Utility and Oil & Gas Sector to play Pivotal role holding a Revenue Share of 55% in Engineering Pipe Hanger and Support Market

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. Due to the COVID-19 pandemic, the market is...

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

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"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.

Competitive Landscape

The market is observed to be primarily dominated by tier-1 players with a revenue share around 60% in the global market. These players are likely to invest in new technology developments and the expansion of their networks in order to maintain their market shares.

Some of the key players in this industry are as Piping Technology and Products Inc., Rilco, Bergen Pipe Support, National Pipe Hanger, Lisega SE, and PHD Manufacturing.

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Find More Valuable Insights

The research report analyzes demand for engineering pipe hangers and supports. The global market has been analyzed with the COVID-19 impact, various macroeconomic factors, market trends, and market background.

As per Persistence Market Research's industry scope, the market has been analyzed on the basis of product type, application, end use, and region. The report provides qualitative and quantitative information on various players in this market. This report also tracks the market by both, supply side and demand side.

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