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At CAGR 5.6%, the Handheld HVAC Monitoring Devices Market is slated to be worth US$ 1,534.99 million by 2028, says The Insight Partners

07-20-2022 03:30 PM CET | Industry, Real Estate & Construction

Press release from: The Insight Partners

/ PR Agency: The Insight Partners
The Insight Partners

The Insight Partners

According to The Insight Partners' research, the global handheld HVAC monitoring devices market was valued at US$ 1,031.97 million in 2020; it is expected to rise at a CAGR of 5.6% throughout the 2021-2028 to reach US$ 1,534.99 million by 2028. Growing construction activities and increasing product launches are the aspects attributing toward the market expansion.

The global population outburst has led to an increase in construction activities. Rapid urbanization in developing economies has increased commercial projects supported by governments via investments in the construction industry. Also, the surge in automation activities in residential, commercial, and industrial segments has propelled energy consumption significantly. The growing adoption of electricity-based HVAC systems has created pressure on electricity production plants, in turn, affecting the environment. Thus, there has been an increase in environment-friendly approaches and inclination toward geothermal HVAC systems to overcome environmental problems. Further, advancement in technologies is projected to upsurge the handheld HVAC monitoring device market.

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According to application, the global handheld HVAC monitoring devices market is segmented into residential, industrial, and commercial. The industrial segment grabs the market growth with a market share of 48.8% in 2020; it is assessed to garner 47.9% share by 2028. The market was valued at US$ 503.20 million in 2020 and is anticipated to grow at a CAGR of 5.3% during the forecast period to reach US$ 734.81 million by 2028.

On the other hand, the high cost of HVAC monitoring devices is likely to hamper the global handheld HVAC monitoring devices market growth.

Based on device type, the market is categorized into temperature and humidity meters, gas detectors, airflow meters, HVAC multimeter, and pressure gauge meter. Among these, the pressure gauge segment dominated the market growth with a share of 32.3% and the market was valued at US$ 333.26 million in 2020. It is slated to be worth US$ 482.29 million by 2028 and the expected CAGR would be 5.2% during the forecast period.

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Additionally, the constant increase in automation activities led to the rising demand for constant monitoring, especially in the production of volatile products and their storage. This has led to various technological integration, such as the Internet of Things (IoT) and artificial intelligence (AI), which helps in constant monitoring and issue warnings for operational abnormalities. Moreover, the increase in automation and the rising trend of smart homes have created a demand for effective and efficient HVAC systems and monitoring devices. The handled HVAC monitoring device market players are striving hard to cope with the consumer demand, which led to the increase in investments and strategic collaboration, supporting the growth of the handheld HVAC monitoring device market. Additionally, the COVID-19 pandemic has increased the demand for effective ventilation to lower the concentration of contaminants which in turn prevent the spread of the COVID-19 pandemic. Reopening commercial places will likely amplify the handled HVAC monitoring device market growth.

The List of Companies - Handheld HVAC Monitoring Device Market

Key players profiled in the global handheld HVAC monitoring devices market report are 3M; Fluke Corporation; Honeywell International Inc; TSI Incorporated; Aeroqual Ltd; Met One Instruments Inc; Kanomax USA, Inc; Testo SE & Co. KGaA; and PCE DeutschlandGmbH.

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In March 2022, 3M was recognized as one of the world's most ethical companies by Ethisphere Institute for 9th consecutive year.

In December 2021, Honeywell launched a new air monitor that alerts users when indoor air conditions may present increased risk factors for exposure to airborne viruses.

TSI Incorporated launched a new indoor air quality monitor Q-TrakTM XP in January 2021. It is designed for IAQ and industrial hygiene professionals.

Met One Instruments, Inc. presented the Indoor Air Quality Association Expo held in Tucson, Arizona, on February 22-25,

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Contact Person: Sameer Joshi

E-mail: sales@theinsightpartners.com

Phone: +1-646-491-9876

About Us:

The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

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