Global Vapor Recovery Units Market Is Estimated To Witness High Growth
The Vapor Recovery Units (VRUs) are essential equipment used in the recovery of volatile organic compounds (VOCs) from various industrial processes, storage tanks, and loading terminals. These units are designed to capture and recover the vented VOCs, preventing their release into the atmosphere. The VRUs find extensive application in industries such as oil & gas, chemical, and pharmaceutical, among others.
The growth of the global vapor recovery units market is primarily driven by two main factors. Firstly, the increasing stringency of emission regulations imposed by various environmental agencies across the globe is compelling industries to deploy VRUs to minimize VOC emissions and achieve compliance. Additionally, the rising awareness and concern regarding environmental pollution have led to an increased adoption of VRUs.
The global vapor recovery units market is expected to witness high growth, exhibiting a CAGR of 3.3% over the forecast period of 2023-2030, due to increasing environmental concerns and the need to reduce emissions. The fastest growing and dominating region in the market is expected to be North America, driven by strict regulatory measures and growing adoption of vapor recovery units in the oil and gas industry. Key players operating in the vapor recovery units market include John Zink Company, LLC, Hy-Bon/EDI, Whirlwind Methane Recovery Systems LLC, Petrogas Systems, Accel Compression Inc., PSG Dover, Wintek Corporation, AEREON Inc., and Cimarron Energy Inc.
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