I don't know for sure but I wouldn't be surprised if a hand held is available... somewhere in the world.jiveturkey once bubbled...
It looks like a part of a ships instrumentation. Can you get a handheld version?
A digital knot meter is similar to a *speedometer* except that instead of an analog dial it has a digital read out. A little wheel at the back of the boat just barely in the water rotates and a signal is sent to the knot meter which displays the speed through the water.
Anchored as we were the knot meter was reading the speed of the current running under the boat.