Today, the world is interconnected through various regions and technologies. HVAC systems, which refer to heating, ventilation, and air conditioning, are now widely used in commercial, industrial, and residential environments to provide climate control for better comfort and indoor air quality.
According to recent market research, the global HVAC market is valued at US$202 billion in 2023 and is expected to reach US$277 billion by 2025, representing a strong CAGR of 6.5% during the forecast period. The market growth is primarily fueled by the increasing global warming due to greenhouse emissions. Other factors such as growing demand for energy-efficient solutions, increasing government incentives, and a growing trend of smart homes are also driving the growth of the global HVAC market.
Top 5 HVAC Companies
In this article, we will be discussing the top 5 Heating, Air-Conditioning, and Ventilation companies in the world.
Daikin (Japan)
Daikin is currently leading the chart of the world’s top 10 largest HVAC companies. It is engaged in general air-conditioning system manufacturing with in-house divisions covering both air conditioning and refrigerants. Daikin offers HVAC products including split/multi-split air conditioners, unitary air conditioners, and air to water heat pumps, heating systems, air purifiers, medium/low-temperature refrigeration systems, ventilation products, control systems, chillers, filters, and marine HVAC. Daikin has more than 100 manufacturing units around the world and conducts business in more than 150 countries.
Ingersoll Rand (US)
Ingersoll Rand, founded in 1859, is a global leader in industrial equipment, technology and related components and services. The company has over 30 manufacturing facilities located in the Americas, Europe, the Middle East, and Asia Pacific with offices in 35 different countries. It owns and operates through some of the world’s leading HAVC brands such as Trane, American Standard, Nexia, and Ameristar to offer superior HAVC solutions for commercial and residential sectors around the world.
Johnson Controls (Ireland)
Johnson Controls International is an Irish multinational company that produces Fire, HVAC, and Security equipment for buildings. With its wide range of HVAC equipment, such as Heating, Cooling, Air Handling, and HVAC Controls, Johnson Controls is currently one of the largest HVAC companies in the world. Some of its bestselling products include Chillers, Packaged and Split DX Systems, Ductless Systems, Air Handling, and Air Distribution systems.
LG Electronics (South Korea)
LG Electronics is well-known for its innovative electronic products across various sectors, such as home entertainment, mobile communications, home appliances & air solutions, as well as automotive components. Its Air Conditioning Technologies department is an industry leader in the commercial HVAC segment. LG’s HVAC products utilize Multi V Variable Refrigerant Flow (VRF) system that connects multiple indoor units to a single outdoor unit and provides superior control of the configuration.
United Technologies (US)
United Technologies Corporation is an American multinational company that involves in numerous sectors, such as aircraft engines, aerospace systems, HVAC, elevators and escalators, fire and security, building automation, and industrial products. It owns Carrier, which is a global leader in manufacturing and distributing heating, ventilating, and air conditioning (HVAC) systems for residential, commercial, retail, transportation, and food service customers.
Conclusion
In conclusion, the HVAC market is rapidly growing due to several factors such as the increasing demand for energy-efficient solutions and the trend of smart homes. The top 5 HVAC companies discussed above have been successful in meeting the demands of the market with their innovative products and solutions. As a service provider, it is crucial