Heat Pipes Market by End-user and Geography - Forecast and Analysis 2021-2025

The predicted growth for the heat pipes market share from 2021 to 2026 is USD 976.78 million at a progressing CAGR of 6.17%.

This heat pipes market forecast report extensively covers segmentations by:

• End-user - Aerospace and defense, automotive, food and beverage, and others
• Geography - APAC, Europe, North America, South America, and MEA

This heat pipes market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. The heat pipes market report offers information on several market vendors, including Advanced Cooling Technologies Inc., Avnet Inc., Foxconn Technology Group, Furukawa Electric Co. Ltd., Innergy Tech Inc., Nidec Corp., Novark Technologies Inc., ThermoTek Inc., Wakefield Thermal Solutions Inc., and WTL Heat Pipe Technology Co. Ltd. among others.

What will the Heat Pipes Market Size be During the Forecast Period?

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"APAC countries, especially China, India, Japan, Thailand, and South Korea, lead in regional automotive production. The automotive industry is one of the major end-users of heat pipes. China contributes a significant proportion to global automobile production. China, India, Japan, South Korea, and Thailand together contributed a major share of global automobile production in 2020."

Heat Pipes Market: Key Drivers, Trends, and Challenges

The rise in exports of electronic goods from APAC is notably driving the heat pipes market growth, although factors such as volatility in oil and gas prices may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the heat pipes industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Heat Pipes Market Driver

One of the key factors driving growth in the heat pipes market is the rise in exports of electronic goods from APAC. There has been an increase in the exports of electronic goods from major APAC nations such as Taiwan, Japan, Singapore, and South Korea. For instance, the consumer electronics market in Taiwan is expected to grow significantly during the forecast period. The electronics industries, particularly the semiconductor industry, are flourishing in APAC due to the increased penetration of smartphones, which has led to higher sales and increased production levels. This is expected to drive the market for heat pipes in the region during the forecast period.Though smartphone sales have been stagnant, the unit shipments of smartphones have been growing rapidly. The decline can be attributed to market fragmentation in North America, Western Europe, and China, as well as a drop in the average selling prices of smartphones in developed retail sectors. However, smartphone penetration worldwide will increase the demand for heat pipes, which are used in checking the compatibility with new technologies and enhancing the performance of these devices.

Key Heat Pipes Market Trend

Growing investments in renewable energy is one of the key heat pipes market trends supporting the market share growth. Heat pipes are predominantly used in heat exchangers to ensure the efficient transfer of heat for a longer distance. A heat exchanger system is a key piece of equipment used in renewable energy systems to enhance energy efficiency. Some of the equipment in which heat pipes are used are listed below: Air preheatersCharge air coolersClosed-circuit coolers. Exhaust gas recirculation cooler plate heat exchangersRadiatorsTransformer oil pumps Shell and tube heat exchangers. Heat exchangers are used in renewable energy to store energy in solar thermal plants, air coolers for biomass and wind power plants, and in plate heat exchanger solutions in geothermal plants. The demand for power is continuously increasing worldwide. Further, the growth in population and economic activities is expected to drive this trend. Population growth and rapid economic development will require a substantial amount of power to sustain the rate of growth. Growing concerns over global warming have compelled many countries to shift to alternative sources of clean energy.With the rise in the number of countries that have renewable targets and policies, there has been an increase in the production of power from renewable resources; this necessitates the presence of adequate and reliable power transmission, which can be provided by a smart grid. This will increase the market prospects for the renewable energy market, thereby propelling the demand for heat exchangers, which, in turn, will drive the demand for heat pipes in the power industry.

Key Heat Pipes Market Challenge

The volatility in oil and gas prices will be a major challenge for the heat pipes market during the forecast period. The recent fall in crude oil prices will upset the heat pipes market, in general, as the oil and gas industry is one of the leading end-users of heat pipes. Shale gas exploration in the US had reached record levels during the past five years. The Middle East countries have not reduced their output as they fear losing market shares. This has led to a continuous fall in oil and gas prices. This has caused heavy losses in revenue and profit margins for the entire oil and gas industry. A reduction in the demand, together with an amplified supply of crude oil, has added to the slump in oil and gas prices. This has compelled the oil exploration companies to scale back their planned investments and reduce capital expenditure.Similarly, companies such as Chevron, Royal Dutch Shell, and Gazprom have also condensed their scheduled expenditures on exploration activities. This reduction in planned expenditure and delay in critical investment decisions will affect the demand for heat pipes in the oil and gas industry, where heat pipes are used in both upstream and downstream processes. For instance, heat pipes are used in various applications in the oil and gas industry, such as in the production of crude oil, drilling, oil and gas production, petrochemical, and oil and gas transportation. With the industry players holding off on their new purchases and waiting for a better business environment and economic situation, it will lead to the deferment of the planned investments in heat pipes in the oil and gas industry.

This heat pipes market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.

Parent Market Analysis

Technavio categorizes the global heat pipes market as a part of the global industrial machinery market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the heat pipes market during the forecast period.

Market Overview

The parent global industrial machinery market covers companies engaged in the manufacturing of industrial machinery and components covering presses, machine tools, compressors, pollution control equipment, elevators, escalators, insulators, pumps, roller bearings, and other metal fabrications. Technavio calculates the global industrial machinery market size based on combined revenue generated by manufacturers of machinery and components used in the industrial environment.

Who are the Major Heat Pipes Market Vendors?

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

 

• Advanced Cooling Technologies Inc.
• Avnet Inc.
• Foxconn Technology Group
• Furukawa Electric Co. Ltd.
• Innergy Tech Inc.
• Nidec Corp.
• Novark Technologies Inc.
• ThermoTek Inc.
• Wakefield Thermal Solutions Inc.
• WTL Heat Pipe Technology Co. Ltd.

 

This statistical study of the heat pipes market encompasses successful business strategies deployed by the key vendors. The heat pipes market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.

Product Insights and News

• Avnet Inc. - The company offers heat pipes for different purposes such as Aerospace, Consumer electronics, Server, and others.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The heat pipes market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Heat Pipes Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the heat pipes market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chains is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

The value chain of the industrial machinery market includes the following core components:

• Inputs
• Inbound logistics
• Operations
• Outbound logistics
• Marketing and sales
• Aftermarket and service
• Industry innovations

The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.

Which are the Key Regions for Heat Pipes Market?

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38% of the market's growth will originate from APAC during the forecast period. China and Japan are the key markets for heat pipes in APAC. Market growth in this region will be faster than the growth of the market in the European and North American regions.

The increase in the demand for processed foods and the shift in dietary habits will facilitate the heat pipes market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

The outbreak of COVID-19 had a negative impact on the regional market growth. However, amid COVID-19, there has been increased adoption of consumer electronics such as smartphones and other digital devices, which incorporate heat pipes to increase the performance of such devices. Such factors will increase the demand for heat pipes, and hence, it is expected that the market for heat pipes in the region is likely to show good growth during the second half of the forecast period.

What are the Revenue-generating End-user Segments in the Heat Pipes Market?

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The heat pipes market share growth by the aerospace and defense segment will be significant during the forecast period. The commercial aviation sector is expected to experience strong revenue growth, owing to high production levels, and was primarily driven by the demand for next-generation aircraft and growing passenger traffic. Also, the number of commercial passengers is expected to double in the next two decades and thus propel the demand for commercial aircraft. 

This report provides an accurate prediction of the contribution of all the segments to the growth of the heat pipes market size and actionable market insights on post COVID-19 impact on each segment.

 

Heat Pipes Market Scope
Report Coverage	Details
Page number	120
Base year	2020
Forecast period	2021-2025
Growth momentum & CAGR	Accelerate at a CAGR of 6.17%
Market growth 2021-2025	$ 976.78 million
Market structure	Fragmented
YoY growth (%)	5.75
Regional analysis	APAC, Europe, North America, South America, and MEA
Performing market contribution	APAC at 38%
Key consumer countries	US, China, Germany, UK, and Japan
Competitive landscape	Leading companies, Competitive strategies, Consumer engagement scope
Key companies profiled	Advanced Cooling Technologies Inc., Avnet Inc., Foxconn Technology Group, Furukawa Electric Co. Ltd., Innergy Tech Inc., Nidec Corp., Novark Technologies Inc., ThermoTek Inc., Wakefield Thermal Solutions Inc., and WTL Heat Pipe Technology Co. Ltd.
Market dynamics	Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Heat Pipes Market Report?

• CAGR of the market during the forecast period 2021-2025
• Detailed information on factors that will drive heat pipes market growth during the next five years
• Precise estimation of the heat pipes market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the heat pipes industry across APAC, Europe, North America, South America, and MEA
• A thorough analysis of the market's competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of heat pipes market vendors

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