The global Vapor Recovery Units market size is projected to grow from USD 0.8 billion in 2022 to USD 1.0 billion by 2027, at a CAGR of 3.9% during the forecast period. The growing demand for vapor recovery units from end-use industries, such as oil & gas, petrochemical, chemicals, food, pharmaceuticals and others industries, drives the market. Also, the increasing installation of the vapor recovery units in the oil & gas industry, especially in the downstream application, to ensure the safety, comply with regulatory.
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The Vapor Recovery Units market in the Asia Pacific is estimated to register a higher CAGR, in terms of value, between 2022 and 2027. The growth in the region is mainly attributed to the growing oil & gas, petrochemical and chemical industry. The rapid growth of emerging economies such as India, China, and ASEAN countries in the region makes Asia Pacific an alluring market for vapor recovery units’ manufacturers.
There are various players operating in the Vapor Recovery Units market. The major market players include PSG Dover (US), Aareon (US), Cimarron Energy, Inc. (US), John Zink Company (US), Carbovac (France), SYMEX Technologies (US), VOCZero (UK), Flogistix (US), and Kappa Gi (Italy), among others. Several players have adopted various strategies, such as new product launches, expansion, and product development to gain a competitive edge to increase their global presence and maintain sustained growth in the vapor recovery units market.
In the vapor recovery unit market, the US-based key players hold a significant share of the market. For instance, PSG Dover, Aareon, and Cimarron Energy, Inc., are a few players hold a significant share of the market. PSG Dover has a presence in many countries in Europe, North America, APAC, South America, and the Middle East. The company carries out its business activities in 100+ countries across the globe. It has a strong product portfolio and offers the vapor recovery unit under the brand name, Blackmer. The company offers products for several industrial applications such as oil & gas, marine, chemicals, automotive, and others. The company has planned several strategic changes to improve the business. The company has leveraged its sales and distribution network to expand its business across US and various countries across the globe. This will drive the company’s growth.
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Aareon has the second-largest share in the Vapor Recovery Units market. The company is engaged in designing, manufacturing, installation, and maintenance services of vapor recovery units. In 2012, the company was formed as a result of the acquisition of Jordan Technologies (US) by Flare Industries (US). The company is the largest VRU service provider in the world. It has a presence in more than 45 countries worldwide. The company has key operation centers in Australia, Canada, India, Italy, the Mid-Atlantic Region, and the UAE. To gain a competitive edge in the market, the company is channeling efforts for the development of the new technology-based products that comply with the end user’s requirements. For the same, the company spends on R&D activities.
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