HVAC System Companies - Carrier (US) and DAIKIN INDUSTRIES, Ltd. (Japan) are the Key Players

The HVAC system market is estimated to be USD 299.28 billion in 2025 and is projected to reach USD 407.77 billion by 2030, registering a CAGR of 6.4% from 2025 to 2030. The market is driven by the increasing demand for energy-efficient and sustainable buildings. Residential, commercial, and industrial buildings use heating, cooling, or climate control technologies to ensure comfort and indoor air quality. Climate change has led to a greater need for cooling and heating systems. These changes have caused higher energy consumption to meet cooling demands from buildings, which puts more strain on air conditioners. The energy used by these systems changes depending on the temperature and humidity.

The HVAC system market is competitive, with many medium and small-sized players offering various products. These companies serve several end users, including residential, commercial, and industrial. Major players in the HVAC system market include DAIKIN INDUSTRIES, Ltd. (Japan), LG Electronics (South Korea), and Carrier (US). Product launches, collaborations, and acquisitions are some of the key strategies adopted by players to increase their market share, enhance their product portfolios, and expand their presence in the HVAC system market.

Major HVAC System Companies Include:

• Carrier (US)
• DAIKIN INDUSTRIES, Ltd. (Japan)
• LG Electronics (South Korea)
• Lennox International Inc. (US)
• Midea (China)
• Johnson Controls (Ireland)
• Trane Technologies plc (Ireland)
• Honeywell International Inc. (US)
• Mitsubishi Electric Corporation (Japan)
• SAMSUNG (South Korea)
• GREE ELECTRIC APPLIANCES, INC. OF ZHUHAI (China)
• Fujitsu General (Japan)
• Panasonic Holdings Corporation (Japan)
• Robert Bosch Group (Germany)
• Modine (US)
• Haier Group (China)
• Whirlpool Corporation (US)
• Electrolux (Sweden)
• Ferroli (Italy)
• Vaillant Group (Germany)
• Rheem Manufacturing Company (US)
• American Standard Heating and Air Conditioning (US)
• WM Technologies LLC (US)
• Nortek Air Management (US)
• Systemair AB (Sweden)
• AAON (US)

In June 2025, DAIKIN INDUSTRIES, Ltd. (Japan) collaborated with Asuene Inc. (Japan). Through this collaboration, DAIKIN will integrate Asuene's cloud-based CO2 emissions tracking and ESG management platform with its energy-efficient HVAC equipment and energy management systems.

In September 2024, Carrier (US) partnered with Rewiring?America (US) to accelerate HVAC electrification through strategic retrofits and clean-energy adoption in some of the nation's most diverse communities, including pilot projects in Oregon, Wisconsin, Oklahoma, and Georgia.

The key players operating in the HVAC system market are Carrier (US), DAIKIN INDUSTRIES, Ltd. (Japan), LG Electronics (South Korea), Lennox International Inc. (US), Midea (China), Johnson Controls (Ireland), Trane Technologies plc (Ireland), Honeywell International Inc. (US), Mitsubishi Electric Corporation (Japan), SAMSUNG (South Korea), GREE ELECTRIC APPLIANCES, INC. OF ZHUHAI (China), Fujitsu General (Japan), Panasonic Holdings Corporation (Japan), Robert Bosch Group (Germany), and Modine (US).

DAIKIN INDUSTRIES, Ltd. (Japan)

DAIKIN INDUSTRIES, Ltd. is a major player in the HVAC (Heating, Ventilation, and Air Conditioning) industry, which is known for its comprehensive range of products and services spanning development, production, sales, and services. The company's business philosophy aims to provide a healthy and comfortable lifestyle through its air conditioning and fluorochemical technologies.

DAIKIN INDUSTRIES, Ltd. operates through three segments: Air Conditioning and Refrigeration Equipment, Chemicals, and Others. Within the Air Conditioning and Refrigeration Equipment segment, the company develops, manufactures, and sells a wide range of HVAC products, including air conditioning systems for rooms, offices, facilities, and plants; air purifiers; heat pump systems for hot water and room heating; air-processing units; absorption refrigerators; and freezers.

The company has a presence in over 170 countries, and the US stands out as a particularly important market for the company in terms of sales generation. Apart from North America, it has a global presence across various regions, including Europe, the Asia Pacific, Oceania, and others.

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Carrier (US)

Carrier is one of the leading global providers of innovative solutions for healthy, safe, sustainable, and intelligent buildings and cold chain systems. Originally focused on manufacturing and distributing heating, ventilation, and air conditioning (HVAC) systems, the company has expanded its portfolio to include commercial refrigeration, food service equipment, fire and security solutions, and building automation technologies. It operates through two key business segments: HVAC and Refrigeration.

Carrier's HVAC segment generates the highest sales for the company. The company's products are marketed by various brands, including Automated Logic, Bryant, Carrier, CIAT, Day & Night, Heil, NORESCO, and Riello. Its HVAC product lineup includes air conditioners, heating systems, controls, aftermarket components, repair & maintenance services, and building automation systems. 

Carrier's Healthy Buildings Program provides targeted solutions to improve and optimize indoor air quality in homes and buildings, enhancing health, safety, and productivity. With sites in over 160 countries, the company has a geographical presence in Asia Pacific, the Americas, Europe, and the Middle East & Africa. It holds a strong position in the Americas.

Market Ranking

The HVAC system market is highly competitive, with five main players collectively accounting for 35–40% of the total market share. Carrier (US) has established a strong presence through its broad portfolio of advanced heating, cooling, and ventilation solutions, underpinned by energy-efficient technologies and smart controls. DAIKIN INDUSTRIES, Ltd. (Japan) stands out with its diverse offerings in variable refrigerant flow (VRF) systems and sustainable refrigerant solutions, addressing both commercial and residential demands. LG Electronics (South Korea) is recognized for its innovative inverter-based HVAC systems and connected smart solutions that enhance energy savings and user convenience. Midea (China) has gained considerable market share with competitively priced, high-efficiency HVAC products designed for a range of applications and climates. Trane Technologies plc (Ireland) is one of the leaders in advanced building management systems and eco-friendly HVAC products with a strong focus on decarbonization and sustainability. The rest of the market is made up of numerous regional and emerging vendors, with growing interest in green technologies, smart systems, and regulatory compliance, fostering a highly competitive and innovation-driven environment.