Heat Pipes Global Market Opportunities and Strategies to 2033

This report describes and explains the heat pipes market and covers 2018-2023, termed the historic period, and 2023-2028, 2033F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.

The global heat pipes market reached a value of nearly $2.36 billion in 2023, having grown at a compound annual growth rate (CAGR) of 3.3% since 2018. The market is expected to grow from $2.36 billion in 2023 to $2.93 billion in 2028 at a rate of 4.4%. The market is then expected to grow at a CAGR of 5.1% from 2028 and reach $3.75 billion in 2033.

Growth in the historic period resulted from the rise in demand for energy-efficient cooling solutions, urbanization and infrastructure development strong economic growth in emerging markets. Factors that negatively affected growth in the historic period include import restrictions and export bans.

Going forward, the increasing sales of electric and hybrid vehicles, growing demand for consumer electronics, increasing industrialization across various sectors and increase in investment in commercial construction will drive the market. Factors that could hinder the growth of the heat pipes market in the future include significant upfront investment and shortage of skilled personnel.

The heat pipes market is segmented by product type into standard heat pipes/constant conductance, vapor chamber, variable conductance, diode, thermosyphon and other product types. The standard heat pipes/constant conductance market was the largest segment of the heat pipes market segmented by product type, accounting for 46.3% or $1.09 billion of the total in 2023. Going forward, the vapor chamber segment is expected to be the fastest growing segment in the heat pipes market segmented by product type, at a CAGR of 5.1% during 2023-2028.

The heat pipes market is segmented by working fluid into water, alcohol, ammonia and other working fluids. The water market was the largest segment of the heat pipes market segmented by working fluid, accounting for 45.7% or $1.08 billion of the total in 2023. Going forward, the alcohol segment is expected to be the fastest growing segment in the heat pipes market segmented by working fluid, at a CAGR of 5.2% during 2023-2028.

The heat pipes market is segmented by material type into copper, aluminum, stainless steel and other material types. The copper market was the largest segment of the heat pipes market segmented by material type, accounting for 60.2% or $1.42 billion of the total in 2023. Going forward, the aluminum segment is expected to be the fastest growing segment in the heat pipes market segmented by material type, at a CAGR of 5.3% during 2023-2028.

The heat pipes market is segmented by end-use industry into automotive, electronics, energy and power, aerospace and defense and other end-use industries. The electronics market was the largest segment of the heat pipes market segmented by end-use industry, accounting for 37.7% or $892.3 million of the total in 2023. Going forward, the automotive segment is expected to be the fastest growing segment in the heat pipes market segmented by end-use industry, at a CAGR of 5.1% during 2023-2028.

Asia-Pacific was the largest region in the heat pipes market, accounting for 47% or $1.11 billion of the total in 2023. It was followed by North America, Western Europe and then the other regions. Going forward, the fastest-growing regions in the heat pipes market will be Asia-Pacific and Africa, where growth will be at CAGRs of 5.7% and 5.2% respectively. These will be followed by the Middle East and South America, where the markets are expected to grow at CAGRs of 4.6% and 4.6% respectively.

The global heat pipes market is highly concentrated, with large players operating in the market. The top ten competitors in the market made up to 72.7% of the total market in 2023. Foxconn Technology Group was the largest competitor with a 24.1% share of the market, followed by Furukawa Electric Co., Ltd with 19.3%, Boyd Corporation with 8.1%, Nidec Corporation with 7.7%, Asia Vital Components Co., Ltd with 4.3%, TESA with 3.8%, Deepcool Industries with 3.2%, Taisol Electronics Co., Ltd with 1.1%, Colmac Coil with 0.7% and Advanced Cooling Technologies with 0.7%.

The top opportunities in the heat pipes market segmented by product type will arise in the standard heat pipes/constant conductance segment, which will gain $260.3 million of global annual sales by 2028. The top opportunities in the heat pipes market segmented by working fluid will arise in the water segment, which will gain $232 million of global annual sales by 2028. The top opportunities in the heat pipes market segmented by material type will arise in the copper segment, which will gain $326.9 million of global annual sales by 2028. The top opportunities in the heat pipes market segmented by end-use industry will arise in the electronics segment, which will gain $228.2 million of global annual sales by 2028. The heat pipes market size will gain the most in China at $200.7 million.

Market-trend-based strategies for the heat pipes market include focus on introduction of new heat pipe sets for PC do it yourself (DIY) enthusiasts, focus on advancements in OLED gaming monitor technology integrating pulsating heat pipes, focus on innovation in soft heat transfer technology inspired by nature and focus on strategic partnerships and acquisitions among major players.

Player-adopted strategies in the heat pipes market include focus on enhancing business operations through strategic partnerships and focus on strengthening operational capabilities and geographic expansion through new product developments.

To take advantage of the opportunities, the analyst recommends the heat pipes companies to focus on developing customizable heat pipe solutions for pc builders, focus on developing pulsating heat pipes for advanced gaming monitors, focus on developing soft, bio-inspired heat pipe technology, focus on the vapor chamber segment, focus on the alcohol segment, expand in emerging markets, focus on diversifying distribution channels for market expansion, focus on forming strategic partnerships and collaborations, provide competitively priced offerings, focus on strategic pricing strategies for market leadership, participate in trade shows and events, continue to use B2B promotions and focus on the automotive segment.