The worldwide market for handheld HVAC monitoring devices is projected to expand from US$ 1,050.10 million in 2021 to US$ 1,534.99 million by 2028, reflecting a compound annual growth rate (CAGR) of 5.6% during the period from 2021 to 2028.
The surge in demand for handheld HVAC monitoring devices is primarily driven by an increase in construction activities and the introduction of new products. Nevertheless, the growth of this market faces challenges due to the high prices associated with these devices. HVAC monitoring tools play a vital role in managing the functionality of heating and air conditioning systems within buildings. These devices continuously assess energy usage and the performance of HVAC systems, identifying faults and inefficiencies to notify operators. Given that HVAC systems significantly contribute to the maintenance and energy costs of properties, effective HVAC analytics are essential for the timely detection of equipment malfunctions.
As the global population continues to rise, there is a corresponding increase in construction efforts aimed at fulfilling housing demands. The United Nations (UN) projects that the global population will reach around 9.7 billion by 2050, up from 7.7 billion in 2020. Additionally, developing nations are experiencing heightened urbanization and industrialization, which has led to increased government-backed commercial initiatives and investments in the construction sector. For instance, the Chinese government has implemented an affordable housing program to assist approximately 70% of urban families and middle-income households. Consequently, the expansion of construction, urbanization, and industrialization is anticipated to drive the demand for efficient HVAC systems, thereby fostering growth in the handheld HVAC monitoring devices market.
The escalation of automation across residential, commercial, and industrial domains has led to a notable rise in energy consumption. Furthermore, the growing reliance on electricity-driven HVAC systems has intensified pressure on power generation facilities and adversely affected the global environment. To address these challenges, there has been a shift towards sustainable solutions, such as geothermal HVAC systems. Additionally, the rising awareness regarding environmental protection has increased the demand for energy-efficient buildings, further propelling the handheld HVAC monitoring device market.
The handheld HVAC monitoring devices market is divided into several categories based on device types, including temperature and humidity meters, gas detectors, airflow meters, HVAC multimeters, and pressure gauge meters. In 2021, the pressure gauge meter segment commanded the largest share of the market. However, the temperature and humidity meter segment is anticipated to exhibit the highest CAGR throughout the forecast period.
The report on the handheld HVAC monitoring devices market was developed using a combination of primary and secondary research methodologies. Key primary sources included organizations such as the Air Conditioning Contractors of America (ACCA), the International Energy Agency (IEA), the Environmental Protection Agency (EPA), the Sheet Metal and Air Conditioning Contractors' National Association (SMACNA), and the US Department of Energy's Building Technologies program. In addition, extensive secondary research was conducted utilizing both internal and external resources to gather qualitative and quantitative data relevant to the market. This research aimed to provide a comprehensive overview and forecast of the market across all segments.
Moreover, the report incorporates primary interviews with industry stakeholders and experts to validate the data and gain deeper analytical insights into the market landscape. Participants in this process included industry professionals such as vice presidents, business development managers, market intelligence managers, and national sales managers, along with external consultants like valuation experts, research analysts, and key opinion leaders specializing in the handheld HVAC monitoring devices sector. The report also presents an overview and forecast for the global handheld HVAC monitoring devices market segmented by five major regions: North America, Europe, Asia Pacific, the Middle East & Africa, and South America, derived from thorough secondary research conducted to gather qualitative and quantitative information pertinent to the market.