FMI has announced Vapor Recovery Units Market Volume Analysis, Segments, Value Share and Key Trends 2015-2025
Future Market Insights has announced the addition of the “Vapor Recovery Units Market: Global Industry Analysis and Opportunity Assessment 2015-2025" report to their offering.
The vapor recovery units captures 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. The complete operation of vapor recovery units is controlled through a PLC using a smart pressure transmitter as the main control device. The main operational components of vapor recovery units consists of a transfer pump, control pilot, suction scrubber, rotary compressor and bypass valves along with a gas sales meter. The global market for vapor recovery units has become more diversified in the recent years. New developments and expansions in the emission regulations has created the need for more complex, larger and specialized units. The global vapor recovery units market is anticipated to witness a significant growth in the coming years as they can yield generous results when there are market outlets for recovered gas.
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Vapor Recovery Units: Drivers & Restraints
The vapor recovery units provides substantial ecological and economic benefits for oil and gas producers. The gases that are flashed from the crude oil are captured by the vapor recovery units and are sold at a profit. These gases can also be utilized in facility operations. These factors are driving the market for global vapor recovery units. Furthermore, these recovered vapors are also used as a fuel for onsite processes and can be piped to natural gas gathering pipes for sale at an exceptional price as high as Btu natural gas. Moreover, the vapor recovery units not only decrease the VOC emissions by more than 95%, but also makes it harmless for field and operations workers to work in top of the tanks without getting exposed to H2S or any other explosions. These factors further help to drive the vapor recovery market globally. The major restraint in the global vapor recovery units market is that they are expensive and time consuming to install, and further impact the fast-paced environment of oil and gas market. The installation of vapor recovery units acts as a major hindrance, thereby restraining its market growth.
Vapor Recovery Units: Segmentation
On the basis of types,the global vapor recovery market is segmented into:
- Conventional vapor recovery units
- Venturi ejector vapor recovery units (EVRU) or vapor jets
The conventional vapor recovery units compromises of special designed packages configured to capture the low pressure, wet gas streams with almost negligible oxygen entrance. Whereas, the venturi EVRU uses jet ejectors instead of rotary compressors and compromises of no moving parts. Both these segments are likely to witness a substantial incremental opportunity in the near future.
On the basis of packages, the global vapor recovery market is segmented into:
- Small Packages
- Large Packages
The small packages are designed to recover the vapors present at the top of the oil storing tanks at the drill sites. These packages use a five horsepower blower mounted at the top of the receiver tank. Whereas, when higher pressures are required to push the gas to a further distance or into a higher pressure line the vapor recovery units makes use of the larger packages.
Vapor Recovery Units: Region-wise Outlook
North America is currently the largest market in the global vapour recovery units market. The positive demonstration of the current oil and natural gas production boom in the U.S. can be seen at the gas stations across the country. Moreover, the huge drop in the price for a gallon of gas, has resulted in an increase in oilfield actions, thereby increasing the amount of vapors created and emitted during production, transport and storage. Henceforth, many operators are turning to the installation of vapour recovery units at their oilfield storage sites. Middle East & Africa and Asia Pacific are also anticipated to witness significant growth over the next few years on accounts of the increasing demand of oilfield activities in these regions. Vapor recovery units marketis anticipated to expand at a steady rate in other regions of the world as a result of a slowing global economy and fewer oilfield activities in these regions.
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Vapor Recovery Units: Key Players
Some of the key participants identified in the global vapour recovery units market are AEREON, Fjords Processing AS, HY-Bon, Inc, SGS, Burlington Resources, Inc, Aker Solutions, PETROGAS SYSTEMS, Whirlwind Methane Recovery Systems, LLC, SGR International, Inc and John Zink Company, LLC among many others.