Top 15 Companies in the HVAC Systems Market in 2025

As per the analysis by Expert Market Research, the global HVAC systems market reached USD 229.50 billion in 2024. The market is projected to grow at a CAGR of 5.6% between 2025 and 2034, reaching a value of around USD 395.75 billion by 2034.

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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Global HVAC Systems News: Company Acquisitions & Market Updates

In January 2025, Fujitsu agreed to sell its air conditioning division to Paloma Rheem Holdings. The IT firm transferred its 44% stake in Fujitsu General for a total consideration of 92 billion yen. Paloma Rheem, a Japanese holding company, owns appliance and HVAC manufacturer Rheem.

In December 2024, Platinum Equity announced today a major investment in Global, the Source ("Global"), a leading master distributor of HVAC/R components, along with its subsidiary, AmRad Manufacturing LLC.

In July 2024, Bosch acquired the residential and light commercial HVAC business from Johnson Controls and Hitachi. The transaction included 16 manufacturing sites and 12 engineering locations across more than 30 countries. The product portfolio encompassed a full range of HVAC solutions for residential and light commercial buildings.

In April 2024, Dallas-based independent HVAC distributor Shearer Supply has acquired Climatic Comfort Products (CCP), the HVAC distribution subsidiary of The Climatic Corp., to expand its presence across the Southeast U.S.

Best HVAC Companies Worldwide | Top Manufacturers

1. 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. Lennox is widely recognised for its innovation in advanced HVAC technologies, including smart thermostats, variable-speed systems, and environmentally friendly refrigerants. Its strong emphasis on research and development enables it to deliver solutions that reduce energy consumption while enhancing indoor air quality. The company also provides comprehensive after-sales services, replacement parts, and maintenance programs through a network of distributors and dealers. Its customer-focused approach, commitment to operational excellence, and strong dealer relationships position it as a key player in the global HVACR industry. Lennox International is listed on the New York Stock Exchange under the ticker symbol “LII.”

2. 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. The company is structured into four main business units: Home Appliance & Air Solution, Home Entertainment, Vehicle Component Solutions, and Business Solutions. It is known for delivering innovative and energy-efficient products, including smart TVs, refrigerators, washing machines, air conditioners, and digital signage solutions. In recent years, LG has increasingly invested in artificial intelligence, IoT, and sustainability initiatives to strengthen its leadership in the smart home ecosystem. Its commitment to customer satisfaction, advanced technology, and design excellence has earned the company multiple awards and high consumer trust worldwide. LG continues to shape the future of digital lifestyles while promoting environmental responsibility and global competitiveness.

3. 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. The company operates through three main segments: HVAC, Refrigeration, and Fire & Security. Its diverse product portfolio includes air conditioners, chillers, refrigeration systems, smoke detectors, and building management solutions, serving both residential and commercial markets. Carrier is renowned for its commitment to sustainability and energy efficiency, with many of its offerings designed to reduce environmental impact and operating costs. Carrier leverages advanced digital technologies, such as IoT and AI, to deliver smart and connected building solutions. The company has a strong global presence, operating in more than 160 countries with a large network of service providers and partners.

4. 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. The company operates through key business segments such as Consumer Electronics (CE), Device Solutions (DS), and IT & Mobile Communications (IM). Samsung is especially recognised for its Galaxy line of smartphones, which has positioned it as a major player in the global mobile phone market. It is also a leading supplier of advanced semiconductor technologies, including DRAM, NAND flash, and system chips. Samsung places strong emphasis on research and development, consistently investing in future technologies such as 5G, artificial intelligence (AI), and next-generation displays. With a global presence in over 80 countries, the company maintains a strong commitment to sustainability, digital innovation, and customer-centric solutions. Its strategic focus on technological leadership and eco-friendly practices has helped it retain a competitive edge in the rapidly evolving electronics industry.

5. Haier Smart Home Co., Ltd.

Haier Smart Home Co. Ltd. operates as a subsidiary of Haier Group Corporation and is known for its innovation-driven approach in the household appliance industry. Haier Smart Home specialises in designing, manufacturing, and marketing a wide range of products, including refrigerators, washing machines, air conditioners, kitchen appliances, and smart home systems. With a strong emphasis on user-centric innovation and intelligent living, Haier has successfully built several world-renowned sub-brands such as Casarte, Leader, GE Appliances (USA), Fisher & Paykel (New Zealand), and Aqua (Japan). The company has a significant presence in over 160 countries, supported by multiple R&D centres, manufacturing bases, and marketing networks across the globe. Haier Smart Home is known for its integration of artificial intelligence and IoT into household products, allowing users to enjoy personalised and interconnected living experiences. The company is committed to sustainability, digital transformation, and enhancing the quality of life through smart technology. Its “Smart Home” ecosystem strategy aims to lead the shift towards intelligent, scenario-based living, making Haier a trusted name in the evolving global home appliance market.

6. 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. The company operates through several business segments, including air conditioning, chemicals, and oil hydraulics. Daikin is widely recognised for its advanced technologies, such as inverter-based systems and environment-friendly refrigerants. It has a strong global presence with manufacturing facilities and sales networks in over 150 countries, including major markets in Asia, Europe, and the Americas. In recent years, Daikin has focused heavily on sustainability, aiming to reduce carbon emissions and improve energy efficiency across its product portfolio. It invests significantly in research and development to promote next-generation technologies and enhance customer comfort.

7. Emerson Electric Co.

Emerson Electric Co. is a global technology and engineering company offering innovative solutions for industrial, commercial, and consumer 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. The company is renowned for helping industries automate their processes efficiently, using advanced control systems, software, valves, and sensors. In the Automation Solutions segment, Emerson serves key industries such as oil and gas, chemicals, power generation, and water management by improving productivity, reducing emissions, and optimising operations. Its Commercial & Residential Solutions division focuses on climate technologies, tools, and home products, including compressors, thermostats, and refrigeration systems. Emerson has shown strong commitment to digital transformation with platforms like Plantweb™ and Ovation™, and plays a leading role in the Industrial Internet of Things (IIoT). Sustainability is also a major focus, with ongoing investments in energy-efficient and environmentally friendly technologies.

8. 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. In the aerospace sector, Honeywell provides advanced avionics, engines, and mechanical systems for aircraft manufacturers and airlines. Its Building Technologies division offers integrated solutions for commercial and residential buildings, focusing on automation, security, and energy management. The Performance Materials and Technologies segment delivers high-performance chemicals, materials, and process technologies to industries such as oil and gas, refining, and petrochemicals. Meanwhile, the Safety and Productivity Solutions unit offers personal protective equipment, sensors, and workflow automation tools. Honeywell is committed to sustainability and digital transformation, investing heavily in Industrial Internet of Things (IIoT) and software-driven solutions like Honeywell Forge.

9. Johnson Controls International plc

Johnson Controls International plc is a global leader in smart building technologies and integrated solutions. The company specialises in creating intelligent buildings, energy-efficient infrastructure, and advanced HVAC systems. Johnson Controls offers a wide range of products and services, including building management systems, fire and security solutions, refrigeration, and industrial control systems. It serves various sectors such as commercial buildings, healthcare, education, data centres, and industrial facilities. A major focus for Johnson Controls is sustainability. Through its OpenBlue digital platform, the company delivers data-driven solutions that help reduce energy use, optimise building performance, and support carbon reduction goals. Its HVAC brands include York®, Metasys®, and Frick®, which are well-recognised globally for quality and innovation. With operations in more than 150 countries and a strong commitment to research and development, Johnson Controls continues to lead in transforming building environments.

10. Hitachi Ltd.

Hitachi Ltd. is a multinational conglomerate known for its diversified business operations across various industries including information technology, energy, infrastructure, mobility, and manufacturing. The company has evolved into a global leader offering innovative solutions that contribute to a sustainable and digital future. Hitachi operates through multiple segments, such as IT services, social infrastructure, high functional materials, automotive systems, and construction machinery. A significant focus is placed on digital transformation through its Lumada platform, which integrates advanced data analytics, AI, and the Internet of Things (IoT) to drive smarter business solutions. In the energy sector, Hitachi is involved in renewable energy systems, smart grids, and efficient power distribution technologies. Its industrial systems division manufactures electric motors, inverters, and control systems, widely used across industrial automation and infrastructure projects. Hitachi is also prominent in the railway and urban development sectors, delivering high-speed trains and intelligent mobility solutions.

11. Havells India Ltd.

Havells India Ltd. is a leading Indian multinational electrical equipment company established in 1958. Renowned for its wide-ranging portfolio, the company manufactures and distributes products such as switchgears, cables, wires, fans, lighting, and home appliances. It is especially prominent in the consumer electricals market, offering innovative solutions for residential, commercial, and industrial sectors. Havells has built a strong reputation for quality and safety, supported by its robust manufacturing infrastructure, which includes state-of-the-art facilities located across India. The company also owns well-known brands like Lloyd, which expands its reach into air conditioners, washing machines, and televisions. With a vast distribution network and over 600 exclusive brand stores, Havells has a strong market presence in both urban and rural areas. It is committed to sustainability and energy efficiency, focusing on eco-friendly product innovations. The company also invests in research and development to meet the growing demand for smart and connected electrical solutions.

12. Fujitsu

Fujitsu Limited, headquartered in Tokyo, Japan, is a global leader in information and communication technology (ICT) services and products. The company provides a wide range of technology solutions including computing products, IT services, software, telecommunications, and cloud-based solutions. Fujitsu serves a broad spectrum of industries such as manufacturing, retail, healthcare, finance, and transportation, helping businesses accelerate digital transformation and operational efficiency. Renowned for its innovation, Fujitsu offers advanced technologies like artificial intelligence, quantum-inspired computing, and cybersecurity solutions. Its flagship offerings include the PRIMERGY server line, LIFEBOOK laptops, and the Fujitsu Cloud Service for enterprise environments. The company also specialises in system integration, managed services, and consulting, aiming to create sustainable value for its clients. With a strong global presence, Fujitsu operates in over 100 countries and employs more than 120,000 professionals. It is committed to sustainability and digital responsibility, aligning with the United Nations Sustainable Development Goals (SDGs).

13. Mitsubishi Electric Corporation

Mitsubishi Electric Corporation is a leading global manufacturer of electrical and electronic equipment for a wide range of industries, including energy, automation, transportation, and information systems. The company has built a strong reputation for innovation, quality, and reliability in both consumer and industrial markets. Mitsubishi Electric plays a key role in developing advanced technologies such as smart grids, factory automation systems, electric motors, air conditioning systems, elevators, and power electronics. The company is particularly known for its contributions to the electric motor market, offering a broad portfolio of high-efficiency motors used in industrial machinery, home appliances, and electric vehicles. Through its “Changes for the Better” philosophy, Mitsubishi Electric is committed to creating a more sustainable and energy-efficient world. It invests heavily in R&D and promotes environmental sustainability across all its operations, aiming to reduce carbon emissions and support renewable energy integration. Operating globally, Mitsubishi Electric has production and R&D facilities in Asia, Europe, and the Americas, with a robust distribution and service network.

14. Rheem Manufacturing Company

Rheem Manufacturing Company is a leading global producer of heating, cooling, water heating, pool and spa heating, and commercial refrigeration products. The company has built a strong reputation for delivering innovative, energy-efficient solutions for residential and commercial use. Rheem operates under several respected brand names, including Rheem®, Ruud®, Raypak®, and Richmond®, serving markets in North America, South America, the Middle East, Asia, and Oceania. Rheem is known for its commitment to sustainability, offering a range of eco-friendly products that meet strict energy-efficiency standards. The company invests heavily in research and development to create cutting-edge technologies, including smart thermostats, hybrid water heaters, and integrated HVAC systems. Rheem’s products are widely used in homes, schools, hospitals, hotels, and industrial facilities, making it a trusted name across various sectors. Its global manufacturing and distribution network ensures prompt service and product availability across major markets.

15. Trane

Trane Technologies plc is a global leader in climate innovation, providing energy-efficient solutions for buildings, homes, and transportation. The company operates primarily through its well-known brand, Trane, which specialises in heating, ventilation, and air conditioning (HVAC) systems, services, and solutions. Trane serves a wide range of markets, including commercial, residential, industrial, and institutional sectors, focusing on enhancing indoor environmental quality, energy efficiency, and sustainability. With a strong presence in over 100 countries, Trane designs and manufactures HVAC systems that support green building initiatives and meet evolving environmental regulations. The company is recognised for its commitment to innovation and sustainability, investing in smart technologies like connected controls, predictive maintenance tools, and energy-saving systems. Trane also offers performance-based contracting and energy services to help customers reduce operational costs and carbon footprints. Through strategic partnerships, advanced R&D, and a skilled workforce, Trane continues to lead the market in delivering sustainable, reliable, and efficient HVAC solutions. Its solutions play a key role in meeting global climate goals and improving overall energy performance.