The global HVAC test instruments market is expected to grow at a CAGR of 5.52% during the period 2017-2021.
The report, Global HVAC Test Instruments Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
One trend in the market is building automation systems. Building automation systems (BAS) that control and monitor HVAC and other facilities of a given building are improved by embedding them with computing and digital communication tools that allow them to enhance energy efficiency. The number of integrated BAS installations has increased owing to the rise in the number of construction projects and building retrofits; the market is expected to reach $81 billion by 2021.
According to the report, one driver in the market is rising concern over IAQ in buildings. HVAC test instruments are essential to ensure IAQ and compliance of HVAC systems with air quality standards. The growing concern over IAQ in buildings will contribute significantly to the growth of the market, primarily due to the extensive application of test instruments in the airflow and quality segment, which accounts for over 40% of the overall market share. Pollutions levels affect outdoor as well as indoor air quality. Recent developments in construction materials have resulted in the use of more synthetics and composites, which adversely affect IAQ.
Further, the report states that one challenge in the market is price consciousness and need to provide solutions that accommodate multiple technologies. Advances in technology have encouraged companies to invest in innovative products, thereby increasing market competitiveness. Evolving consumer preferences have increased the need for investments in product development. The majority of HVAC test instrument vendors are dependent on raw materials from China for the manufacturing process. The increase in raw material costs and import duties imposed by governments worldwide have increased the production cost of T&M equipment, thereby increasing the production cost of HVAC test instruments.