Press release
Engineering Pipe Hanger and Support Market to Exhibit Significant Growth in Dollar Opportunities During 2021 to 2031
Demand from midstream and downstream process in oil & gas refineries are expected to play a pivotal role in the utilization of this equipment. CAPEX investments in thermal and nuclear power generation, petrochemicals, and fertilizer plants are also projected to complement market growth over the coming years.
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Due to the COVID-19 pandemic, the market is understood to have witnessed a plunge of nearly 2% in FY2020, but is expected to recover sharply over the next 3 quarters. Production activities as well as new investment projects for almost all end-use industries were stalled, thus affecting market expansion. Subsequent growth in the next fiscal is however projected to witness a V-shape recovery rate as economic activity goes back to pre-crisis levels.
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Key Takeaways from Market Study
Development of new technologies based on feedstock, such as light crude and mixed crude, is expected to positively impact supply, and adoption of COTC (crude oil to chemicals) is expected to gain popularity.
Demand for engineering pipe hangers and supports is rising due to increase in infrastructural need of people, which also includes power generation plants and other such end uses. Companies are following the strategy of developing existing products for providing more strength to materials so that they can support the load of pipelines and the fluid flowing into them.
Undergoing research and development is being done by players in the market focusing on increasing the load bearing capacity of hangers and supports for transferring more fluid (oil and gas) through pipelines. High demand from oil and gas refineries make capacity increment feasible
Variable spring hangers and supports bear less amount of load then constant hangers and supports, but vary according to requirement.
Installation and commissioning will see strong gain over other applications. The market will also see demand from Greenfield projects in power generation plants and other related end-use industries.
Power generation will be the leading end user due to expansion of generation capacities in thermal and nuclear power projects with the required infrastructure to support processes.
Due to global COVID-19 pandemic, there was a certain drop in Greenfield projects as well as in Brownfield projects in developed regions of Europe and North America. Demand for Greenfield projects are high for expanding business in emerging markets such as Asia Pacific.
Key manufacturers are continuously emphasizing on cash flow and driving investments to innovate products so as to achieve growth and generate revenue.
"Increasing demand from ongoing and forthcoming projects for expansion and new building of pipelines in end-use industries will ascend demand for engineering pipe hangers and supports," says a Persistence Market Research analyst.
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