Vapor Recovery Services Market Value is Expected to Increase to US$ 462.3 Mn by 2025

Government authorities all over the world are enforcing stringent regulatory norms to limit VOC emissions, which is cited as a key factor fueling the demand for vapor recovery services. Moreover, such services are also getting popular due to their immense economic and environmental benefits. A report recently published by Persistence Market Insights (PMR) projects that global vapor recovery services market is poised to reach a market valuation of US$ 462.3 Mn by 2025-end, reflecting a CAGR of 7.4% during the forecast period (2017–2025). As companies shift their focus on maintaining a larger stockpile to address the on-time consumer demand, they are required to install higher number of vapor recovery units. In addition, companies are switching to new vapor recovery techniques such as the absorption and adsorption that are far more effective and cost-efficient than the conventional techniques, a growing trend which is expected to support the market growth in the years to come.

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Due to the global oil crisis in recent years, key players in the North America region were impelled to focus on strengthening their storage and distribution capabilities to minimize losses. Storage tanks play an essential role in addressing the on-time consumer demand as well as maintaining stockpiles for future demands. A rapid increase in the number of crude oil storage tanks accompanied with vapor recovery units in recent years makes it evident that crude oil producers are focusing on optimizing the storage and distribution process to tackle the growing crude oil price crisis. Imposition of stringent emission norms by the government and environmental agencies in North America is inciting crude oil producers to minimize environmental impact through the integration of sustainable technologies such as vapor recovery units. All these factors are creating a positive impact on the North America vapor recovery services market.

Leading market players are focused towards making long term relationship with direct end-users, especially for scheduled annual maintenance to create a continuous revenue flow. Hy-Bon/EDI, PSG Dover, AEREON, Petrogas Systems, Cimarron Energy Inc., Accel Compression Inc., John Zink Company, LLC., Wintek Corporation and Whirlwind Methane Recovery Systems, LLC are amongst some of the top companies that offer vapor recovery services. Many of these companies are emphasizing on product innovation and development of customized application to cater to customer requirements.

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