Vapor Recovery Services Market, By Process (Upstream and Midstream/ Downstream), By Application (Marine Loading, Storage Tank Vents, and Railcar and Truck Loading), By Operation (New Installations and Services (O&M)) and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa)

Published In : Jul 2023

Code : CMI3268

Pages :130

Formats :

Excel and PDF

Industry : Information and Communication Technology

Vapor Recovery Services MarketSize and Trends

Global Vapor Recovery Services Market size was valued at US$ 374.0 Million in 2022, exhibiting a compound annual growth rate (CAGR) of 4.6% from 2023 to 2030.

The market for vapor recovery services has gained momentum in recent years due to growing environmental concerns, stringent regulations, and an increasing focus on sustainable practices. Industries such as oil & gas, chemicals, pharmaceuticals, and petrochemicals rely heavily on these services to comply with environmental regulations and minimize their carbon footprint.

Global Vapor Recovery Services Market - Market Trends

Figure 1. Global Vapor Recovery Services Market Share (%), By Region, 2022

Global Vapor Recovery Services Market was valued at US$ 374.0 Million in 2022 and is forecast to reach a value of US$ 548.2 Million by 2030 at a CAGR of 4.6% between 2023 and 2030. In Global Vapor Recovery Services Market, by process segment Midstream/Downstream sub-segment dominated the Global Vapor Recovery Services Market in 2022, accounting for 62.3% share in terms of value, followed by Upstream sub-segment.

Global vapor recovery services can be segmented as midstream and downstream sub-segment. In the midstream sector, vapor recovery services focus on the capture and control of volatile organic compounds (VOCs) released during the storage and transportation of crude oil, refined petroleum products, and liquid natural gas. These VOCs have a negative impact on the environment and can cause air pollution. Midstream vapor recovery services utilize a variety of technologies and equipment, including B. A Vapor Recovery Unit (VRU) collects and processes vapors discharged from storage tanks, loading terminals, and pipelines. The trapped vapor can be treated and recycled or safely vented into the atmosphere. By implementing a vapor recovery system, midstream companies can not only reduce their environmental impact but also reduce product losses and improve operational efficiency.

Global Vapor Recovery Services Market - Market Statistics

Global Vapor Recovery Services Market was valued at US$ 374.0 Million in 2022 and is expected to reach US$ 548.2 Million by 2030, exhibiting a CAGR of 4.6% between 2023 and 2030.