Handheld HVAC Monitoring Devices Market Size Worth $1,534.99 Million By 2028 | CAGR 5.6%: The Insight Partners
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 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 size.
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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, the increasing awareness about environment conservation has fueled the demand for energy-efficient buildings, further driving the handheld HVAC monitoring device market.
The global handheld HVAC monitoring devices market is segmented based on device type, application, and geography. Based on device type, the handheld HVAC monitoring devices industry 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 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 handheld HVAC monitoring devices market.
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Increasing Product Launches in Handheld HVAC Monitoring Devices to Drive Handheld HVAC Monitoring Devices Market
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 devices 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 contribute to the growth of the handheld HVAC monitoring devices market.
Handheld HVAC Monitoring Devices Market Device Type Insights
Based on device type, the global handheld HVAC monitoring devices market is segmented into temperature and humidity meters, gas detectors, airflow meters, HVAC multimeter, and pressure gauge meter. In 2021, the pressure gauge meter segment held the largest share of the market. Moreover, the temperature and humidity meters segment is expected to register the highest CAGR in the market during 2021-2028. Temperature and humidity meters act as a monitoring system that allows controlling environmental parameters in a building in real-time and assist in maintaining optimal air humidity and temperature levels and reducing electricity costs.
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 GmbH are among the key players in the global Handheld HVAC Monitoring Devices market. The leading companies focus on the expansion and diversification of their market presence, and acquisition of new customer base, thereby tapping prevailing business opportunities.
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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
In January 2022, TSI Incorporated launched next-generation Velocicalc and Velocicalc pro-multi-function ventilation meters. It calculates the percentage of outside air used to determine ventilation effectiveness in a building or room. The VelociCalc Pro adds additional built-in workflows for heat flow calculation and four methodologies for performing a duct traverse which speeds up the measurement process while reducing errors.
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