In 2021, the vapor recovery units industry valued at $758.5 million; it is expected to grow at a rate of 5.0% from 2021 to 2030, to hit $1,177.8 million by 2030, attributed to the rising production of the oil & gas, and petrochemicals. Furthermore, the strict regulations for volatile organic compounds and the rising concern toward environmental problems led by the increased toxic emissions from petrochemicals lead to market expansion.
Under the application segment, the storage category captures a significant vapor recovery units market share, attributed to the increased usage of the storage tanks for recollecting vent gases from distillation tanks and crude petroleum at storage sites. The worldwide rise in crude oil storage tanks has increased the demand for vapor recovery units. For example, according to the U.S Environmental Protection Agency, the country has more than 500,000 crude oil storage tanks.
APAC is expected to witness the fastest growth in the vapor recovery units market, attributed to increased investments in the capacity of oil & gas. In addition, the expansion of the manufacturing industry, rising demand for oil & gas commodities, and petrochemical derivatives result in market proliferation. The developing countries such as India and China contribute substantially to the APAC market, attributed to the population explosion, and rising urbanization, and industrialization.
The membrane separation technology is expected to witness the fastest growth in the vapor recovery units market, attributed to the low-cost installation and operations of the membrane separators. The vapor recovery units that facilitate the separation of the membrane have a higher recovery rate and low maintenance cost. However, the absorption technology captures a significant share of the VRUs market; expected to retain the same position in the near future, attributed to the massive usage of the absorption-based VRUs.
Therefore, the expansion of the manufacturing entities and rising environmental concerns lead to the proliferation of the market.
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