Vapor recovery Unit Market to Soar in the Near Future Owing to Growing Consumer Adoption

Vapor recovery refers to the recovery of petroleum and gasoline vapours from storage tanks that inhibit vapour escape into the atmosphere. The equipment controls, stores, withdraws, and refines vapour from gas storage tanks. Storage tank vapours are both environmentally and economically beneficial. Because of its environmentally friendly and efficient character, as well as the safety of its users, vapour recovery is in high demand. The use of a vapour recovery unit would lessen the dangerous methane emissions emitted by crude oil storage tanks.

The vapor recovery unit market is segmented based on type, process, application, and region. In terms of type the market is bifurcated into conventional vapor recovery unit and ejector vapor recovery unit. Conventional vapor recovery units use rotary compressors to extract vapors from atmospheric storage tanks. These compressors function on electricity. Ejector vapor recovery unit uses jet ejector in place of rotary compressor, which function on high-pressure motive water. Based on process, the vapor recovery unit market can be segmented into adsorption, absorption, condensation, and membrane separation. Adsorption is a surface phenomenon process, which creates a film of absorbate on the surface of absorbent for vapor recovery unit. Absorption is a process in which a substance chemically captures and transforms energy in the unit. Condensation is the process in which cooling effect or refrigeration of the vapors are done in the vapor recovery unit. Membrane separation process selectively separates vapors according to their molecule arrangement in the unit. Vapor recovery units find application in upstream and downstream oil & gas industries, which help save costs and increase production output. Vapor recovery units find use in petroleum distribution terminals, chemical and petrochemical plants, crude oil tanks, and others.

Due to the volatility of the oil and gas markets, the vapour recovery unit market is hampered by high production and installation costs in the downstream sector. Improper handling and assembly of vapour recovery systems might result in safety and environmental issues.

The vapour recovery unit market, on the other hand, is likely to grow as a result of numerous countries limiting the usage of these units in order to reduce environmental pollution. Government subsidies in a number of countries have resulted in a considerable demand for these units. Advanced and emerging technologies have resulted in lower production costs.