Vapour recovery Unit Market Outlook - 2027
A vapour recovery unit is a system which is designed to eliminate unwanted vapors which are present in distillate tanks or crude oil thereby allowing operators to conform to the existing emission regulations. Vapour recovery is a process of compressing and recovering vapors of different fuels to prevent their spread in the environment. Since, these vapors are very noxious and potentially explosive and might pollute the air. Vapour recovery units are driven mechanically and are powered by a gas engine or an electric motor. The vapour recovery units work on the principle of ideal gas law. A vapour recovery unit generally consists of four components namely, scrubber, gas compressor, switching device and variable frequency drives.
COVID-19 Scenario analysis:
- COVID-19 pandemic has shut-down the production of various products in the vapour recovery unit industry, mainly owing to the prolonged lockdown in major global countries. This has hampered the growth of vapour recovery unit market significantly from last few months, as is likely to continue during 2020.
- COVID-19 has already affected the sales of equipment and machinery in the first quarter of 2020 and is likely to cause a negative impact on the market growth throughout the year.
- The major demand for equipment and machinery was previously noticed from giant manufacturing countries including the U.S., Germany, Italy, the UK, and China, which is badly affected by the spread of coronavirus, thereby halting the demand for equipment and machinery.
- Further, potential impact of the lockdown is currently vague and financial recovery of companies is totally based on its cash reserves. Equipment and machinery companies can afford a full lockdown only for a few months, after which the players would have to modify their investment plans.
- Equipment and machinery manufacturers must focus on protecting their workforce, operations, and supply chains to respond toward immediate crises and find new ways of working after COVID-19 infection cases start to decrease.
Drivers, restraints, and, opportunities
One of the factors that drive the growth of the global vapour recovery units market is the stringent environmental regulations and standards that are concerned with volatile organic compounds (VOCs) emissions. In addition, increasing demand for vapour recovery units from oil and gas industries is also anticipated to cater to the development of the global vapour recovery units market. However, high installation &maintenance costs in addition to lack of skill to handle assembly of vapour recovery units properly are expected to restrain the growth of vapour recovery units market. Further, the governments of many nations like China, India and others have been taking strict measures against environmental pollution which mandates the adoption of vapour recovery units in industries like oil and gas, chemicals, and more causing an abundance in opportunities for companies and investors interested in the vapour recovery units market.
Trends in vapour recovery unit market
New technologies set to flourish the market
Technological advancements and rapid up gradation are never ending. Notable growth in new technology is being observed in the vapour recovery unit market. As a result of the new technologies consumer preference has taken a shift from traditional condensation technology used in vapour recovery units to a new membrane separation technology. A membrane separation technology uses a semi permeable membrane for the filtering process. A combination of condensation technology along with membrane separation technology has proven to be very effective and efficient in providing higher recovery rate and controlling the maintenance cost. Emerging new techniques and technologies like this can fuel the growth of vapour recovery units market during the forecast period.
Strict regulations and environmental concerns
As the amount of waste generated from manufacturing industries has turned out to be one of the major concerns affecting air, land, water, and scenic quality, many countries are emphasizing more on crafting environmental regimes to create a proper balance between industrial growth and environmental impact. According to the total annual premature pollution-related deaths report of 2017, the highest number of deaths due to air pollution was observed in the countries China and India. Rising deaths and human health issues due to air pollution caused by emissions from the industries are the major issues that need urgent attention. Specifically in Asian countries, like China and India, the negative effects have forced the governments to impose stringent regulations and making it mandatory to install air quality control systems to existing and new potential emitters. Such government initiatives are expected to boost the demand for odor control systems during the forecast period.
Key benefits of the report:
- This study represents the analytical representation of the global vapour recovery unit market combined with the ongoing trends and future predictions to determine investment opportunities.
- The present market is thoroughly analyzed to enlighten the vapour recovery unit market growth.
- The report gives the information regarding the important drivers, restraints, and opportunities provided with an in depth analysis of the global vapour recovery unit market.
- Segmentation details of the global vapour recovery unit market.
- The report gives a comprehensive global vapour recovery unit market analysis based on competitiveness and how the performance of the competitors will take shape in coming years.
Vapour Recovery Unit Market Report Highlights
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