Product Overview

Vapor recovery unit (VRU) is a system used to recover vapours that can be reused for industrial applications, such as oil, natural gas, and other fuels. In upstream and downstream procedures in the chemical process industry, vapour recovery units are mainly used. The use of a vapour recovery unit will minimize toxic emissions of methane from the storage tanks of crude oil. The vapour recovery unit uses various techniques for vapour recoveries, such as condensation, absorption, adsorption, and membrane separation. Vapors are condensed by temperature reduction in the process of condensation. Adsorption is a process of surface phenomenon that produces an absorbent film on the absorbent surface for the vapour recovery device. In addition, the Environmental Protection Agency (EPA) requires operators in the United States to carry out vapour treatment processes in natural gas manufacturing plants, natural gas wells, and hydrocarbon storage facilities to manage toxic air pollution.

Market Highlights

Global Vapor Recovery Units Market is expected to project a notable CAGR of 5.12% in 2030.

Global Vapor Recovery Units Market to surpass USD 1,230.2 Million by 2030 from USD 750.1 Million in terms of value and 10,210.8 Units in terms of volume in 2018 growing at a CAGR of 5.12% throughout the forecast period, i.e., 2019-30 owing to the increasing demand for Vapor Recovery Units for intermediate products or for purification processes in the downstream processes of the oil & gas industry. Also, the strict government regulations on VOC emissions, combined with rising concerns about the toxic and hazardous gases released from the petrochemical industry, are expected to fuel demand growth during the forecast period. Growing efforts to provide employees with healthy workplaces would also lead to the growth of the sector. Growing the use of these units would lead to greater operating efficiency and lower costs.

Global Vapor Recovery Units Market: Segments

Storage Segment to grow with the highest CAGR of 6.2% during 2019-30

Global Vapor Recovery Units Market is segmented by Application as processing, storage, and transportation. The transportation application segment is estimated to lead the vapor recovery units’ market in 2018, and this trend is expected to continue during the forecast period. This segment 's growth can be due to the growing use in the oil & gas industry of vapors recovery units. In transportation, vapors recovery units are commonly used to minimize VOC emissions and make the recovered vapors saleable. The growth of the transportation segment is therefore driven by growing demand for the installation of vapors recovery units in truck loading and rail loading. Crude oil storage tanks, along with some inert gases, contain light hydrocarbons such as methane, natural gas liquids and harmful air contaminants. These gases vaporize during storage and are stored in the storage room. Vapors are vented out into the atmosphere as the liquid volume in the tank fluctuates. To extract these hydrocarbons, vapors recovery units are used, which can then be sold and used as fuel in onsite operations. All of this results in substantial cost savings.

Oil and Gas Segment to grow with the highest CAGR of 5.8% during 2019-30

Global Vapor Recovery Units Market is segmented by End-Use Industry into oil & gas, chemicals & petrochemicals, pharmaceuticals, and others. Due to the growing demand for downstream processes and pollution control systems to comply with the stringent regulations for VOC emissions, the oil & gas segment is expected to lead the market for the next five years. The growth of the oil & gas industry is fueled by increased demand for oil & gas products from emerging economies, such as China and India.

Global Vapor Recovery Units Market: Market Dynamics

Drivers

Strict regulatory policies regarding VOC emission

The emission of volatile organic compounds that are combined with air in the atmosphere is the responsibility of various industries. These chemicals are toxic air pollutants that can damage the environment. In order to minimize the adverse effects of VOC pollution, government agencies in different countries have introduced strict environmental regulations. These regulatory policies have required the installation of vapour recovery units in each plant by crude oil production companies and the petroleum industry. For example, in May 2016, the U.S. The Environmental Protection Agency (EPA) has adopted a set of requirements to reduce emissions of VOC, methane, and toxic air in the oil and gas field.

Economic and environmental advantages offered by vapor recovery units

Light hydrocarbons such as methane, natural gas liquids, and dangerous air pollutants (HAP), and some inert gases are present in crude oil tanks. These hydrocarbons vaporise during storage and are stored in the storage room. When the liquid volume in the tank fluctuates, these vapours are vented into the atmosphere. To extract and store these vaporised hydrocarbons, vapour recovery units are installed. In onsite operations, these hydrocarbons may be further used and sold as fuel. All this results in substantial cost savings and reductions in the emission of methane emission.

Restrain

High initial investment and low ROI

The cost can fluctuate due to customer specifications. Updated vapour recovery systems will, therefore, differ considerably from the standard model. Vapor recovery units used in marine loading applications are more costly than those used in applications for truck loading. High capital spending is therefore anticipated to impede the growth of the market. Improper vapour recovery unit handling and installation can lead to safety and environmental concerns.

Global Vapor Recovery Units Market: Key Players

BORSIG Membrane Technology (Germany)

Company Overview

Business Strategy

Key Product Offerings

Financial Performance

Key Performance Indicators

Risk Analysis

Recent Development

Regional Presence

SWOT Analysis

Carbovac (France)

John Zink Company (US)

Aereon (US)

SYMEX Technologies (US)

HY-BON/EDI (US)

VOCZero (UK)

Cool Sorption (Denmark)

Kappa Gi (Italy)

Kilburn Engineering (India)

Global Vapor Recovery Units Market: Regions

Global Vapor Recovery Units Market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, APAC and MENA.

Global Vapor Recovery Units Market in North America held the largest market share of 29.2% in the year 2018 and is projected to remain the dominant segment over the forecast period due to rapid industrialization and discoveries of new shale oil and gas fields. In Europe, countries such as the United Kingdom, France, and Germany have used vapour recovery units for industrial purposes on a broader scale. Countries such as Saudi Arabia and Qatar use vapour recovery units extensively in the Middle East, as these countries mainly extract oil and gas. Countries such as Australia have made the use of these units mandatory in the Asia Pacific region to mitigate environmental hazards. The market for vapour recovery units to mitigate environmental pollution is strong in countries such as India, China and Japan.

Competitive Landscape:

Global Vapor Recovery Units market, which is highly competitive, consists of several major players such as Carbovac (France), BORSIG Membrane Technology (Germany), John Zink Company (US), SYMEX Technologies (US) hold a substantial market share in the Global Vapor Recovery Units market. Other players analyzed in this report are Aereon (US), HY-BON/EDI (US), Cool Sorption (Denmark), VOCZero (UK), Zeeco (US), Flogistix (US), Kappa Gi (Italy), and Kilburn Engineering (India) among others.

Key players are adopting in-organic growth strategies such as product launches in the global nutritional supplement market. For instance, Major market players are focused on mergers and acquisitions, in order to enhance their market presence. For instance, in July 2019, Cimarron Energy Inc. acquired Hy-Bon/EDI to strengthen its market position.

Global Vapor Recovery Units Market is further segmented by region into:

North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada

Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil and Rest of Latin America

Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey and Rest of Europe

APAC Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia and Rest of APAC

MENA Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa and Rest of MENA

Global Vapor Recovery Units Market report also contains analysis on:

Global Vapor Recovery Units Market Segments:

By Applications:

Processing

Storage

Transportation

By End-Use Industry:

Oil & Gas

Crude Oil

Liquefied Natural Gas (LNG)

Chemicals & Petrochemicals

Pharmaceuticals

Others

Global Vapor Recovery Units Market Dynamics

Global Vapor Recovery Units Market Size

Supply & Demand

Current Trends/Issues/Challenges

Competition & Companies Involved in the Market

Value Chain of the Market

Market Drivers and Restraints

Contents

1. Executive Summary

2. Global Vapor Recovery Units Market

2.1. Product Overview

2.2. Market Definition

2.3. Segmentation

2.4. Assumptions and Acronyms

3. Research Methodology

3.1. Research Objectives

3.2. Primary Research

3.3. Secondary Research

3.4. Forecast Model

3.5. Market Size Estimation

4. Average Pricing Analysis

5. Macro-Economic Indicators

6. Market Dynamics

6.1. Growth Drivers

6.2. Restraints

6.3. Opportunity

6.4. Trends

7. Correlation & Regression Analysis

7.1. Correlation Matrix

7.2. Regression Matrix

8. Recent Development, Policies & Regulatory Landscape

9. Risk Analysis

9.1. Demand Risk Analysis

9.2. Supply Risk Analysis

10. Global Vapor Recovery Units Analysis

10.1. Porters Five Forces

10.1.1. Threat of New Entrants

10.1.2. Bargaining Power of Suppliers

10.1.3. Threat of Substitutes

10.1.4. Rivalry

10.2. PEST Analysis

10.2.1. Political

10.2.2. Economic

10.2.3. Social

10.2.4. Technological

11. Global Vapor Recovery Units Market

11.1. Market Size & forecast, 2019A-2030F

11.1.1. By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F

11.1.2. By Volume (Million Units) 2019-2030F; Y-o-Y Growth (%) 2020-2030F

12. Global Vapor Recovery Units: Market Segmentation

12.1. By Regions

12.1.1. North America:

• By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F

12.1.2. Europe:

• By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F

12.1.3. Asia-Pacific:

• By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F

12.1.4. MEA:

• By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F

12.1.5. Latin America:

• By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F

12.2. By Applications: Market Share (2020-2030F)

12.2.1. Processing, By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F

12.2.2. Storage, By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F

12.2.3. Transportation, By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F

12.3 By Bag Size: Market Share (2020-2030F)

12.3.1. Oil & Gas, By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F

12.3.2. Crude Oil, By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F

12.3.3. Liquefied Natural Gas (LNG), By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F

12.3.4. Chemicals & Petrochemicals, By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F

12.3.5. Pharmaceuticals, By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F

12.3.6. Others, By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F

13. Company Profile

13.1.1. Hy-Bon Engineering Company, Inc.

13.1.2. Company Overview

13.1.3. Company Total Revenue (Financials)

13.1.4. Market Potential

13.1.5. Global Presence

13.1.6. Key Performance Indicators

13.1.7. SWOT Analysis

13.1.8. Product Launch

13.2. PSG Dover

13.3. John Zink Company, LLC

13.4. Wintek Corporation

13.5. Whirlwind Methane Recovery Systems, LLC

13.6. Petrogas Systems

13.7. AEREON

13.8. Cimarron Energy Inc.

13.9. Accel Compression Inc.

14 Consultant Recommendation

**The above given segmentations and companies could be subjected to further modification based on in-depth feasibility studies conducted for the final deliverable.

Methodology/Research Approach

This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.

Research Programs/Design

Historical Data (2015-2019)	Industry Trends Competitive Landscape By Company Expansion Mergers and Acquisitions Market Segment by Type by Application By Regions/ Geography	Value Status and Outlook Value for Major Players Market Share Growth Rate Present Situation Analysis Value Market Share Growth Rate Present Situation Analysis
Influencing Factors	Market Environment Government Policy Technological Changes Market Risks	Market Drivers Growing Demand of Downstream Reduction in Cost
Market Forecast (2021-2026)	Overall Size by Type by Application By Regions/Geography	Key Data (Value) Market Share Growth Rate CAGR (2021-2026)

Market Size Estimation

Top-down and bottom-up approaches are used to validate the global Voluntary Carbon Offset market size market and estimate the market size for Company, regions segments, product segments and Application (end users).

The market estimations in this report are based on the marketed sale price of Voluntary Carbon Offset (excluding any discounts provided by the player, distributor, wholesaler or traders). The percentage splits, market share, and breakdowns of the product segments are derived on the basis of weights assigned to each of the segments on the basis of their utilization rate and average sale price. The regional splits of the overall Voluntary Carbon Offset market and its sub-segments are based on the percentage adoption or utilization of the given product in the respective region or country.

Major Company in the market is identified through secondary research and their market revenues determined through primary and secondary research. Secondary research included the research of the annual and financial reports of the top Company; whereas, primary research included extensive interviews of key opinion leaders and industry experts such as experienced front-line staff, directors, CEOs and marketing executives. The percentage splits, market share, Growth Rate and breakdowns of the product markets are determined through using secondary sources and verified through the primary sources.

All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or other factors are not accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Market Intellix and presented in this report

The following figure shows an illustrative representation of the overall market size estimation process used for this study.

Market Breakdown and Data Triangulation

After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation, extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report. Extensive qualitative and further quantitative analysis is also done from all the numbers arrived at in the complete market engineering process to list key information throughout the report.

Data Source

Secondary Sources

Secondary sources include such as press releases, annual reports, non-profit organizations, industry associations, governmental agencies and customs data, etc. This research study involves the usage of widespread secondary sources, directories, databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), and TRADING ECONOMICS, and News Network, statista, Federal Reserve Economic Data, annual reports, BIS Statistics, ICIS; company house documents; CAS(American Chemical Society); investor presentations; and SEC filings of companies. Secondary research was used to identify and collect information useful for the extensive, technical, market-oriented, and Hospitals study of the Voluntary Carbon Offset market. It was also used to obtain important information about the top companies, market classification and segmentation according to industry trends to the bottom-most level, and key developments related to market and technology perspectives.

Market Size	Segmental value Geographic Penetration Product Adoption Rate for Different market	Journals, Websites, and Press Releases Annual Reports and SEC Filings Company Websites and Press Releases Public and Paid Databases Market Intellix Data Repository
Market Position of Top Company	Product Financials Geographic value Mix Total Company value Business/Segmental value Mix
Qualitative Analysis	Influence Factors Market Potential Market Risks and Opportunities Industry Trends Geographical Features Government Policies	Company Websites and Press Releases Public and Paid Databases Annual Reports Industry Associations Market Intellix Data Repository

Primary Sources

In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product Company (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.

The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end use (product buyers), and related key executives from various key companies and organizations operating in the global market.

Primary research was conducted to identify segmentation Type, product price range, product Application, key Company, raw materials supply and the downstream demand, industry status and outlook, and key market dynamics such as risks, influence factors, opportunities, market barriers, industry trends, and key player strategies.

Key Executives Interviewed

Key Data Information from Primary Sources

Primary Sources	Parameters	Key Data
Market Segments(by Application, by Type)	Value by Type Status and Forecast Value by Application Value by Regions, Status and Forecast (2021-2026)	Value Market Share by Type Value Growth Rate by Type Value by Application Percentage and Growth Rate by Application Value Growth Rate and Market Share by Regions Market Size Status and Forecast (2021-2026)
Total Market	Overall Size, Status and Forecast	Market Size Status and Forecast (2021-2026)