Vapor Recovery Services Market: Overview
The storage and transportation of petroleum products results in evaporation causing significant product losses to atmosphere. Vapor recovery units reduce these losses by capturing the light hydrocarbons and other volatile organic compounds (VOC) that generally escape, and stores these environmental hazardous substances in a space between the liquid and fixed roof of the storage tanks.
Vapor recovery services involves complete set of solutions such as testing vapor recovery performance, training, repairs and maintenance, control software, system upgrades and technical consultancy. The vapor recovery services thus help to reduce the losses and increase the profits of the owners. This creates an environment friendly atmosphere through reduced volatile organic carbon (VOC) emissions. Vapor recovery devices are air pollution control devices that recovers the contaminant and converts it to its original and reusable state.
Vapor Recovery services helps to simplify the complex process of compliances with various innovative solutions. It also provides a return on investment by converting vapor to saleable fuel. Companies offering vapor recovery services have to be compliant and environmentally responsible.
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Global Vapor Recovery Services Market: Drivers
The global Vapor Recovery Services market is mainly driven by the rising demand of Vapor Recovery Services in oil and gas industry. Increasing usage and technological advancements will provide great opportunities for the growth of vapor recovery services for the forecast period. Vapor recovery systems help to recover fuel vapor during the transfer of petroleum products that would be lost to atmosphere, thereby creating environment friendly atmosphere. All these factors are expected to drive growth of the Vapor Recovery Services market for the forecast period (2015-2025).
Global Vapor Recovery Services Market: Segmentation
Global Vapor Recovery Services market is segmented by application as well as by end use.
- Vapor Recovery Services By Application:
- Marine Terminals
- Rail car loading
- Truck loading
- Storage stations
- Oil Tanks
- Gas treatment facilities
- Vapor Recovery Services By End Use
- Oil & Gas
- Chemical Industry
Global Vapor Recovery Services Market: Region-wise Outlook
The global Vapor Recovery Services market is estimated to witness a considerable growth for the forecast period (2015 to 2025). North America region is the leading market for Vapor Recovery Services due to oil & gas production boom in the U.S. Also, the price drop in the gallon of gas has led to increase in oilfield actions, causing increasing vapor emissions in the atmosphere during production, storage and transportation.
FMI forecasts the Asia-Pacific region and Middle East & Africa to be the fastest growing region for Vapor Recovery Services market for the forecast period due to increasing demand for Vapor Recovery Services for oilfield activities in these regions. European countries like Italy, UK, Germany, France, and Scandinavia have implemented specific new regulations to reduce vapor emissions in all areas of petrol storage and distribution.
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Global Vapor Recovery Services Market: Key Players
Some of the major players of the global Vapor Recovery Services market are: AEREON, Zeeco Products & Industries, HY-BON/EDI, OPW Company, Atlas Process Innovations, LLC, John Zink Company, LLC, PetroGas Systems, and others.