The global vapor recovery units market was valued at USD 758.5 million in 2021, and this number is expected to reach USD 1,177.8 million by 2030, advancing at a CAGR of 5% during 2022–2030, as per P&S Intelligence.
This can be credited to the snowballing production of oil and gas and, in turn, of petrochemicals. Moreover, the increasing awareness regarding the toxic emissions from petrochemicals and stringent guidelines for volatile organic compound emission decrease, are contributing to the growth of the industry.
The transportation category is set to witness the highest CAGR of above 5%, in the coming few years. This can be because of the rising need for petroleum, petrochemical products, and other supplies, also the extensive usage of recovery units in automobiles to decrease volatile organic compounds emissions. The strict government guidelines limiting VOC emissions will fuel the growth of the industry.
Read Full Report: Vapor Recovery Units Market Revenue Estimation and Growth Forecast Report
Therefore, the surge in the number of upstream plans in North America and the Middle East energies the need for VRUs. As a result, the high use of such vapor recovery units in the upstream category will fuel the vapor recovery units industry.
In 2021, North America held the largest market share, at around 40%. And projected to keep the leading position in the future as well. This can be credited to the development of end-use industries, such as petrochemicals and pharmaceuticals which are also taking steps in order to improve the vapor recovery process in the continent. Moreover, the discovery of new shale oil & gas reserves quickens the continent's market growth.
APAC will witness the fastest development in the market in the coming years. due to the snowballing expenditure in oil and gas capacity addition, itself because of the increasing demand for such commodities and petrochemical by-products; and the development of the manufacturing sector.
