The vapor recovery units market will be positively impacted by government regulations on reducing vapor toxicity in the atmosphere during the forecast period. Every time a fuel tank is filled or an operation is carried out at an oil and gas factory, toxic gasoline vapors are released into the atmosphere. This has made governments across the world intervene and instigate the installation of vapor recovery units across all manufacturing units. For example, the United States has been estimated to consume 392 million gallons of motor gasoline daily in 2018. This has caused an unprecedented release of vapor into the atmosphere, thus increasing environmental toxicity. To combat this, the USA government has passed the Clean Air Act in 1970 which has undergone several amendments since then. The Act has been successful in removing atmospheric toxicity by implementing regulations such as the removal of leaded gasoline in vehicles. The vapor recovery units market size was valued at $801 million in 2018. The vapor recovery units market share has been further estimated to grow with a CAGR of 4.5% during the forecast period 2019-2025. Some of the vapor recovery units include soxhlet extraction, reciprocating compressor, rotary screw compressor, and rotary vane compressor.
Europe Emerging As The Geographical Leader Of The Vapor Recovery Units Market
On the basis of region, Europe has emerged as the geographical leader of the vapor recovery units market. The region held a 34% share of the total revenue earned by the market in 2018. In July 1993, the European Union Commission, headquartered in Brussels prepared and released a draft directive on vapor recovery in the continent. The directive divided vapor recovery into two phases of stages, in which Stage II has played a key role in further shaping of independent vapor recovery regulations of European countries. Europe has been remarkable in replacing passive Stage II systems with active systems, thus further incrementing the growth of the vapor recovery units market in this region.
Vapor Recovery Units Market’s Most Promising Segment Is Oil and Gas Industry
On the basis of end-use industry, the vapor recovery units market will be segmented into oil and gas, landfill, petrochemicals, pharmaceuticals, and others. The oil and gas industry has emerged as the most favorable segment of the market. Refining of crude oil and liquefied petroleum gas is carried out routinely at oil and gas manufacturing units. It is therefore essential for vapor recovery units to be installed in order to minimize the unnecessary release of toxic gasoline vapors into the atmosphere. Gasoline stations are also now equipped with vapor recovery units for reducing vapor release in the atmosphere while customers fill their vehicles with the required fuel. These factors have been pivotal in making the oil and gas segment the most important for this market. This application segment will grow with a CAGR of 3.2% during the forecast period 2019-2025.
Vapor Recovery Units Market: Key Players
Companies that have made a noticeable impact in accentuating the growth of the vapor recovery units market are Carbovac, BORSIG Membrane Technology, John Zink Company, SYMEX Technologies, Aereon, HY-BON/EDI, Cool Sorption, VOCZero, Zeeco, Flogistix, Kappa Gi, and Kilburn Engineering.
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