Top 13 HVAC Equipment Companies in the World

The global HVAC equipment market reached US$ 221.1 Billion in 2023. The market is primarily driven by the increasing construction of residential and commercial buildings across the globe. Besides this, the increasing number of hotels, shopping malls, restaurants, and movie theaters is escalating the demand for HVAC equipment to maintain a consistent temperature. Moreover, the market is also propelled by the implementation of favorable government initiatives to encourage individuals to use energy-efficient HVAC devices in their workplaces and homes. Furthermore, various technological advancements and the rising disposable incomes of individuals are also creating a positive market outlook across the globe.

As per the analysis by IMARC Group, the top HVAC equipment companies are launching HVAC equipment with advanced technology to strengthen their market foothold. For instance, in June 2021, Johnson Controls launched the Quantech QWC4 Water-Cooled System, which employs variable speed drive technology that can save up to 30% on energy expenditures and carbon emissions. Moreover, In November 2022, Daikin introduced the Emuraindoor climate management system, which purifies the air and cools interior areas. Besides this, various leading players are also engaging in partnerships, and mergers and acquisitions to expand their product portfolio and gain a competitive edge. Looking forward, IMARC Group expects the market to reach US$ 343.1 Billion by 2032, exhibiting a CAGR of 4.9% during 2024-2032.

Learn about opportunities, challenges, and trends in the global HVAC Equipment market with IMARC’s market research report. Try a free sample today!

List of Top Companies Operating in the HVAC Equipment Industry:

The global HVAC equipment market has several major players, including Carrier Global Corporation, Daikin Industries Ltd., Danfoss AS, Emerson Electric Co., Honeywell International Inc., Johnson Controls International, Lennox International Inc, LG Electronics Inc., Mitsubishi Electric Corporation, Panasonic Holdings Corporation, Samsung Electronics Co. Ltd., Trane Technologies plc and Whirlpool Corporation. More information about these companies has been provided below. 

1. Carrier Global Corporation

Carrier Global Corporation is a multinational corporation that specializes in manufacturing and distributing heating, ventilation, and air conditioning (HVAC), refrigeration, and fire and security solutions. Over the years, Carrier has grown to become a global leader in the HVAC industry, with operations in more than 180 countries and a workforce of over 53,000 employees. The company's products and services are used in a wide range of applications, including commercial, residential, and industrial buildings, as well as transportation and food retail. In November 2018, Carrier became an independent, publicly traded company following its spin-off from United Technologies Corporation.

2. Daikin Industries Ltd.

Daikin Industries Ltd. is a multinational company that specializes in manufacturing air conditioning, heating, ventilation, and refrigeration equipment. It is one of the largest HVAC manufacturers in the world, with operations in over 150 countries. The company has a wide range of products, including air conditioners for residential, commercial, and industrial use, as well as refrigeration and ventilation equipment. Besides this, Daikin is known for developing several innovative technologies, such as the VRV (variable refrigerant volume) system, which enables greater energy efficiency and flexibility in air conditioning systems. In addition to its HVAC products, Daikin also has a strong presence in the chemicals and defense industries.

3. Danfoss AS

Danfoss AS is a multinational company that specializes in manufacturing and providing engineering solutions for heating, cooling, and refrigeration systems. It operates in various industries, including air conditioning, heating, refrigeration, and renewable energy. The company produces a wide range of products, including compressors, heat exchangers, valves, and sensors, among others. At present, Danfoss has a global presence, with more than 28,000 employees and operations in over 100 countries.

4. Emerson Electric Co.

Emerson Electric Co. is a multinational company that provides technology and engineering solutions for a wide range of industries. It operates in various industries, including industrial automation, climate technologies, tools, and home products. The company produces a wide range of products, including control valves, process control systems, heating, ventilation, and air conditioning (HVAC) equipment, power tools, and electric motors, among others. Besides this, Emerson has a global presence, with operations in over 150 countries and more than 87,000 employees worldwide.

5. Honeywell International Inc.

Honeywell International Inc. provides technology and engineering solutions for a wide range of industries. It operates in various industries, including aerospace, building technologies, performance materials and technologies, and safety and productivity solutions. The company produces a wide range of products, including aircraft engines, avionics, heating and cooling systems, automation and control solutions, and personal protective equipment, among others. Honeywell is known for its commitment to innovation and has a strong focus on research and development. Moreover, the company has a global network of research and development centers where engineers and scientists work on developing new technologies and products.

6. Johnson Controls International

Johnson Controls International is a multinational company providing technology and engineering solutions for a wide range of industries. The company produces a wide range of products, including automotive batteries, HVAC equipment, building automation systems, and security and fire safety solutions, among others. The company operates through various business segments, including building technologies and solutions, power solutions, and corporate. Moreover, it provides a wide range of HVAC products, including chillers, cooling towers, ductless and VRF systems, fan coil units, air handling units, and heat pumps. Presently, Johnson Controls operates in over 150 countries and employs more than 100,000 individuals worldwide.

7. Lennox International Inc.

Lennox International Inc. is a global leader in the heating, ventilation, air conditioning, and refrigeration (HVACR) industry. It operates through three main segments, namely Residential Heating and Cooling, Commercial Heating and Cooling, and Refrigeration. The company's products include air conditioners, furnaces, heat pumps, air handlers, boilers, rooftop units, chillers, and refrigeration systems. Lennox International also offers related services such as maintenance, repair, and installation. At present, Lennox International has a global presence, with operations in North America, Europe, Asia, and Australia.

8. LG Electronics Inc.

LG Electronics Inc. is a multinational electronics company that operates through several business units, including home entertainment, mobile communications, home appliance & air solution, vehicle component solutions, and business solutions. The company's products include televisions, smartphones, home appliances, air conditioners, automotive components, and commercial displays. LG Electronics is well known for its innovative products and technology, including its organic light-emitting diode (OLED) TVs, which offer superior picture quality compared to traditional LED TVs. The company has also been a leader in the development of smart home appliances and Internet of Things (IoT) technology.

9. Mitsubishi Electric Corporation

Mitsubishi Electric Corporation is a multinational electronics and electrical equipment manufacturing company. It mainly operates through several business segments, including energy and electric systems, industrial automation systems, information and communication systems, electronic devices, home appliances, and others. It manufactures air conditioning systems, power systems, elevators and escalators, industrial robots, automotive equipment, LCD panels, and semiconductor devices. Mitsubishi Electric is known for its innovative technology and has been a leader in the development of energy-efficient products, including its high-efficiency air conditioning systems and power generation systems. The company has also been a pioneer in the development of electric and hybrid vehicles.

10. Panasonic Holdings Corporation

Panasonic Holdings Corporation, together with its subsidiaries, manufactures, sells, develops, and serves various electrical and electronic products worldwide. It operates through several business segments, including appliances, eco solutions, connected solutions, automotive, and industrial solutions. The company's products include consumer electronics, home appliances, batteries, solar panels, air conditioning systems, security systems, and automotive electronics. Panasonic is known for its innovative technology and has been a leader in the development of energy-efficient products, including its high-efficiency solar panels and air conditioning systems. It has also pioneered the development of smart home and IoT technology.

11. Samsung Electronics Co. Ltd.

Samsung Electronics Co., Ltd. operates globally in the fields of consumer electronics, information technology, and mobile communications, as well as device solutions. Its product line includes smartphones, tablets, watches, and related accessories. Additionally, the company offers a range of home appliances, such as refrigerators, washing machines, dryers, vacuum cleaners, cooking appliances, dishwashers, air conditioners, and air purifiers. Samsung also produces monitors, memory and storage products, displays, smart and LED signage, and other accessories.

12. Trane Technologies plc

Trane Technologies plc and its subsidiaries are involved in designing, manufacturing, selling, and servicing various solutions for heating, ventilation, air conditioning, and refrigeration across Ireland and internationally. The company's product line includes air conditioners, exchangers, and handlers, as well as airside and terminal devices. It also offers various heating solutions such as furnaces, heat pumps, and thermostats/controls, as well as indoor air quality assessments and related products. Moreover, the company also offers transport refrigeration and air filtration systems for various vehicles, along with aftermarket and OEM parts and supplies.

13. Whirlpool Corporation

Whirlpool Corporation is a multinational home appliance manufacturer that has operations in over 170 countries worldwide. It operates through several brands, including Whirlpool, KitchenAid, Maytag, Amana, and JennAir. The company's products include refrigerators, washing machines, dryers, ovens, and dishwashers. It sells its products to retailers, distributors, dealers, builders, and other manufacturers, as well as directly to consumers. 

About Author: