Handheld HVAC Monitoring Devices Market Growth and Forecast by 2028

The handheld HVAC monitoring devices market is projected to reach US$ 1,534.99 million by 2028 from US$ 1,050.10 million in 2021; it is estimated to grow at a CAGR of 5.6% from 2021 to 2028.

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. HVAC problems are a primary cause of tenant complaints and boost operational costs unnecessarily. These issues can be recognized and corrected in real-time using HVAC monitoring systems or devices that can be employed for the complete HVAC system, including chillers, exhaust fans, and motors. Furthermore, machine learning algorithms can examine consumption trends to predict when issues arise, allowing operators to make minor modifications rather than expensive repairs.

The handheld HVAC monitoring devices market is segmented based on device type, application, and geography. By geography, the market is broadly segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. The handheld HVAC monitoring devices report offers insights and in-depth analysis of the market, emphasizing parameters such as market trends, technological advancements, market dynamics, and the competitive analysis of the globally leading market players.

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Handheld HVAC Monitoring Devices Market: Strategic Insights

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Market Insights
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.

Following are a few examples of new products launched in the handheld HVAC monitoring devices market:

• 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.

Such developments by market players are driving the 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.

Application Insights

Based on application, the global handheld HVAC monitoring devices market is segmented into industrial, residential, and commercial. In 2021, the industrial segment held the largest market share. However, the commercial segment is expected to register the highest CAGR during 2021–2028. The growth of the commercial segment is attributed to rising technological advancements associated with HVAC monitoring devices, booming commercial construction across the globe, and increasing installations of HVAC units in commercial settings. Furthermore, the growing commercial construction expenditure, notably in the Middle East and developed countries such as the US, is expected to contribute to the growth of the handheld HVAC monitoring devices market size.

New product development and market initiatives are highly adopted strategies by the global handheld HVAC monitoring devices market players. A few of the recent key market developments are listed below:

• In March 2022, 3M was recognized by Ethisphere Institute for ethics and integrity in business conduct and compliance for the ninth straight year. 3M is one of only seven industrial companies worldwide to be honored this year.
• In January 2022, Kanomax USA demonstrated at AHR Expo 2022 in Las Vegas, Nevada, from January 31 to February 2. The AHR Expo provides a unique forum where manufacturers of all sizes and specialties come together to share ideas and showcase the future of HVACR technology.
• In 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.
• In 2021, Honeywell announced a new, user-friendly Transmission Risk Air Monitor that alerts users when indoor air conditions may present an increased risk of potentially transmitting airborne viruses in schools, restaurants, and other spaces.

The COVID-19 pandemic has highly impacted the entire HVAC industry, ranging from the manufacturing and servicing of HVAC systems, components, and associated technologies globally. The turbulence was mainly due to the supply chain disruption, which ultimately hampered the growth of the handheld HVAC monitoring devices 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 it 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 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.

Handheld HVAC Monitoring Devices Market Regional Insights

The regional trends and factors influencing the Handheld HVAC Monitoring Devices Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Handheld HVAC Monitoring Devices Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Handheld HVAC Monitoring Devices Market Report Scope

Handheld HVAC Monitoring Devices Market Players Density: Understanding Its Impact on Business Dynamics

The Handheld HVAC Monitoring Devices Market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Handheld HVAC Monitoring Devices Market are:

1. 3M
2. Fluke Corporation
3. Honeywell International Inc.
4. TSI Incorporated
5. Aeroqual Ltd

Disclaimer: The companies listed above are not ranked in any particular order.

Handheld HVAC Monitoring Devices Market Segmentation

The global handheld HVAC monitoring devices market is segmented based on device type, application, and geography. In terms of 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. In terms of application, the handheld HVAC monitoring devices market is segmented into commercial, residential, and industrial. Geographically, the market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America.  Some of the companies operating in the handheld HVAC monitoring devices market include - 3M; Fluke Corporation; Honeywell International Inc.; Teledyne FLIR LLC; TSI Incorporated; Aeroqual Ltd.; Met One Instruments Inc.; TESTO SE AND CO. KGAA; PCE Instruments; and Kanomax USA, Inc. among others.