Engineering Pipe Hanger and Support Market

Global Engineering Pipe Hanger and Support Market Snapshot

The engineering pipe hanger and support market is predicted to grow steadily over the coming years. According to the most recent market estimate from Persistence Market Research, the global market for engineering pipe hangers and supports is expected to reach US$ 244.4 Mn by 2023, and the market is predicted to reach US$ 394.3 Mn by 2033 with a steady growth rate of 4.9% owng to the profitability of their present product line, as well as the introduction of new products, is highly valued by manufacturers of engineering pipe hangers and supports. Prominent manufacturers are also continually focusing on cash flow and investing in new product innovations to achieve growth and increase revenue.

A pipe hanger often referred to as a pipe support, is a device that is designed to transmit weight from a pipe to supporting structures. Depending on the weights and operating conditions, the overall design of a pipe hanger may alter. A pipe hanger or support's main function is to offer a way to transfer the suspended equipment deadweight onto appropriately situated structures. Passive components, such as rods, structural members, and related hardware, are used in this kind of application. however, due to the shape of the supported equipment is affected by operating temperatures, the supports must not only sustain the weight of the equipment but also allow for movement. Active or flexible supports, including variable spring hangers and constant support hangers, are frequently used to accomplish this duty.

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Market Outlook for Engineering Pipe Hanger and Support Market  (2017-22 ) as Compared to Market Forecast (2023-33)

The COVID-19 outbreak, which has caused a significant deal of economic distress globally, has presented several challenges to producers of construction materials, Oil refineries, petrochemical plants, etc. The worldwide economy has been severely disrupted by the numerous difficulties faced by manufacturers of these end-use sectors. The demand declined as a consequence of the supply chain disruption, which made it more challenging for commodities to move from one location to another. Manufacturers temporarily closed their manufacturing facilities during the COVID period as a result. Due to this, the market for Engineering Pipe Hangers and Supports market has represented a growth rate 2.5% between 2017 and 2022.

It is estimated that, as the global supply chain is recovering from the halt of manufacturing operations after the Covid-19 outbreak the market for Engineering Pipe hangers and Support shows a positive upward spike in the Sales outlook. The market is anticipated to grow at a CAGR of 4.9% over the forecast period. This upward positive curve in demand is driven by the fact that the demand for variable spring hangers, constant spring hangers, and supports is expected to be high in the market as they are used as a support element installation in larger plants like pipelines for transferring water, power generation plants, etc., which can aid in the pipe hanger and support market to grow substantially. On the other hand, market players are investing capital in product innovation to develop products that comply with the dynamic requirements of various end-users.

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Market Dynamics

What are the Key Factors Influencing the Growth of the Engineering Pipe Hanger and Support Market?

Significant Market Traction for Pipe Hangers & Support to Flourish the Demand

The need for infrastructure services including water supply, energy, sanitation, roads, and public transit, has significantly expanded as a result of the rapid urbanization. Apart from this, a rising rate of population emigration to metropolitan areas has increased the need for effective wastewater treatment pipeline structures, which is made possible by the usage of pipe hangers & supports. To suit the needs of end users, major businesses throughout the world are developing pipe hangers & support special materials and technical solutions. Shortly, there will probably be a rise in the market for engineering hangers and Support.

Upward Spike from Various Piping Projects to foster the growth

Engineering Pipe Hangers & Supports are preferred by end users for supporting pipes to sustain weight loads or dead weight. These are viewed as the greatest option by users for maintaining pipe order and lowering the likelihood of unfavorable outcomes like rupturing or deadweight clashing with other objects.

Investments are growing in a variety of market end-use sectors that support pipe hangers, where important end-uses such as power generation facilities will be created without releasing any carbon emissions, according to U.S. EIA data. To replace aging coal-fired power facilities, new nuclear and other units are being developed. All of these expenditures will demonstrate a favorable market outlook for the engineering pipe hanger and support industry in the ensuing years.

What Issues Do Engineering Pipe Hangers and Support Manufacturers Encounter?

High Costs of raw materials and alternatives Available in the market are likely to Constraint the market.

Manufacturers are focusing on creating reasonably priced piping support solutions such as brackets, clamps, and conventional piping support systems to suit end-user expectations, which might provide a barrier to the market expansion for pipe hangers and supports. The potential for material corrosion is another major barrier to the market development for pipe hangers and supports. Additionally, it is projected that fluctuations in the cost of the raw materials needed to produce pipe hangers and supports as well as the overall cost of maintaining them will limit the market's growth. The difficulties faced by manufacturers in the pipe hangers & supports industry are the aforementioned elements.

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Country-wise Insights

What is the Market outlook For Engineering Pipe hangers and Supports in the U.S.?

The United States is profitably growing its share of the worldwide market for engineering pipe hangers and supports. According to the positive sector prediction, the U.S. will have a sizable market share in 2022, with the Engineering Pipe hangers and Supports sector accounting for a sizable value share of 14.7%. The need for engineering pipe hangers and supports will rise significantly over the upcoming years as a result of the sizeable capital investments and capacity expansions made by the nation's power plant and oil refinery sectors.

In keeping with the previous strategy, major players are constantly looking for ways to offer products of higher quality at lower prices, as well as a steady supply for extended periods, which will enable them to operate in the engineering pipe hanger and support industry without any major hiccups. The energy industry has experienced exponential growth both internationally and in the North American area as new technologies for renewable energy sources advance more quickly by 2020, these sources will account for 15% of North America's total energy consumption.

What Is the Growth Outlook of the Engineering Pipe Hanger and Support Market in China?

A sizable portion of the global market for pipe hangers and supports comes from China. China dominates the international market for pipe hangers and supports. The country's market is currently expanding profitably with a healthy growth rate of 4.9%. Pipe hangers and supports have been used more often in a variety of applications over the past few years, the country is anticipated to continue to be a promising market for them during the projected period. China also controls the market as a result of regional demand from power plants and oil refineries. Rising urbanization, industrialization, and the positive outlook for the construction materials industry are all significantly increasing demand for pipe hangers and supports.

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Category-wise Insights

Which End Use sectors in the market is increasing demand for Engineering Pipe hanger and support?

The Power Generation Plant segment is predicted to dominate the Engineering Pipe hanger and support market by end-use and to do so for the whole anticipated period, with a value share of 28.4% in the worldwide market. Due to the usage of pipe hangers and supports, primarily in the sector for the transportation of the raw fluid for the creation of electricity in a nuclear power plant, such as water, the power generation plant occupies a significant share.

How do the Variable Spring Hangers and Support Sector Fairing in the Engineering Pipe Hanger and Support market?

By product type, the Variable Spring hanger and support Segment gaining traction from the Engineering pipe hanger and support Market, Variable springs are used to support piping that is susceptible to heat expansion and other circumstances that might modify the pipe support point. Variable supports are frequently installed in situations where heat transfer causes changes to the system's position and size. The segment holds the Dominating Market Share of 27.4% in the Engineering pipe hanger and support market. Typically, the variable supports are installed where thermal movement results in changes to the system's position and dimensions. The maximum load capacity of the variable spring hanger and support may range from 0.2 kN to 250 kN, depending on the needs.

Competitive Landscape

Key Players to meet end-user demand, investing money across the globe to improve their Engineering Pipe Hanger and Support production capacity. There are now a variety of market players as a result of the numerous technological developments and the big competitors' intensified efforts to grow through mergers, strategic alliances, and partnerships. Players are working extremely hard to create and implement cutting-edge technical improvements to stay one step ahead of the competition. With all of these developments, the Engineering Pipe Hanger and Support market has substantial potential for growth on a global scale in the years to come.

For instance,

In November 2022, GF Piping Systems expanded the range of its Stress Less Pipe Support System.

In Oct 2020, Taylor Pipes Supports collaborates with the Walraven Group; as part of this cooperation, Taylor Pipes Supports will push forward with the introduction of some exciting new Walraven products and technologies.

Scope of Report

Engineering Pipe Hanger and Support Market Segmentation

By Product Type, the Engineering Pipe Hanger and Support market is segmented as:

• Constant Hangers and Supports
• Variable Spring Hangers and Supports
• Rigid Struts and Snubbers
• Support Accessories
  • Sway Braces
  • Connecting Parts and Elements
  • Bearings and Saddles
  • Other Supports and Trapezes

By Application Type, the Engineering Pipe Hanger and Support market is segmented as:

• Field Survey and Inspection
• Testing and Maintenance
• Installation and Commissioning
  • Greenfield/New Built
  • Retrofit

By End-Use, the Engineering Pipe Hanger and Support market is segmented as:

• Power Generation Plant
  • Fossil Fuels
  • Nuclear
• Oil and Gas Refineries
• Chemicals and Petrochemical Plants
• Fertilizer Plants

By Region:

• North America
• Latin America
• Europe
• East Asia
• South Asia & Pacific
• Middle East & Africa