The market study covers the present scenario and growth prospects of the global heat pipes market for 2017-2021. The report also lists aerospace and defense, automotive, and food and beverage as the three major end-user segments. A major demand for heat pipes is expected to arise from capacity expansion in the aerospace and defense industry.
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Technavio analysts highlight the following three market drivers that are contributing to the growth of the global heat pipes market:
- Growth in HVAC industry
- Rise in exports of electronic goods from APAC
- Increase in use of heat pipes in meat and poultry processing
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Growth in HVAC industry
Heat pipes are generally used in HVAC systems to recover energy from the cooling and heating phases. Both the applications of the systems can result in significant energy savings. Heat pipes are simple air-to-air heat exchangers that consist of a metal tube, which is charged with a precise refrigerant when a vacuum is created in it.
According to Gaurav Mohindru, a lead analyst at Technavio for tools and components research, “The rise in the deployment of HVAC equipment in domestic, commercial, and industrial buildings will create more demand for heat pipes. HVAC consumes nearly 40% of the electricity used in commercial buildings. Therefore, the growth of the HVAC industry will drive the market for heat pipes globally.”
In the US, high demand for controlling heating and air conditioning equipment (thermostats) will drive the need for HVAC controls. In developing countries such as China, the growing need for air quality monitoring systems, which facilitate the reduction of the incidence of respiratory diseases, is likely to boost market growth.
Rise in exports of electronic goods from APAC
There has been an increase in the export of electronic goods from major APAC nations such as Taiwan, Japan, Singapore, and South Korea. The electronics industries, particularly the semiconductor industry is flourishing in APAC, due to the increased penetration of smartphones, which has led to higher sales and increased production levels. Smartphone shipments are expected to cross 1.6 billion units by the end of 2017 and help the market grow substantially. This is expected to drive the market for heat pipes in the region during the forecast period. Smart phone penetration worldwide will increase the demand for the global heat pipes market, which is used in checking the compatibility with new technologies and enhancing the performance of these devices.
Increase in use of heat pipes in meat and poultry processing
In the past decade, changing consumer lifestyles due to massive global urbanization have led to the high demand for packaged and convenience foods. Packaged foods take less time and effort to cook, and offer enhanced food nutrition along with durability. The growing popularity of convenience foods is mainly attributed to busy schedules and hectic lifestyles.
Processed meat and poultry products are popular among many modern households as they are convenient, healthy, and easy to use. These products are also available in a wide variety of choices to help consumers make better judgments regarding food. Consumers are also willing to spend more on convenience foods owing to growth in disposable incomes worldwide.
“The increase in the demand for packaged and convenience foods is expected to create higher demand for processed meat products globally, which is thereby expected to lead to the growth of the processed meat industry during the forecast period, thus driving the demand the global heat pipes market in this sector,” says Gaurav.
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