Increase in construction activities to Provide Growth Opportunities for Handheld HVAC Monitoring Devices Market During 2021–2028
According to our latest market 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 estimated to grow at a CAGR of 5.6% from 2021 to 2028.
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.
Lucrative Regions for Handheld HVAC Monitoring Devices Market
Handheld HVAC Monitoring Devices Market Size & Growth-2028
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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)
Handheld HVAC Monitoring Devices Market Size & Growth-2028
Download Free SampleHandheld 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)
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.
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 handheld HVAC monitoring device market.
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 the handheld HVAC monitoring devices market is reviving and is expected to grow remarkably in the near future.
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 handheld HVAC monitoring devices market size.
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 major companies operating in the handheld HVAC monitoring devices market.
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