Burlingame, Aug. 09, 2023 (GLOBE NEWSWIRE) -- Coherent Market Insights published a report, titled, “Vapor Recovery Services Market, By Process (Upstream and Midstream/ Downstream), By Application (Marine Loading, Storage Tank Vents, and Railcar and Truck Loading), By Operation (New Installations and Services (O&M)) and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa)- Size, Share, Outlook, and Opportunity Analysis.” According to the report, the global vapor recovery services market is estimated to be valued at US$ 400.9 million in 2022 and is expected to exhibit a CAGR of 4.6% during the forecast period (2022-2030).
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Analysts’ Views on Global Vapor Recovery Services Market
Growing strict environmental regulations coupled with need to control the air pollution are expected to drive vapor recovery services market growth. Various countries have introduced strict emissions standards that necessitate the capture and control of volatile organic compounds (VOCs) and other hazardous gases in order to avoid penelties. Vapor recovery systems can eliminate the harmful pollutants and VOCs into the atmosphere while improving better air quality.
Key Trends and Analysis of the Global Vapor Recovery Services Market:
Growing trend of environmentally friendly practices due to rising consumer awareness is encouraging companies to adopt vapor recovery systems to contribute towards sustainability. In March 2023, The Supreme Court has directed that all the retail petroleum outlets located in cities having population of more than 10 lakh and having turn over ofmore than 300 KL/Month shall install the Vapour Recovery System(VRS) mechanism.
Global Vapor Recovery Services Market - Drivers
Shift towards cleaner and more sustainable energy sources to propel market growth
The global shift towards cleaner and more sustainable energy sources due to growing need to reduce traditional fossil fuel industries is driving growth of the global vapor recovery services market. Vapor recovery services can help companies to reduce the environmental impact. Thus, increasing adoption of more sustainable energy sources are fuelling market growth.
Vapor Recovery Services Market Report Coverage
| Report Coverage | Details | |||
| Base Year: | 2022 | Market Size in 2023: | US$ 400.9 Mn | |
| Historical Data for: | 2017 to 2021 | Forecast Period: | 2023 to 2030 | |
| Forecast Period 2023 to 2030 CAGR: | 4.6% | 2030 Value Projection: | US$ 548.2 Mn | |
| Geographies covered: |
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| Segments covered: |
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| Companies covered: | SGS SA, PSC (Vapor Control), Zeeco, Inc., PSG Dover, Atlas Process Innovation, Hy-Bon/EDI, AEREON, Entech Corporation, JOHN ZINK COMPANY, LLC, Vapor Point LLC., OPW Company, Global Vapor Control, Inc. (GVC) (part of Tri-Star), and Petrogas Systems. | |||
| Growth Drivers: |
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| Restraints & Challenges: |
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Rapid industrialization to augment market growth
The rise of industrial activities, such as oil and gas production, refining, and transportation, are contributing to higher emissions. Deployement of vapor recovery services can help control these emissions and minimize the environmental impact of rising industrial actvities.
Global Vapor Recovery Services Market – Restrain
Operational risks and mechanical failures are expected restrain market growth
Operational risks and mechanical failures are expected to pose significant challenges and hampering the adoption of vapor recovery services. Operational risks and mechanical failures can impact the performance and reliability of the vapor recovery unit (VRU), a important component of the vapor recovery system. This factor is expected to restrict the market growth.
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Global Vapor Recovery Services Market – Opportunities
Technological advancements in vapor recovery systems are expected to provide significant market growth opportunities
Key players in the market are introducing advanced and more efficient vapor recovery systems. This is expected to hold potential market growth opportunities. For instance, in March 2021, SCS Technologies introduced a new vapour recovery unit that enables the company to expand its portfolio of measurement equipment, parts, and field services. The new product is equipped with a variable speed drive and a bypass recycle valve for optimum runtime, oversized scrubbers, oversized filtration on lubricant injection lines, and suction scrubber filter separators. The new launch is aimed at complying with the EPA 0000a regulations and addressing growing environmental concerns.
Global Vapor Recovery Services Market - Key Developments
In August 2023, SCS Technologies (SCS), a provider of CO2 compression and measurement systems, methane vapor recovery units and petroleum LACT units, announced a partnership with One Tree Planted to plant one million trees by 2030.
In May 2023, Cool Sorption has announce that it has been awarded a contract to deliver a Methanol Vapour Recovery Unit. This contract is a recognition of Cool Sorption expertise and commitment to providing innovative solutions and meeting the highest standards of efficiency.
Key Market Takeaways:
Global vapor recovery services market size is expected to exhibit a CAGR of 4.6% during the forecast period, owing to growing environmental regulation, increasing need to improve air quality, and growing industrial activities.
On the basis of Process, upstream segment is expected to hold a dominant position, owing to the growing demand from oil and gas exploration and production sector.
On the basis of Applications, storage tank vents segment is expected to hold a dominant position, owing to the increasing installation of VRS in storage tank application for vapors capture and prevent their release into the atmosphere.
On the basis of Operation, Services (O &M) segment is expected to hold a dominant position, owing to the need to upgrade the existing system in order to enhance reliability and efficiency.
On the basis of region, North America is expected to hold a dominant position over the forecast period, due to strict emissions regulations mandating vapor recovery systems across various industries such as chemical processing, oil & gas,and transportation.
Competitive Landscape:
Key players operating in the global Vapor Recovery Services market include SGS SA, PSC (Vapor Control), Zeeco, Inc., PSG Dover, Atlas Process Innovation, Hy-Bon/EDI, AEREON, Entech Corporation, JOHN ZINK COMPANY, LLC, Vapor Point LLC., OPW Company, Global Vapor Control, Inc. (GVC) (part of Tri-Star), and Petrogas Systems
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Detailed Segmentation:
- Global Vapor Recovery Services Market, By Process:
- Upstream
- Midstream/ Downstream
- Global Vapor Recovery Services Market, By Applications:
- Marine Loading
- Storage Tank Vents
- Railcar and Truck Loading
- Global Vapor Recovery Services Market, By Operation:
- New Installations
- Services (O&M)
- Global Vapor Recovery Services Market, By Region:
- North America
- U.S.
- Canada
- Europe
- Germany
- Italy
- U.K.
- France
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- Australia
- India
- ASEAN
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- Middle East and Africa
- GCC Countries
- Israel
- South Africa
- Rest of Middle East and Africa
- North America
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