Global HVAC Air Quality Monitoring Market Overview
The key driver impacting the HVAC air quality monitoring market is the growing popularity of green buildings and environment friendly industries. This creates huge investment in green building real estate companies. For instance, According to the World Economic Forum, the construction industry is likely to grow in the coming years, with an estimated revenue of $15 trillion by 2025. Residential housing represents around 38% of the worldwide construction volume. The Global ESG Benchmark for Real Assets (GRESB) report shows that over 90 percent of Real Assets companies align their projects with green building rating standards for operations and construction in 2019. Certainly, green buildings stand as one of the largest global investment opportunities of the next decade, and it is estimated to be $24.7 trillion by 2030 by the International Finance Corporation (IFC). Moreover, the government regulations and policies to control air pollution and increase public awareness for health-related issues contribute to the HVAC air quality monitoring market growth in the coming years.
According to Value Market Research, the global HVAC air quality monitoring market size was valued at around USD 4250 million in 2020 and is estimated to grow at a CAGR of about 7% during the forecast period 2021 to 2027.
The increase in air pollution due to industries, automobiles, and others is likely to augment the demand in the forecast period. For instance, As per the united states environmental protection agency, emissions of air pollutants continue to play a significant role in several air quality issues. In 2019, over 70 million tons of pollution were emitted into the atmosphere across the United States. However, the high cost of products related to air quality measurement may hamper the market in the long run. Also, the limitations in technology to measure the level of pollutants in the environment negatively impact the market. The current industry trends, such as the growing healthcare concern among the young population and the development of green structures on airports, shopping malls, parks, medical facilities, are expected to offer new lucrative market opportunities for the key players.
The HVAC air quality monitoring market is vast, with many local and global players. The HVAC air quality monitoring market is extensive, with many regional and international players. The important market leaders follow several strategies to raise their market status, such as extending product portfolio, acquisitions, expanding product portfolio, contracts, amalgamation, contracts, acquisitions, product upgrades to enlarge their market share across the globe. The significant players studied in the report include Testo, 3M Company, Emerson Electric, Honeywell International, Siemens, Honeywell International, TSI Incorporated, Aeroqual, Thermo Fisher Scientific, Air Monitors, Oizom Instruments, Rave Innovations, and Forbix Semicon.
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In this research report, the HVAC air quality monitoring market is segmented by product, application, and region.
Analysis by Product:
By Product, the report is categorized into portable and stationary. The stationary segment dominates the product segment with over 55% in the forecast period. It is due to their technological benefits, such as limited sample requirements for air quality analysis and real-time monitoring. Moreover, various commercial buildings such as shopping malls, complexes, offices, and hotels like to monitor the air in vents and ducts. This creates a huge preference for monitors that can be fixed in one place, contributing to stationary air quality monitors segment growth in the forecast period.
Analysis by Application:
By application, the report is categorized into industrial, commercial, institutional, and residential sectors, among others. The residential sectors segment dominates the application segment with over 22.5% share in 2020. The improved living standards across developing nations have enhanced the standard of living and made people spend more on luxurious interior decorations, which release VOCs (volatile organic compounds and carbonyl compounds) due to rapid urbanization and economic growth. Moreover, high insulation and airtightness have provoked indoor air quality problems, contributing to the high demand for HVAC air quality monitoring across residential sectors.
Analysis by Region:
In the regional outlook of the global HVAC air quality monitoring market, the Europe region dominates globally with a 32% market share in the forecast period. It is due to the well-established construction market, with increasing penetration of air quality monitoring technologies and public awareness about such products. Moreover, the investments and funding done by both public and private sectors for indoor pollution-related researches and technological advancements would encourage the high demand for HVAC air quality monitoring in this region, thus contributes to tremendous market growth across Europe.
Market Segmentation covered in the Report:
By Products
By Application
- Industrial
- Commercial
- Institutional
- Residential Sectors
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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