The "Handheld HVAC Monitoring Devices Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Device Type and Application" report has been added to ResearchAndMarkets.com's offering.
The market is expected to grow from US$ 1,050.10 million in 2021 to US$ 1,534.99 million by 2028; it is expected to grow at a CAGR of 5.6% from 2020 to 2028.
The handheld HVAC monitoring devices business is being pushed by an increase in construction activities across the globe, a rise in product launches by the market players, and a surge in need for energy-efficient control systems. Moreover, growing urbanization and industrialization and rapid technological improvements have contributed considerably to the handheld HVAC monitoring devices market growth.
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 device 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 escalate the growth of the handheld HVAC monitoring device market. The handheld HVAC monitoring devices market is also expected to flourish due to new product launches. For instance, 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.
Moreover, in August 2021, Kanomax (US) launched a new 6820 series of Rotating Vane Anemometers, an updated version of the 6810 Series. It is perfect for HVAC ventilation and balancing, laboratory control, indoor air quality (IAQ) investigation, and industrial hygiene quality control applications.
Impact of COVID-19 Pandemic on Global Handheld HVAC Monitoring Devices Market
North America is one of the most critical regions for the uptake and development of new technologies due to favorable government policies to boost innovation, the presence of a robust industrial base, and high purchasing power, especially in developed countries, such as the US and Canada. Hence, any impact on industries' growth is expected to affect the region's economic rise.
In 2020, the COVID-19 pandemic negatively affected the handheld HVAC monitoring devices market in North America. Most business enterprises halted and postponed their office expansions, and many companies had to enforce work from home. The slow growth is mainly due to economic slowdown across countries due to the COVID-19 pandemic and subsequent measures.
Many industries and companies limited their investments in HVAC systems due to shutdowns and movement restrictions. In 2020, the HVAC control industry faced a severe decline, which resulted in revenue loss among the handheld HVAC monitoring devices market players offering their products to the commercial sector.
As the situation is returning to normalcy and many businesses and industries have started functioning, the demand for HVAC equipment and control systems is also increasing. From the residential sector perspective, installation, servicing, and maintenance activities of HVAC systems have continued to grow since early 2021, highlighting the demand for portable HVAC monitoring systems. This is expected to continue to drive the handheld HVAC monitoring device market during the forecast period.
Key Market Dynamics
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