Vapor Recovery Units: Introduction
- Vapor recovery eliminates harmful vapors and fluid contaminants from crude oil products. Vapor recovery process purifies crude oil products and restricts the release of toxic pollutants into the environment.
- Vapor recovery unit is a set-up designed for the purpose of removing unwanted vapor from crude oil or distillate tank. The set-up consists of gas compressor, scrubber, variable frequency drives (VFDs), and switching device.
- Gas compressor is used for vapor removal, while scrubber removes fluid impurities from the natural gas stream. Frequency drives adjust the speed of the compressor and switching device deals with the pressure change inside the tank and accordingly activates the compressor.
Key Drivers and Restraints of Vapor Recovery Units
- India, the U.S., countries in the Middle East have mandated the implementation of vapor recovery units at factories, mines, and extraction sites to check the leakage of harmful hydrocarbons and other toxic fumes into the atmosphere. These stringent regulations create substantial demand for vapor recovery units, thereby boosting the global vapor recovery units market. Rise in campaigns by several environment protection organizations have also stimulated businesses to incorporate vapor recovery units in their businesses. This is another factor augmenting the global vapor recovery units market.
- Exponential growth of vehicles is leading to an increase in carbon emissions. This is causing major air pollution. Therefore, logistics companies are implementing portable vapor recovery units in their vehicles. This is also a major factor propelling the global vapor recovery units market.
- High cost of production and installation in the downstream sector due to volatility in the oil & gas market is a key factor restraining the vapor recovery units market. Improper handling and assembling of vapor recovery units can lead to safety and environmental concerns. This is also estimated to adversely affect the market.
COVID-19 Impact Analysis
- Governments of several countries across the globe have imposed stringent lockdowns to limit the spread of the coronavirus. Movement of individuals and economic activities, related to goods and services, has come to a halt because of lockdowns. Supply could not adjust to the drop in consumption. This resulted in considerable buildup of crude oil and natural gas in storage. Low prices and unprecedented drop in demand have created difficulties for the upstream sector in regions with unfavorable production economies. Thus, lack of investment due to high volatility in the oil & gas industry is hampering the global vapor recovery units market.
Vapor Recovery Units Market: Segmentation
- The global vapor recovery units market can be segmented based on type, process, application, and end-user
- In terms of type, the global vapor recovery units market can be segregated into conventional vapor recovery unit and ejector vapor recovery unit
- In terms of process, the global vapor recovery units market can be divided into adsorption, absorption, condensation, and membrane separation
- In terms of application, the global vapor recovery units market can be segregated into processing, storage, and transportation
- In terms of end-user, the global vapor recovery units market can be classified into oil & gas industry, chemicals & petrochemicals industry, and others
Vapor Recovery Units Market: Regional Segmentation
- In terms of region, the global vapor recovery units market can be split into Middle East & Africa, Latin America, Asia Pacific, Europe, and North America
- According to Rystad Energy, well service spending is expected to rise to US$ 54 Bn in 2021 from US$ 50 Bn in 2020 in North America. Thus, vapor recovery units market is projected to expand at a rapid pace in the region in the near future.
- According to the Oil and Gas Journal, well intervention in Middle East & Africa is anticipated to rise at a faster pace, with around 10,000 active offshore wells on oil fields with average well age of 16-21 years compared to average well age of 10-15 years in other regions. Thus, discoveries of new shale oil and gas fields lead to more downstream (extraction of crude oil), midstream (transport and storage of crude oil), and upstream (refining of crude oil) operations. Thus, the vapor recovery units market in Middle East & Africa is expected to expand at a faster pace in the near future.
- Australia has made the use of vapor recovery unit mandatory for curbing environmental hazards. Demand for vapor recovery units is high in India, China, and Japan in Asia Pacific. This is estimated to drive the market in the region in the near future.
Key Players Operating in Global Market:
- ALMA CARBOVAC
- BORSIG GmbH
- JOHN ZINK HAMWORTHY Combustion
- Cool Sorption A/S
- VOCZero Ltd.
- Zeeco, Inc.
- KAPPA GI
- Kilburn Engineering Ltd.
- Wintek Corporation
- Siemens AG
- Accel Compression Inc.
Global Vapor Recovery Units Market: Research Scope
Global Vapor Recovery Units Market, by Type
- Conventional Vapor Recovery Unit
- Ejector Vapor Recovery Unit
Global Vapor Recovery Units Market, by Process
- Membrane Separation
Global Vapor Recovery Units Market, by Application
Global Vapor Recovery Units Market, by End-user
- Oil & Gas Industry
- Chemicals & Petrochemicals Industry
Global Vapor Recovery Units Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
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The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.