Vapor Recovery Units Market To Generate Revenue worth $1,177.8 Million by 2030

The global vapor recovery units market is projected to generate $1,177.8 million revenue in 2030, advancing at a CAGR of 5.0% during 2021–2030. This would be a result of the rising production of oil & gas and petrochemical products and the strict regulations for limiting VOC emissions.

Storage Category Contributes Majority of Revenue

The storage category accounted for the largest revenue share, of approximately 50%, in 2021, and it is set to maintain the trend during the forecast period. This is credited to the vast number of vapor recovery systems in use to collect vent gases from crude petroleum and distillation tanks at storage facilities. Hence, the need for vapor recovery systems has expanded as the number of crude oil storage tanks around the world has risen.

Therefore, the oil & gas industry is the largest revenue contributor to the market, and it will advance with a high CAGR during the forecast period. This is due to the growing consumption of fuels, rising number of refineries, and rapidly changing environmental laws.

Downstream processes will account for the faster growth during the forecast period due to the extensive need for downstream processes, including the packaging and transportation of the finished products, in the petroleum industry. Whereas, upstream processes held the larger revenue share in 2021, as oil & gas exploration and production activities take place on a massive scale.

Geographically, the APAC vapor recovery units market will witness the highest growth rate during the forecast period. This can be attributed to the high investment in the oil & gas industry to maximize the capacity, rising demand for fuels due to the growing population, and booming manufacturing industry.

The North American region accounted for the largest revenue share in 2021, and it is expected to maintain the same trend during the forecast period. Owing to the highly developed upstream infrastructure, discoveries of new shale oil and gas reserves, and increasing number of storage tanks, sales of VRUs continue to burgeon in the region.

Strategic Developments of Keys Players

Key players in the vapor recovery units market are engaged in product launches, partnerships, and facility expansions to gain a competitive edge. For instance, in March 2022, PSG Dover launched its product portfolio of LB Series Compressors for liquid transfer and vapor recovery from LPG.

Similarly, in May 2022, Flogistix announced plans to expand its manufacturing facility for VRUs and other compression technologies in El Reno, Oklahoma, and scale up the workforce to 150.

Some of the major players in the market are Gardner Denver Inc., PSG Dover, Forum Energy Technologies Inc., Cool Sorption A/S, Cimarron Energy Inc., Koch Industries Inc., Zeeco Inc., Flogistix LP, SCS Technologies, and BORSIG GmbH.