New York, March 30, 2022 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on “Handheld HVAC Monitoring Devices Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Device Type (Temperature and Humidity Meters, Gas Detector, HVAC Multimeter, Airflow Meter, and Pressure Gauge Meter) and Application (Residential, Industrial, and Commercial)”, the global handheld HVAC monitoring devices market growth is driven by the booming construction sector and an increased global population, which is expected to spur demand for HVAC systems and HVAC monitoring devices, technological advancements in HVAC monitoring devices, the surging need to monitor HVAC systems to optimize their usage, rising energy bills, and stringent environmental norms have forced various commercial organizations and industries to use various HVAC monitoring systems/devices in their operation area, the rise in investments by commercial, residential, and industrial end-users in HVAC systems.
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| Report Coverage | Details |
| Market Size Value in | US$ 1.05 billion in 2021 |
| Market Size Value by | US$ 1.53 billion by 2028 |
| Growth rate | CAGR of 5.6% from 2021 to 2028. |
| Forecast Period | 2021- 2028 |
| Base Year | 2021 |
| No. of Pages | 138 |
| No. Tables | 54 |
| No. of Charts & Figures | 74 |
| Historical data available | Yes |
| Segments covered | Device Type and Application |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Handheld HVAC Monitoring Devices Market: Competitive Landscape and Key Developments
Klein Tools Inc., Fluke Corporation, Honeywell International Inc, TSI Incorporated, Aeroqual Ltd, Met One Instruments Inc, Kanomax USA, Inc, Testo SE & Co. KGaA, and PCE Deutschland GmbH are among the key players operating in the global handheld HVAC monitoring devices market. The leading companies are focusing on expanding and diversifying their market presence and acquiring a new customer base, thereby tapping prevailing business opportunities.
In January 2021, TSI Incorporated launched a new indoor air quality monitor – Q-Trak XP Indoor Air Quality Monitor. It is designed for IAQ and industrial hygiene professionals.
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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. The global handheld HVAC monitoring devices market is mainly driven by the booming construction sector and an increased global population, which is expected to spur the demand for HVAC systems and HVAC monitoring devices. Moreover, technological advancements in HVAC monitoring devices, the surge in need to monitor HVAC systems to optimize their usage, rise in energy bills, and stringent environmental norms have forced various commercial organizations and industries to use various HVAC monitoring systems/devices in their operation area. The rise in investments by commercial, residential, and industrial end users in HVAC systems is also expected to support market growth during the forecast period.
Impact of COVID-19 Pandemic on Global Handheld HVAC Monitoring Devices Market:
The entire HVAC industry, ranging from the manufacturing and servicing of HVAC systems, components, and associated technologies, was experiencing strong demand until 2019. However, with the COVID-19 pandemic, the industry stakeholder experienced turbulence in their respective businesses. The turbulence was mainly due to the supply chain disruption, which ultimately hampered the market of the handheld HVAC monitoring.
The pandemic disturbed handheld HVAC monitoring devices businesses and vendors worldwide. Factory shutdowns, trade bans, and border lockdowns led to limited international trades or contract signing activities. This affected the handheld HVAC monitoring devices market as well. Initially, the market faced a significant blow; however, now it is reviving and is expected to grow remarkably in the near future.
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Moreover, commercial and industrial sectors were the worst-hit sectors due to the pandemic. The pandemic has forced many businesses and industries to shut down or postpone their openings and further expansions temporarily. The residential sector was also impacted as individual house owners and flat owners in residential complexes initially emphasized on safety and health. However, with the rise in awareness related to the benefits of HVAC systems, the installation volume grew in the latter half of 2020. Currently, building residents are also focusing on regular monitoring of their respective HVAC systems, catalyzing the demand for handheld HVAC monitoring devices.
The surge in the global population has led to an increase in construction activities to fulfill 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 rise 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 increased the demand for energy-efficient buildings, driving the handheld HVAC monitoring devices market.
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Handheld HVAC Monitoring Devices Market: Application Overview
Based on application, the handheld HVAC monitoring devices market is segmented into industrial, commercial, and residential. In 2020, the industrial segment accounted for the largest share of the handheld HVAC monitoring devices market.
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