Growth in HVAC Industry to Boost the Heat Pipes Market: Technavio

September 4, 2017

LONDON–(BUSINESS WIRE)–#HeatPipes—Technavio
market research analysts forecast the global
heat pipes market to grow at a CAGR of more than 5% during the
forecast period, according to their latest report.

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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