The world’s top 10 largest HVAC companies are generating higher revenues year on year as the global HVAC market is growing with strong and steady speed over the recent decades. The application for Heating, Ventilation, Air Conditioning (HVAC) equipment is rising in all end-user segments including industrial, commercial, and residential sectors. This is mainly driven by the improving economic conditions, rapid development of construction industry and rising per capita income around the world. As the requirement for environmental and climate comfort is expected to be increasingly addressed in this modern world, the demand for the global HVAC industry is set to have a further growth in the coming years, with these top HVAC companies in the world leading the productions and sales.
This industry fact sheet is to assist industry professionals, investors, and people in general that are interested in gaining insights into the global HVAC (Heating, Ventilation, Air Conditioning) industry including:
- How big is global HVAC market size?
- What are the driving factors for the global HVAC industry growth?
- Who is the largest HVAC manufacturer in the world?
- Who are the top 10 largest HVAC companies?
- What are the HVAC industry trends for future?
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Global HVAC Industry Overview
The heating, ventilation, and air conditioning equipment – known as HVAC – are nowadays widely applied in various of industrial, commercial and residential environment to provide climate control for better comfort or indoor air quality. According to the latest market research from Markets and Markets, the global HVAC market size is valued at US$202 billion in 2020, it is expected to reach US$277 billion by 2025, representing a strong CAGR of 6.5% during the forecast period. The market growth is mainly fuelled by escalating global warming caused by greenhouse emissions. Other factors such as growing demand for energy-efficient solutions, rising government incentives, and an increasing trend of smart homes are also driving the growth of the global HVAC market.
Among all the HVAC equipment segments, the air conditioning accounts for the largest share in the industry revenue. This is attributed to the increasing adoption of air conditioning systems around the world. A recent market research shows that China is the largest air conditioning market in the world with over 55 million units of air conditioning units sold every year. The US is the second largest market for aircon sales with about 25 million units sold every year. As of 2019, over 60% of the U.S. households have central air conditioning systems.
Geographically, Asia Pacific dominated the global HVAC market in 2019. The residential sector contributes significantly to the region’s HVAC equipment demand due to the rising product use in emerging economies. China, India, and Japan are the major contributors to the growth of this market. Increasing construction activities and rising population are a few of the factors boosting the growth of the HVAC market in the region. Meanwhile, Chinese manufacturers is also giving strong competition to other world’s leading HVAC manufacturers in the region, owing to the lower priced systems as compared to other globally established companies.
Top 10 Largest HVAC Companies in the World 2020
Daikin is currently leading the chart of the world’s top 10 largest HVAC companies. It is engaged in general air-conditioning equipment manufacturing with in-house divisions covering both air conditioning and refrigerants. Daikin offers HVAC products such as split/multi-split air conditioners, unitary air conditioners, 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 production 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, technologies and related parts 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 several world’s leading HAVC brands including Trane, American Standard, Nexia and Ameristar to offer advanced HAVC solutions for commercial and residential sectors around the world.
Johnson Controls (Ireland)
Johnson Controls International plc is an Irish multinational company that produces Fire, HVAC, and Security equipment for buildings. With its wide range of HVAC equipment, including Heating, Cooling, Air Handling, and HVAC Controls, Johnson Controls is nowadays 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 of sectors, including home entertainment, mobile communications, home appliances & air solutions, as well as vehicle components. Its Air Conditioning Technologies division is an industry leader in commercial HVAC segment. LG’s HVAC products utilise Multi V Variable Refrigerant Flow (VRF) system that connects multiple indoor units to a single outdoor unit and offers superior control of the configuration.
United Technologies (US)
United Technologies Corporation is an American multinational corporation that involves in numerous sectors, including 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, transport and food service customers.
Midea Group (China)
Based in Guangdong, China, Midea is the largest air conditioning manufacturer in China and one of the largest HAVC companies in the world. Midea’s portfolio mainly includes HVAC and other household appliances such as refrigerators, television, washing machines, toaster, dish washer, microwave oven, rice cooker and vacuum cleaner. Today, Midea has become a leading provider of top-notch HVAC solutions for both industrial AC and commercial air conditioner in over 200 countries and regions around the world.
Electrolux is a Swedish multinational home appliance manufacturer, headquartered in Stockholm. Electrolux is now a global leader in household and professional appliances and sells products under its own name as well as its brand names in more than 150 markets worldwide. The company also sells a wide variety of HVAC products under its brands such as Frigidaire, Philco and Kelvinator, making it one of the top 10 largest HVAC companies in the world.
Lennox is one of the world’s leading suppliers in advanced, energy-efficient HVAC systems for light commercial buildings. Lennox’s major HVAC product portfolio includes full line of rooftop units, split systems, and heating solutions. The company’s VRF product line utilizes the energy advantages of variable refrigerant flow and is suitable for a wide variety of building and workplace environments.
Nortek Global HVAC manufactures high-value heating and air solutions for residential and commercial HVAC markets. Nortek Global HVAC has been one of the world’s largest HVAC companies for years. Started as the International Oil Heating Company in 1919, Norteck made the first oil heater for manufactured housing and first central air conditioning system for trailers. These days, Nortek is continuing to innovate in the commercial market, designing and selling HVAC systems under the Maytag, Frigidaire, Gibson and Reznor brands.
Samsung Electronics (Korea)
Samsung Electronics Co., Ltd is a South Korean multinational electronics company headquartered in Suwon, South Kore. Samsung’s HAVC division, also known as climate solutions division, provides wide range of HAVC products for various of end-user applications. Its major product categories include residential, multi split, commercial, VRF, chiller, air to water heating, ventilation, HVAC controls and accessories products.
Global HVAC Industry Trends for Future
Technological advancements play a large role in the HVAC industry’s operations and products. The rapid advancement in energy saving and smart technology has become one of the major HVAC Industry trends in the global market. Many of the world’s largest HVAC companies are investing heavily in developing more efficient products that also use less energy to provide comfort. Smarter technology enabled HVAC equipment allows customers to control HVAC systems such as ventilation and air conditioning through smartphone apps, while other mobile technologies will enable preventative maintenance and service programs.