HVAC Test Instruments Market to grow by USD 192.64 million from 2023 to 2028, Growing demand for HVAC systems to drive the growth - Technavio

NEW YORK, Nov. 9, 2023 /PRNewswire/ -- The HVAC test instruments market is expected to grow by USD 192.64 million from 2023 to 2028. However, the growth momentum of the market will progress at a CAGR of 6.39% during the forecast period. The market is segmented by application (airflow and quality, temperature, and humidity, electrical, and others), product type (dye injector kit, refrigerant measuring and monitoring, and gauges), and geography (APAC, North America, Europe, Middle East and Africa, and South America). The report analyses the market size and growth and provides accurate predictions on the growth of the market. View Free PDF Sample Report

The growing demand for HVAC systems is the key factor driving market growth. The demand for HVAC systems is constantly increasing all over the world, as people's disposable income and living standards are rising in several emerging economies. In addition, the growing demand for efficient HVAC systems will also be a strong driver of the market for HVAC testing instruments since regular maintenance is necessary in order to keep these systems functioning at optimum efficiency. 

Key Highlights:

• The report recognizes the following as some of the key players in the HVAC test instruments market: Daikin Industries Ltd., Dwyer Instruments LLC, Emerson Electric Co., Fieldpiece Instruments Inc., Fluke Corp., Kane International Ltd., Kanomax USA Inc., Klein Tools Inc., Legend Corp. Ltd., Mastercool Inc., PCE Holding GmbH, Ritchie Engineering Inc., Robert Bosch GmbH, Sauermann Group, TASI Group, TENMARS Electronics Co. Ltd., Testo SE and Co. KGaA, VTech Process Equipment LLC, and W.W. Grainger Inc.
• HVAC Test Instruments Market is fragmented in nature.
• Market to observe 5.97% YOY growth in 2024.

Market Dynamics:

Major Trend

• The growing popularity of wireless HVAC test instruments is a major trend in the market.
• The market has seen growth in wireless HVAC testing instruments due to their quick and intuitive operation.
• In addition, Bluetooth data transmission is enabled by these instruments. This means that a smartphone application can allow users to read the measurements from multiple probes.

Significant Challenge

• The lack of skilled HVAC professionals is a significant challenge restricting market growth.
• The global HVAC industry is facing a shortage of HVAC service professionals. The gap is expected to widen in the coming years as demand for HVAC repair and maintenance services continues to increase.
• Labor costs to repair and maintain HVAC equipment are rising because of the lack of professional technicians in this sector. This is making it more difficult for consumers to spend on these services.

The report also covers information on upcoming trends and challenges. Explore detailed information by purchasing a report

Keg Segments:

• The airflow and quality segment will account for a major share of the market's growth during the forecast period. Instruments like anemometers, leak detectors, bolometers, filter monitors, and carbon monoxide meters are part of this segment. A range of testing tools for the control of IAQ are offered by leading market players such as Fortive and TSI.

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Related Reports:

The temperature sensor market size is estimated to grow at a CAGR of 5.41% between 2022 and 2027. The market size is forecast to increase by USD 1,963.5 million.

The thermocouple temperature sensors market size is estimated to grow by USD 759.1 million at a CAGR of 8.82% between 2022 and 2027.

ToC:

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Application

Market Segmentation by Product Type

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About Technavio

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SOURCE Technavio