the levels of VOC emissions are anticipated to elevate the sales of vapour recovery units across the world. These units also play a major role in reducing loss of crude oil through storage tanks in upstream and downstream operations. As a result, notable growth in crude oil storage tanks across the globe is projected to fuel the sales of vapour recovery units over the coming years.
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According to a recent research report published by Future Market Insights, the vapour recovery unit market was valued at US$ 878 Bn in 2018, and expected to register a decent CAGR of more than 5% during the forecast period of 2019-2029.
“North America and Europe are anticipated to retain their prominent shares in the market throughout the forecast years, due to their established markets for upstream and downstream applications. However, APEJ and MEA are anticipated to provide lucrative growth opportunities on the back of development of the oil & gas sector in these regions.”
Key Takeaways of Vapour Recovery Unit Market Study
Growing production and consumption of oil has resulted in a rise in the number of oil exploration units and refineries across the globe. Increment in storage batteries and tanks, in turn, is anticipated to propel the demand for vapour recovery units during the foreseen period.
Price volatility of crude oil and increasing loss of oil due to vapour escape from storage vents will to fuel the requirement for vapour recovery units. These units restrict crude oil wastage due to vapour loss; hence, their utilization is anticipated to increase in upstream as well as downstream applications in the coming years.
Environmental regulations regarding VOC emissions have become stricter across the European Union and North America. Increasing greenhouse emissions and commitment of various organizations towards sustainable development are anticipated to further motivate end users to ensure strict adherence to guidelines and regulations. The use of vapour recovery units helps these manufacturers meet these standards of emissions.
North America and Western Europe are anticipated to hold substantial share in the market. The prominence of potential VRU manufacturers in these regions will spur market growth.
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Vapour Recovery Units Market Taxonomy
The global vapour recovery units market is segmented in detail to cover every aspect of the market, and present complete market intelligence to readers.
Technology
Application
Process
End Use
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The article discusses the growing market for vapour recovery units driven by environmental regulations and increased oil storage.
They significantly reduce VOC emissions and prevent crude oil loss, aligning with stricter environmental regulations.
North America and Europe are leading, with APEJ and MEA regions showing potential for growth.
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