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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:
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.
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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.
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.
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.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
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.
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.
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:
The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.
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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.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by End-user
6 Customer landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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