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 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.

The demand for new buildings and residential projects has been consistently increasing due to the growing global population. Simultaneously, there is rising awareness about the health risks associated with poor air quality and unclean surroundings, which has led to the demand for handheld HVAC monitoring devices. This has subsequently driven the growth of the handheld HVAC monitoring device market. HVAC monitoring devices are essential in maintaining a healthy environment inside residential and commercial buildings by continuously monitoring air quality, temperature, and ventilation. Responding to this demand, several market players are offering advanced HVAC monitoring devices.

The growth of the handheld HVAC monitoring device market is expected to be fueled by advancements in technology, including improvements to existing devices. Furthermore, the market is likely to experience growth due to new product launches. For example, Vaisala introduced a new immersion type Vaisala TMI110 Temperature Transmitter in February 2022, which is designed to monitor conditions and energy efficiency in data centers, helping to maintain a healthy digital environment. Additionally, Kanomax (US) released an updated version of its 6810 Series, the 6820 Series of Rotating Vane Anemometers, in August 2021. These new anemometers are suitable for applications such as HVAC ventilation and balancing, laboratory control, indoor air quality (IAQ) investigation, and industrial hygiene quality control.

Impact of COVID-19 Pandemic on Global Handheld HVAC Monitoring Devices Market

North America, with its favourable government policies to boost innovation, robust industrial base, and high purchasing power, is one of the most significant regions for the uptake and development of new technologies. Any impact on industries' growth is expected to have a profound effect on the region's economic growth.

However, the COVID-19 pandemic negatively affected the handheld HVAC monitoring devices market in North America in 2020. The pandemic forced most business enterprises to halt and postpone their office expansions, and many companies had to enforce work from home policies. The economic slowdown across countries due to the COVID-19 pandemic and subsequent measures led to a slow growth rate in the handheld HVAC monitoring devices market. Many industries and companies limited their investments in HVAC systems due to shutdowns and movement restrictions, which resulted in revenue loss among the handheld HVAC monitoring device market players offering their products to the commercial sector. In 2020, the HVAC control industry experienced a severe decline.

With the gradual return to normalcy, many businesses and industries have resumed their operations, leading to an increase in demand for HVAC equipment and control systems. In the residential sector, the installation, servicing, and maintenance activities of HVAC systems have been steadily increasing since early 2021, indicating a growing demand for portable HVAC monitoring devices. As a result, the handheld HVAC monitoring device market is expected to continue its growth trajectory during the forecast period.

Key Findings of Study

The global handheld HVAC monitoring devices market is segmented based on device type, application, and geography. By device type, the handheld HVAC monitoring devices market 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 handheld HVAC monitoring devices 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 market.

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