Advancements into the computational studies have increased the development of heat pipe arrangements, displaying multiphase flow regimes and highlighting the broad scope of the respective technology for utilization in passive and active applications. The purpose of this review is to evaluate current heat pipe systems for heat recovery and renewable applications utility. Basic features and limitations are outlined and theoretical comparisons are drawn with respect to the operating temperature profiles for the reviewed industrial systems. Working fluids are compared on the basis of the figure of merit for the range of temperatures. The review established that standard tubular heat pipe systems present the largest operating temperature range in comparison to other systems and therefore offer viable potential for optimization and integration into renewable energy systems.