Vapour Recovery Units Market to Grow at a CAGR of 3.2% Through 2026
Verfasser: pradnya_86 on Thursday, 20 July 2017Vapour recovery unit (VRU) is used to recover vapour such as gasoline, natural gas and other fuels so that they can be reused in end-use industries. These units find application in upstream and downstream processes in chemical process industry.
Global vapour recovery units is estimated to account for US$ 471 Mn by the end of 2016 and is projected to witness significant growth during the forecast period 2016-2026 owing to stringent regulatory compliances and mandatory installation of VRU at upstream process in most countries.
Drivers and Trends
Stringent environmental legislations on VOC emissions are playing a key role in the adoption of vapour recovery units in end-use industries. Use of solvents across various industries and processes leads to VOC emission into the atmosphere.
In order to reduce harmful effects of VOC emissions, environmental legislations are implemented in various countries pertaining to emission standards. These regulations have compelled key players in crude oil production and petroleum industry to install vapour recovery units at each plant. A common standard adopted by designers and operators is 10g/Nm3. Environmental regulations pertaining to reduction in hydrocarbon emissions into the atmosphere in order to improve air quality and operational safety is expected to remain the major driver for growth of the vapour recovery unit market.