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.
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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
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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 2024 from US$ 50 Bn in 2024 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.
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Key Players Operating in Global Market:
- ALMA CARBOVAC
- BORSIG GmbH
- JOHN ZINK HAMWORTHY Combustion
- SYMEX
- Cool Sorption A/S
- VOCZero Ltd.
- Zeeco, Inc.
- FLOGISTIX
- KAPPA GI
- Kilburn Engineering Ltd.
- CIMARRON
- Wintek Corporation
- Siemens AG
- Accel Compression Inc.
- Eaton
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