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The heating, ventilation, and air conditioning (HVAC) test instruments market size is estimated to grow at a CAGR of 6.39% between 2023 and 2028. The market size is forecast to increase by USD 192.64 million. The growth of the market depends on several factors such as the growing demand for HVAC systems, the growing concerns toward improving IAQ in residential and commercial buildings, and the regulations to limit energy consumption by HVAC systems. Our report examines historical data from the2018-2022, besides analyzing the current market scenario.
This report extensively covers market segmentation 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). It also includes an in-depth analysis of drivers, trends, and challenges.
HVAC Test Instruments Market Forecast 2024-2028
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Our researchers studied the data for years, with 2023 as the base year and 2024 as the estimated year, and presented the key drivers, trends, and challenges for the market. Although there has been a disruption in the growth of the market during the COVID-19 pandemic, a holistic analysis of drivers, trends, and challenges will help companies refine marketing strategies to gain a competitive advantage.
Due to the increase in disposable income and living standards of people across many developing economies, the demand for HVAC systems is growing continuously across the globe. Currently, the annual demand for HVAC systems across the world is more than 110 million units, with China leading the global HVAC test instruments market with a share. Hence, APAC is the largest adopter of HVAC systems across the world.
Furthermore, the growing demand for efficient HVAC systems will also be a positive driver for the HVAC test instruments market, as periodic maintenance activities are essential for maintaining the efficiency of HVAC systems. All such developments are expected to boost the growth of the global HVAC test instruments market during the forecast period.
The demand for efficient HVAC test instruments is growing among consumers. The market witnessed growth for wireless HVAC test instruments due to their fast and intuitive operation. In addition, these instruments enable data transmission via Bluetooth. Thus enabling users to read measurements from one or multiple probes through a smartphone application.
In addition, prominent HVAC test instruments market players such as Testo and TSI are offering wireless HVAC test instruments. As wireless HVAC test instruments provide fast measurement, HVAC service professionals can service a larger number of customers, which leads to an increase in the turnover of HVAC service providers. Hence, such developments are expected to propel the growth of the global HVAC test instruments market during the forecast period.
The demand for HVAC services is growing due to the upgrade in the adoption of HVAC systems. However, HVAC service providers and HVAC manufacturers are facing a shortage of skilled technicians, which affects their financial health. This is the challenge for the growth of the HVAC test instruments market as HVAC service providers and HVAC manufacturers will tend to spend less on HVAC test instruments.
Furthermore, as the global HVAC industry is already facing a shortage of HVAC service professionals, the gap is expected to broaden in the coming years as the demand for HVAC repair and maintenance services is rising continuously. The lack of HVAC service professionals is showing to raise labor costs, which is boosting the HVAC repair and maintenance service costs for customers. Hence, these factors are expected to impede the market growth during the forecast period.
The airflow and quality segment will account for a major share of the market's growth during the forecast period.?This segment contains instruments such as anemometers, leak detectors, bolometers, filter testers, and carbon monoxide meters. It is the largest contributor to the heating, ventilation, and air conditioning (HVAC) test instruments market as the airflow and quality test instruments are prerequisites for HVAC testing purposes. The demand for test instruments that assist in the measurement of airflow and quality is growing among HVAC maintenance service providers.
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The airflow and quality segment was valued at USD 169.94 million in 2018. Prominent market players such as Fortive and TSI are offering a range of test instruments for maintaining IAQ. Consequently, the airflow and quality segment will continue to be a dominant revenue contributor to the global HVAC test instruments market during the forecast period, as test instruments used for measuring airflow and air quality are crucial for the efficient operation of HVAC systems.
Based on product type, the market has been segmented into dye injector kit, refrigerant measuring and monitoring, and gauges. The dye injector kit segment will account for the largest share of this segment.? The dye injector kit is used for fluorescent leak detection and is compatible for use with small and medium size air conditioning refrigeration systems. The growing adoption of ductless mini-split systems and their rising popularity because of their convenience of zoned comfort, energy efficiency, ease of installation, flexible sizing/configuration options, built-in air quality filters, and ability to provide both heating and cooling, dye injector kit is expected to grow to finds and seals every leak in mini-splits and small appliances alike. Hence, such factors are anticipated to propel the growth of dye injector kits in the heating, ventilation, and air conditioning test instruments market during the forecast period.
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APAC is estimated to contribute 48% to the growth by 2028. Technavio’s analysts have elaborately explained the regional trends, drivers, and challenges that are expected to shape the market during the forecast period. China, Japan, India, and Indonesia are among the largest adopters of HVAC systems across the globe. Thus, APAC dominates the heating, ventilation, and air conditioning test instruments market. China is the leading country for HVAC test instrument demand as it is dominating the global demand for HVAC systems.
Furthermore, heating, ventilation, and air conditioning (HVAC) test instruments market players are focusing on providing energy-efficient air-conditioning and ventilation systems in a compact package to further increase their market share in the region. This is a crucial factor for the growing demand for HVAC test instruments as they are crucial tools for the manufacturing, installation, and maintenance of HVAC systems. Hence, these factors are anticipated to drive the growth of the HVAC test instruments market in APAC during the forecast period.
The outbreak of COVID-19 in 2020 had a negative impact on the heating, ventilation, and air conditioning test instruments market in the APAC region. However, in 2021, the initiation of large-scale vaccination drives?lifted the lockdown and travel restrictions, which led to the resumption of supply chain activities. Market players in APAC have also been focusing on providing energy-efficient air-conditioning and ventilation systems in a compact package to increase their market share further in fast-growing countries. Therefore, these factors are expected to increase the demand for HVAC systems, which may increase the use of HVAC test instruments, thereby driving the growth of the regional market during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including:
Daikin Industries Ltd., 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.
Technavio report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
The HVAC test instruments market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
HVAC Test Instruments Market Scope |
|
Report Coverage |
Details |
Page number |
168 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.39% |
Market Growth 2024-2028 |
USD 192.64 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
5.97 |
Regional analysis |
APAC, North America, Europe, Middle East and Africa, and South America |
Performing market contribution |
APAC at 48% |
Key countries |
US, China, Japan, South Korea, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
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. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Product Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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