Top 9 HVAC Companies in the World

As per the analysis by Expert Market Research, the global HVAC market reached USD 168.65 billion in 2023. The market is projected to grow at a CAGR of 6.2% between 2024 and 2032, reaching a value of around USD 289.79 billion by 2032.

The rise in construction activities is expected to enhance the demand for HVAC systems around the world in the upcoming years. The expansion of construction activities across all end-use industries and the capacity of HVAC systems to significantly reduce energy consumption are anticipated to fuel the global market for HVACs. 

Another emerging trend that is anticipated to have a favourable impact on the construction sector is the rise in the number of net-zero buildings. These structures are designed to use less energy. In particular, it is anticipated that this increase in net zero-building popularity would accelerate the growth of the non-residential sector in the years to come, supporting the expansion of the HVAC market.

Additional anticipated drivers for the HVAC industry include population growth, rapid urbanisation, and increased disposable incomes. One major trend that is anticipated to have an impact on the market over the forecast period is the necessity to maintain an ambient climate in a building due to changing climatic conditions. Most end-users have recently prioritised the availability of smart features and energy efficiency when making purchases, and this trend is anticipated to continue over the coming few years.

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Biggest HVAC Companies in the World:

Lennox International, Inc.

Lennox International (LII) is a prominent global provider of cutting-edge climate control solutions for the heating, ventilation, air conditioning, and refrigeration (HVACR) markets. The organisation fosters a sense of responsibility and dedication among its about 10,000 employees, who are dispersed across North America, South America, Asia, Europe, and Australia. It offers several brands including Lennox, Armstrong Air, Allied Air, Ducane, Heatcraft, Air-Flo, AAC Commercial, and Friga-Bohn.

LG Electronics, Inc.

LG Electronics Inc. is a leading manufacturer and marketer for home appliances and digital display equipment. The company manufactures and sells telecommunications devices such smartphones and tablets in addition to flat panel televisions, A/V appliances, refrigerators, washing machines, and air conditioners. For all climate requirements, LG offers optimal HVAC solutions that deliver clean, crisp air for various commercial settings.

Carrier Global Corporation

A worldwide American company with headquarters in Palm Beach Gardens, Florida, Carrier Global Corporation manufactures heating, ventilation, air conditioning (HVAC), fire, refrigeration, and security systems. With a top-tier, varied team, the company aspires to be a provider of sustainable, safe, and healthy building and cold chain solutions.

Samsung Electronics Co. Ltd.

Samsung is one of the biggest manufacturers of electronic products in the world. Samsung specialises in the creation of a broad range of consumer and business electronics, including electronics for appliances, digital media, memory chips, semiconductors, and integrated systems.

Haier Smart Home Co., Ltd.

Haier Smart Home Co. Ltd. produces and sells appliances. The company manufactures small domestic electrical appliances, air conditioners, refrigerators, freezers, and other related goods. Additionally, the business offers integrated smart home solutions to its customers.

Daikin Industries, Ltd

Daikin, which has over 200 firms worldwide and annual sales of over USD 15 billion, is a global market leader in the air conditioning sector. With a presence in more than 150 countries, from the home air conditioning market to the commercial air conditioning market, it is widely disseminated and marketed for its cutting-edge air-conditioning products and services employing eco-friendly technologies. Through its business plans and technological innovations in the field of environmentally-friendly air comfort solutions, Daikin Industries, Ltd., continues to be at the forefront of air conditioning history.

Emerson Electric Co.

Innovative solutions are offered by Emerson Electric Co. to clients in the commercial, industrial, and residential markets. The company sells a variety of items, including electrical distribution equipment, pneumatic devices, industrial valves, fluid controls, pneumatic mechanisms, and measurement and analytical instrumentations. Process management, climate technologies, industrial automation, network power, and other business and residential solutions are some of the fields in which its products and services are used.

Honeywell International Inc.

A Fortune 100 firm, Honeywell develops and produces technology to tackle difficult problems related to global macrotrends including safety, security, and energy. It offers specialty chemicals, electronic and advanced materials, and process technologies, as well as productivity, safety, sensing, and security technologies. Other services provided by Honeywell are spare parts, repairs, management and technical services, overhauls, and maintenance services.

Johnson Controls International plc

In order to fulfil the promise of smart cities and communities, Johnson Controls designs intelligent structures, effective energy solutions, and integrated infrastructure that operate harmoniously together. The company provides solutions for building management, security, HVAC controls, air systems, and fire safety.