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.