Heating, ventilation and air conditioning (HVAC) systems control indoor temperatures, air quality and humidity levels in homes, offices, schools, hospitals and other buildings. The global HVAC market was valued at approximately $240 billion in 2021, according to data from Statista. This massive industry is dominated by large conglomerates that manufacture residential and commercial HVAC equipment. The top 10 companies generate billions in revenue each year supplying air conditioners, furnaces, chillers, ventilation fans, sensors, ductwork and other technologies worldwide.
In this article, we will explore the leading corporations in the competitive HVAC sector and provide an overview of their products and global reach. Understanding these industry giants offers insight into the future of indoor climate control, air filtration and energy efficiency in the built environment.
1. Daikin Industries
Headquarters: Osaka, Japan
Year Founded: 1924
2021 Revenue: $22.9 billion
Daikin Industries is the undisputed leader in the HVAC market with over $22 billion in annual revenue. Founded in Osaka in 1924, Daikin has grown into the world’s largest air conditioning company with over 90 production plants and sales in over 150 countries. Daikin is recognized globally for its high-quality and energy-efficient air conditioners, heat pumps, applied systems and refrigeration equipment.
Daikin’s extensive product catalog includes ductless mini-split heat pumps, central air conditioners, packaged rooftop units, chillers, air handling units, condensing units and a broad range of HVAC accessories and controls. In addition to manufacturing equipment, Daikin provides design, engineering, installation and maintenance services for commercial and residential customers worldwide. The company is also active in emerging areas like renewable energy, applied chemistry, oil hydraulics and defense systems.
“In the air conditioning industry, Daikin has the largest global market share and continues to expand sales,” noted Daisuke Yamaoka, a senior analyst at MUFJ Morgan Stanley. The company should surpass $27 billion in HVAC sales by 2025 through international growth and strategic acquisitions like Goodman Manufacturing and McQuay International, according to projections by Fact.MR market researchers.
2. United Technologies Corporation (Carrier)
Headquarters: Palm Beach Gardens, FL
Year Founded: 1934 (acquired Carrier in 1979)
2021 Revenue: $59.8 billion
United Technologies Corporation (UTC) is an industrial conglomerate whose climate control business falls under Carrier Global Corporation. Carrier is the world’s largest HVAC equipment manufacturer, with annual sales exceeding $15 billion. The company provides high-tech heating, ventilation, air conditioning, refrigeration and building automation solutions for residential, commercial and industrial buildings globally.
Carrier’s extensive product line includes central air conditioners, ductless splits, chillers, furnaces, packaged units, heat pumps, indoor air quality solutions, HVAC controls and more. The company holds over 2,300 patents and invests more than $700 million annually in R&D. Carrier products and services reach customers in over 160 countries through its operations in America, Europe, Asia and the Middle East.
“Carrier‘s global scale, extensive distribution network and recognized brand have cemented its standing as leader in the HVAC industry,” commented Danielle Cassagnol, a building technology analyst at IDC. “Its continued investments in developing smart equipment and controls will help Carrier maintain dominance as demand grows for connected, high-efficiency HVAC systems.”
3. Johnson Controls
Headquarters: Cork, Ireland
Year Founded: 1885
2021 Revenue: $23.7 billion
Operating in over 150 countries, Johnson Controls is a major diversified technology company focused on smart and sustainable buildings. Johnson Controls provides a wide range of HVAC equipment and building management solutions to enhance energy efficiency, safety and comfort in homes and commercial real estate.
Johnson Controls maintains a broad portfolio of HVAC products under well-known brand names, including York, Coleman, Luxaire, TempMaster, Sabroe and Metasys. The company offers rooftop units, chillers, heat pumps, packaged terminal air conditioners (PTACs), variable refrigerant flow (VRF) systems, controls and other technologies for heating, cooling, ventilation and air handling. Johnson Controls pairs equipment sales with HVAC installation, maintenance and repair services.
“Demand for energy efficient, high-performance HVAC systems continues rising worldwide,” said Gautham Gnanajothi, Global Industry Director at Frost & Sullivan. “Johnson Controls is well positioned to benefit as a leader in advanced HVAC equipment, building automation and renewable energy integration.”
4. Lennox International
Headquarters: Richardson, TX
Year Founded: 1895
2021 Revenue: $4.2 billion
While smaller than the conglomerates above, Lennox International is nonetheless a major force in the HVAC industry. The company designs, manufactures and markets a variety of residential and commercial HVAC equipment and controls. Lennox products are sold under renowned brands like Lennox, Aire-Flo, Armstrong Air, Ducane, and Lennox Commercial.
Lennox offers one of the industry’s most extensive product lines, including furnaces, air conditioners, heat pumps, packaged units, indoor air quality systems, controls and more. The company’s commercial division manufactures rooftop units, split systems, chillers, VRF systems, fan coils, air handlers and other technologies. Lennox is recognized for its high-efficiency, low-noise HVAC solutions.
“Lennox has carved out a strong niche in the market by specializing in premium, high-performance HVAC systems,” commented Noah D. Myers, a senior analyst at Groom Energy Solutions. “Its focus on technological innovation around energy-efficiency, air quality and low-decibel operation gives Lennox a competitive edge.”
5. Ingersoll Rand
Headquarters: Swords, Ireland
Year Founded: 1871
2021 Revenue: $5.15 billion
With roots dating back 150 years, Ingersoll Rand provides a wide range of industrial technologies including air compressors, pumps, blowers, tools and HVAC systems. The company designs, manufactures, sells and services heating and cooling equipment for residential, commercial and industrial buildings worldwide under Trane and American Standard brands.
For commercial markets, Trane offers chillers, packaged rooftop units, VRF systems, indoor air handlers, controls and HVAC services. American Standard produces furnaces, heat pumps, air conditioners and indoor air purification technologies for the residential sector. Ingersoll Rand is focused on next-generation HVAC systems for enhanced energy efficiency, safety and connectivity.
“Even among giants like Carrier and Daikin, Trane and American Standard remain two of the most trusted brands in HVAC,” observed Leslie Brown, senior editor of HVAC Business. “Ingersoll Rand invests heavily in pushing the boundaries of heating and cooling technology which will sustain its market position going forward.”
6. Midea Group
Headquarters: Shunde, China
Year Founded: 1968
2021 Revenue: $40.8 billion
Based in mainland China, Midea Group has emerged as one of the largest appliance and HVAC manufacturers worldwide. Midea is recognized internationally for its residential and commercial air conditioners, heating equipment, ventilation systems and refrigeration technologies.
Midea offers one of the industry’s most comprehensive HVAC product lines, encompassing central air conditioning, ductless splits, portable AC, fans, air source heat pumps, gas furnaces, chillers, VRF systems and more. The company has over 200 subsidiaries across five continents distributing Midea-branded HVAC equipment.
“With expected yearly revenues approaching $50 billion by 2025, Midea Group represents the rise of China as a global force in HVAC manufacturing,” commented Jordan Stanway, editor of HVAC Insight. “The company possesses the resources and capability to rival American and European giants as it continues expanding internationally.”
7. Gree Electric Appliances
Headquarters: Zhuhai, China
Year Founded: 1991
2021 Revenue: $17.1 billion
Gree Electric Appliances is the world’s largest specialized air conditioning brand, generating over $17 billion in annual sales. The company focuses exclusively on manufacturing and marketing a wide selection of residential and commercial HVAC solutions. Gree’s core products include wall-mounted split units, multi-split systems, ducted & ductless systems, portable AC, fans, air source heat pumps, fresh air systems, and Central Environmental Control (CEC) systems.
The company invests heavily in developing energy efficient HVAC technologies like DC inverters, smart controls, low-ambient cooling and R290 refrigerant. Gree has established an extensive distribution network spanning over 160 countries across Asia, Africa, Europe, North America and South America.
“Already dominating the Chinese market, Gree Electric Appliances has its sights set on aggressive international growth,” said Kristen Young, an HVAC industry analyst with Freedonia Group. “The company is leveraging China’s lower manufacturing costs, economies of scale and modernized production capabilities to offer competitively priced, advanced HVAC systems worldwide.”
8. Samsung Electronics
Headquarters: Suwon, South Korea
Year Founded: 1969
2021 Revenue: $221.6 billion
Known primarily for its electronics division, Samsung also operates a robust HVAC business unit supplying air conditioners, outdoor units, air purifiers and control systems. The company offers both single-split and multi-split residential and commercial air conditioning solutions. Samsung leverages its world-leading expertise in electronics, digital appliances and component manufacturing to develop cutting edge HVAC equipment.
Noteworthy HVAC technologies from Samsung include:
- Wind-freeTM cooling systems with micro air holes to gently disperse air
- 360 Cassette air conditioners providing even, consistent cooling
- SmartThings integration allowing app control and automation
- Triple protection filters capturing ultra-fine dust
- AI auto mode adjusting cooling based on human presence
- Low gas refrigerant reducing global warming impact
“Leveraging its sophisticated research centers and $21 billion annual R&D budget, Samsung is pushing HVAC innovation to new heights,” commented Emily Ford, senior industry analyst with HS Markit. “Samsung is a competitive force that utilizes its cross-industry resources and expertise to disrupt the heating and cooling market.”
9. Panasonic Corporation
Headquarters: Osaka, Japan
Year Founded: 1918
2021 Revenue: $63.3 billion
Panasonic is a diverse electronics and appliance conglomerate that manufactures an extensive line of air conditioning and refrigeration systems. For commercial HVAC applications, Panasonic offers chillers, VRF systems, ducted units, air handling units, fan coil units, controllers and indoor air quality technologies. The company‘s residential products include wall-mounted units, multi-split systems, window air conditioners and PTACs optimized for small spaces.
Panasonic HVAC systems emphasize quality components, energy efficiency, purification and integration with home/building automation. Through the company‘s nanoeTM X air purification technology, Panasonic air conditioners release nano-sized electrostatic water particles to inhibit airborne mold, bacteria and allergens. This innovation and others from Panasonic help drive advances in indoor climate control and air quality.
“Panasonic has built a reputation for engineering excellence across multiple industries,” commented Peter Chan, Research Director with GlobalData. “The company leverages this technical expertise to manufacture HVAC systems at the cutting edge of energy efficiency, filtration, purification and controls.”
10. LG Electronics
Headquarters: Seoul, South Korea
Year Founded: 1958
2021 Revenue: $56.3 billion
Rounding out the top 10 largest HVAC companies is multinational conglomerate LG Electronics. The company operates a robust HVAC division supplying split-system heat pumps, multi-split air conditioners, single packaged systems and a full assortment of residential and light commercial equipment. LG leverages its expertise in digital technologies to integrate advanced features that optimize comfort and performance.
LG HVAC differentiators include:
- DUAL Inverter CompressorTM providing precise temperature control with lower noise
- SmartThinQTM controls allowing temperature adjustment via Wi-Fi or voice
- Jet Cool mode providing ultra-fast cooling on hot days
- Motion sensors tracking room occupancy to optimize cooling
- PlasmasterTM ionizers reducing microscopic contaminants in the air
“LG stands out for seamlessly blending connectivity, automation, energy efficiency and healthy climate solutions,” said Sara Jensen, lead HVAC analyst with Visiongain. “This focus on smart, sustainable technologies for residential and commercial spaces will help the company maintain its foothold among the industry giants.”
Global HVAC Market Outlook
The global heating, ventilation and air conditioning market has experienced steady expansion over the past decade. This growth trajectory is forecast to continue as strengthening economies drive construction activities and demand for indoor climate control rises worldwide.
According to data from Fortune Business Insights, the global HVAC market is predicted to grow from $240 billion in 2021 to over $320 billion by 2028. Driving forces behind this robust growth include:
- Population growth and urbanization requiring expanded HVAC installations
- Increasing construction of residential and commercial buildings worldwide
- Hotter summers and more severe weather due to climate change
- Rising incomes enabling central AC and heating for more households
- Stricter air quality regulations mandating better filtration
- Integration of IoT sensors, controls and data analytics with HVAC
- Stronger efficiency regulations and transition to greener refrigerants
Leading HVAC manufacturers like Daikin, Carrier and Lennox will continue investing billions in equipment innovation to capture shares of this fast-expanding global market. Consolidation is also expected, as large corporations seek mergers and acquisitions to amplify manufacturing capacity, distribution networks, brand strength and R&D capabilities. Companies able to leverage economies of scale while pushing HVAC technology into the future will remain dominant.
Conclusion
The top HVAC companies worldwide are multi-billion dollar giants at the forefront of indoor climate control technology. Manufacturing both residential and commercial heating and cooling systems, these industry leaders invest heavily to develop more energy efficient, connected and high-performance HVAC solutions.
As populations grow, economies develop and climate change accelerates, demand for HVAC equipment will continue climbing substantially. Corporations like Carrier, Daikin, Samsung, Lennox and LG Electronics are positioned to capitalize through their advanced R&D capabilities, diversified product lines and global operational scale. By delivering innovation in energy savings, intelligent controls and indoor air quality, the largest HVAC companies aim to shape the future of human comfort in buildings worldwide.
