Volatile organic compounds are lighter compounds of crude, which get evaporated during loading operations or when carrying high-volatility crude. The vapor in the cargo needs to be vented out into the atmosphere to restrict any pressures in the tank, which could reach dangerous limits. Volatile organic compounds needs to be recovered and emitted into the atmosphere in large volumes during the loading of oil shuttle tankers from the oil field. The recovery of these volatile organic compounds are done with the help of system known as volatile organic compounds recovery systems.
The volatile organic compounds recovery system market can be segmented based on processes to recover volatile organic compounds, application, and region. Based on process, the volatile organic compounds recovery system market is segmented into volatile organic compounds re-absorption and volatile organic compounds reliquefaction. The volatile organic compounds re-absorption process separates the volatile organic compounds and the vapor returns back to the cargo. The volatile organic compounds reliquefaction process utilizes coolant, refrigeration units, and preheating techniques to recover volatile organic compounds. Volatile organic compounds recovery systems are employed in gas recovery in the oil & gas fields. They are used at crude oil shipping terminals and in gas stations. Volatile organic compounds recovery systems are also utilized, to a lesser extent for industrial purposes.
Benefits of utilizing volatile organic compounds recovery systems are that volatile organic compounds, if recovered systematically, can be reused, which saves money. Volatile organic compounds recovery systems are likely to restrict emission of harmful gases in the environment when used efficiently. Thus, these systems have compelling advantages over alternative recovery methods such as low temperature condensation or carbon adsorption for industrial purposes.
In terms of region, countries in the Middle East such as Saudi Arabia, Qatar, Kuwait, and U.A.E are leading the volatile organic compounds recovery system market due to increased oil & gas activities in the region. North America is emerging in the global market for volatile organic compounds recovery system due to the recent discovery of new oil & gas fields in the region. Countries in Asia Pacific such as India, China, and Japan are also anticipated to present growth opportunities for the volatile organic compounds recovery system market due to the increased demand for energy. Countries in Europe such as the U.K., Norway, and Sweden have increased their oil and gas activities, which in turn is likely to boost the volatile organic compounds recovery system market are expected to grow. In Latin America, Mexico is projected to witness an increase in demand for volatile organic compounds recovery systems due its large investments in the Gulf of Mexico for oil & gas exploration activities. Africa is also estimated to witness an increase in demand for volatile organic compounds recovery systems.
Key market players operating in the volatile organic compounds recovery system market are Wartsila, JX Nippon Oil & Energy, Anguil Environmental Systems, Inc., MTN Inc., and Statoil.
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
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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
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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 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.
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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.