Vapor recovery is a term used for the recovery of fuel and gasoline vapors from storage tanks, which restrict the escape of vapors into atmosphere. The unit is used to restrict, store, withdraw, and refine vapor from gas storage tanks. Vapors in storage tanks are harmful for the environment and economically beneficial. Vapor recovery is in high demand due to its environmentally conducive and efficient nature, and safety of the users. Use of vapor recovery unit would reduce harmful methane emissions coming out from the 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.
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Restraints
of the vapor recovery unit market are high cost of production and installation
in downstream sector due to the oil & gas market volatility. Improper
handling and assembling of vapor recovery units can lead to safety and
environmental concerns.
However,
the vapor recovery unit market is expected to expand primarily due to several
countries regulating the use of these units to curb the increasing
environmental pollution. Government subsidies in several economies have
resulted in high demand for these units. Advanced and emerging technologies
have resulted in the reduction in cost of production.
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In terms
of geography, the vapor recovery unit market in North America is expanding due
to rapid industrialization and discoveries of new shale oil and gas fields. In
Europe, countries such as the U.K., France, and Germany have been using vapor
recovery unit on a wider scale for industrial purposes. In the Middle East,
countries such as Saudi Arabia and Qatar are extensively using vapor recovery
units as these countries largely produce oil and gas. In Asia Pacific,
countries such as Australia have made the use of these unit mandatory for
curbing environmental hazards. Countries such as India, China, and Japan have
high demand for vapor recovery units to reduce environmental pollution.
Countries in Africa and Latin America are promising markets for vapor recovery
unit.
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Key
players operating in the vapor recovery unit market include Cimarron Energy
Inc., Wintek Corporation, Siemens AG, Accel Compression Inc., ABB Ltd, and
Eaton.
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