According to the latest market research study on 'Handheld HVAC Monitoring Devices Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Device Type and Application,' the market is expected to grow from US$ 1,050.10 million in 2021 to US$ 1,534.99 million by 2028; it is expected to grow at a CAGR of 5.6% from 2020 to 2028.
The handheld HVAC monitoring devices business is being pushed by an increase in construction activities across the globe, a rise in product launches by the market players, and a surge in need for energy-efficient control systems. Moreover, growing urbanization and industrialization and rapid technological improvements have contributed considerably to the handheld HVAC monitoring devices market growth.
There has been a constant increase in construction industries and the development of new buildings and residential projects to cater to the demand of the rising population on a large scale. Additionally, rising awareness about the health hazards of unclean surroundings and bad air quality has created the demand for handheld HVAC monitoring devices, promoting the growth of the handheld HVAC monitoring device market. HVAC monitoring devices play an important role in maintaining a healthy environment inside houses or commercial buildings by constantly monitoring air quality, temperature, and ventilation. Various market players offer advanced HVAC monitoring devices in response to such prominent demand. Further, technological development in existing devices is expected to escalate the growth of the handheld HVAC monitoring device market. The handheld HVAC monitoring devices market is also expected to flourish due to new product launches. For instance, in February 2022, Vaisala launched the new immersion type Vaisala TMI110 Temperature Transmitter. This device monitors data centers' conditions and energy efficiency to maintain the digital environment of the data centers. Moreover, in August 2021, Kanomax (US) launched a new 6820 series of Rotating Vane Anemometers, an updated version of the 6810 Series. It is perfect for HVAC ventilation and balancing, laboratory control, indoor air quality (IAQ) investigation, and industrial hygiene quality control applications.
North America is one of the most critical regions for the uptake and development of new technologies due to favorable government policies to boost innovation, the presence of a robust industrial base, and high purchasing power, especially in developed countries, such as the US and Canada. Hence, any impact on industries' growth is expected to affect the region's economic rise.
In 2020, the COVID-19 pandemic negatively affected the handheld HVAC monitoring devices market in North America. Most business enterprises halted and postponed their office expansions, and many companies had to enforce work from home. The slow growth is mainly due to economic slowdown across countries due to the COVID-19 pandemic and subsequent measures. Many industries and companies limited their investments in HVAC systems due to shutdowns and movement restrictions. In 2020, the HVAC control industry faced a severe decline, which resulted in revenue loss among the handheld HVAC monitoring devices market players offering their products to the commercial sector.
As the situation is returning to normalcy and many businesses and industries have started functioning, the demand for HVAC equipment and control systems is also increasing. From the residential sector perspective, installation, servicing, and maintenance activities of HVAC systems have continued to grow since early 2021, highlighting the demand for portable HVAC monitoring systems. This is expected to continue to drive the handheld HVAC monitoring device market during the forecast period.
The global handheld HVAC monitoring devices market is segmented based on device type, application, and geography. By device type, the handheld HVAC monitoring devices market is segmented into temperature and humidity meters, gas detector, HVAC multimeter, airflow meter, and pressure gauge meter. In 2020, the pressure gauge meter segment held the largest market share. Based on application, the handheld HVAC monitoring devices market is segmented into residential, industrial, and commercial. In 2020, the industrial segment accounted for the largest market share. Geographically, the handheld HVAC monitoring devices market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). In 2020, North America accounted for a significant share in the global market.
Reasons to Buy
The handheld HVAC monitoring devices business is being pushed by an increase in construction activities across the globe, a rise in product launches by the market players, and a surge in need for energy-efficient control systems. Moreover, growing urbanization and industrialization and rapid technological improvements have contributed considerably to the handheld HVAC monitoring devices market growth.
There has been a constant increase in construction industries and the development of new buildings and residential projects to cater to the demand of the rising population on a large scale. Additionally, rising awareness about the health hazards of unclean surroundings and bad air quality has created the demand for handheld HVAC monitoring devices, promoting the growth of the handheld HVAC monitoring device market. HVAC monitoring devices play an important role in maintaining a healthy environment inside houses or commercial buildings by constantly monitoring air quality, temperature, and ventilation. Various market players offer advanced HVAC monitoring devices in response to such prominent demand. Further, technological development in existing devices is expected to escalate the growth of the handheld HVAC monitoring device market. The handheld HVAC monitoring devices market is also expected to flourish due to new product launches. For instance, in February 2022, Vaisala launched the new immersion type Vaisala TMI110 Temperature Transmitter. This device monitors data centers' conditions and energy efficiency to maintain the digital environment of the data centers. Moreover, in August 2021, Kanomax (US) launched a new 6820 series of Rotating Vane Anemometers, an updated version of the 6810 Series. It is perfect for HVAC ventilation and balancing, laboratory control, indoor air quality (IAQ) investigation, and industrial hygiene quality control applications.
Impact of COVID-19 Pandemic on Global Handheld HVAC Monitoring Devices Market
North America is one of the most critical regions for the uptake and development of new technologies due to favorable government policies to boost innovation, the presence of a robust industrial base, and high purchasing power, especially in developed countries, such as the US and Canada. Hence, any impact on industries' growth is expected to affect the region's economic rise.
In 2020, the COVID-19 pandemic negatively affected the handheld HVAC monitoring devices market in North America. Most business enterprises halted and postponed their office expansions, and many companies had to enforce work from home. The slow growth is mainly due to economic slowdown across countries due to the COVID-19 pandemic and subsequent measures. Many industries and companies limited their investments in HVAC systems due to shutdowns and movement restrictions. In 2020, the HVAC control industry faced a severe decline, which resulted in revenue loss among the handheld HVAC monitoring devices market players offering their products to the commercial sector.
As the situation is returning to normalcy and many businesses and industries have started functioning, the demand for HVAC equipment and control systems is also increasing. From the residential sector perspective, installation, servicing, and maintenance activities of HVAC systems have continued to grow since early 2021, highlighting the demand for portable HVAC monitoring systems. This is expected to continue to drive the handheld HVAC monitoring device market during the forecast period.
Key Findings of Study
The global handheld HVAC monitoring devices market is segmented based on device type, application, and geography. By device type, the handheld HVAC monitoring devices market is segmented into temperature and humidity meters, gas detector, HVAC multimeter, airflow meter, and pressure gauge meter. In 2020, the pressure gauge meter segment held the largest market share. Based on application, the handheld HVAC monitoring devices market is segmented into residential, industrial, and commercial. In 2020, the industrial segment accounted for the largest market share. Geographically, the handheld HVAC monitoring devices market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). In 2020, North America accounted for a significant share in the global market.
Reasons to Buy
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the global handheld HVAC monitoring device market
- Highlights key business priorities to assist companies to realign their business strategies
- The key findings and recommendations highlight crucial progressive industry trends in the global handheld HVAC monitoring device market, thereby allowing players across the value chain to develop effective long-term strategies
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
- Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing, and distribution
Table of Contents
1. Introduction
3. Research Methodology
4. Handheld HVAC Monitoring Devices Market Landscape
5. Handheld HVAC Monitoring Devices Market - Key Market Dynamics
6. Handheld HVAC Monitoring Devices Market - Global Market Analysis
7. Handheld HVAC Monitoring Devices Market Analysis - By Device Type
8. Handheld HVAC Monitoring Devices Market - By Application
9. Handheld HVAC Monitoring Devices Market - Geographic Analysis
10. Handheld HVAC Monitoring Devices Market - COVID-19 Impact Analysis
11. Industry Landscape
12. Company Profiles
13. Appendix
List of Tables
List of Figures
Executive Summary
The global handheld HVAC monitoring devices market is expected to grow from US$ 1,050.10 million in 2021 to US$ 1,534.99 million by 2028; it is estimated to grow at a CAGR of 5.6% from 2021 to 2028.The increase in construction activities and new product launches is fueling the demand for handheld HVAC monitoring devices. However, the high cost of HVAC monitoring devices is hampering the handheld HVAC monitoring devices market growth. HVAC monitoring devices are the type of control devices used to regulate air conditioning and heating systems operations. HVAC monitoring systems continuously track the energy usage and performance of a building's heating, ventilation, and air conditioning devices, intending to alert operators to defects and inefficiencies. HVAC is a significant contributor to a property's maintenance and energy-related operational costs. Without HVAC analytics, equipment issues may go undetected for weeks.
The surge in the global population has led to an increase in construction activities to fulfil household demands. According to the United Nations (UN) report, the global population is expected to reach ~9.7 billion in 2050 from 7.7 billion in 2020. Additionally, the increase in urbanization and industrialization activities in developing economies has increased commercial projects supported by governments and investments in the construction industry. For instance, the government of China provided an affordable housing system to provide support to ~70% of urban families and middle-income households. Thus, an increase in construction, urbanization, and industrialization activities is likely to create the demand for an effective HVAC system, promoting the growth of handheld HVAC monitoring devices market.
Additionally, a surge in automation activities in residential, commercial, and industrial segments has increased energy consumption on a large scale. Further, the increase in electricity-based HVAC systems has created pressure on electricity production plants and affected the environment globally. There has been an increase in environment-friendly approaches and inclination toward geothermal HVAC systems to overcome environmental problems. Moreover, increasing awareness about environmental conservation has fueled the demand for energy-efficient buildings, driving the handheld HVAC monitoring device market.
Based on device type, the handheld HVAC monitoring devices market is segmented into temperature and humidity meters, gas detector, airflow meter, HVAC multimeter, and pressure gauge meter. The pressure gauge meter segment held the largest share of the market in 2021. However, the temperature and humidity meters segment are anticipated to register the highest CAGR during the forecast period.
The key primary and secondary sources referred to while preparing the report on the handheld HVAC monitoring devices market include Air Conditioning Contractors of America (ACCA), International Energy Agency (IEA), Environmental Protection Agency (EPA), Sheet Metal and Air Conditioning Contractors' National Association (SMACNA), and US Department of Energy's Building Technologies. The overall handheld HVAC monitoring devices market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast for the market with respect to all the segments. It also provides the overview and forecast for the global handheld HVAC monitoring devices market based on all the segmentation provided with respect to five major regions—North America, Europe, Asia Pacific, Middle East & Africa, and South America. Also, primary interviews were conducted with industry participants and commentators to validate data and gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the handheld HVAC monitoring devices market.
Companies Mentioned
- 3M
- Fluke Corporation
- Honeywell International Inc.
- Tsi Incorporated
- Aeroqual Ltd
- Met One Instruments Inc.
- Kanomax Usa, Inc.
- Test- Se & Co. Kgaa
- Pce Deutschland Gmbh
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 138 |
| Published | March 2022 |
| Forecast Period | 2021 - 2028 |
| Estimated Market Value ( USD | $ 1050.1 Million |
| Forecasted Market Value ( USD | $ 1534.99 Million |
| Compound Annual Growth Rate | 5.6% |
| Regions Covered | Global |
| No. of Companies Mentioned | 9 |
