Global HVAC in 2025: A Market of Constant Evolution
The global HVAC industry in 2025 continues to expand at a steady pace.
According to multiple research reports, the global market size is estimated at around USD 258.9 billion, growing at an annual rate of nearly 7 %.
This growth is driven by increasing urbanization, rising demand for indoor comfort, and the global transition toward energy efficiency and sustainable building solutions.
From electrification and low-GWP refrigerants to digital control systems, the industry is undergoing one of the most dynamic transformations in its history.
Innovation, manufacturing excellence, and global collaboration are now the defining strengths of successful HVAC suppliers.
The 2025 Global Leaders
The following 20 companies represent key players in today’s HVAC market.
Each has contributed uniquely—through technology, scale, design, or integrated services—to improving energy efficiency and user comfort worldwide.
Note: It is a cross-section of leaders worth watching, not a strict revenue ranking (which varies by fiscal calendars, accounting, and currency).
Daikin remains a recognized global benchmark for inverter and VRV/VRF technology. With record sales exceeding ¥4.75 trillion in fiscal 2024, the company continues to expand R&D in low-GWP refrigerants and energy-efficient systems, setting standards for performance and environmental responsibility.
Source: Daikin
Carrier Global stands out as a diversified provider of heating, cooling, and refrigeration solutions, supported by a robust service network and a legacy of innovation. Its 2024 revenue—around US $22.5 billion—reflects steady growth in both residential and commercial markets, driven by its focus on sustainability and cold-chain efficiency.
Trane Technologies, headquartered in Ireland and the United States, continues to lead in commercial and industrial HVAC, emphasizing system integration and climate innovation. Its portfolio aligns closely with decarbonization projects, helping clients meet new energy targets through smarter, cleaner building solutions.
Johnson Controls remains a global pioneer in building automation and energy systems integration. In 2025, the company sharpened its strategic focus on intelligent buildings—combining HVAC, security, and digital management—to help organizations optimize comfort and efficiency in a unified platform.
Mitsubishi Electric continues to enhance its presence through quiet, high-efficiency heat-pump technology and VRF systems known for reliability. Its recent expansion of European production facilities supports the continent’s growing demand for all-electric, sustainable heating and cooling.
LG Electronics leverages its electronics expertise to deliver intelligent HVAC systems with sleek design and connected control. Through AI-based system management and smart-home integration, LG continues to redefine user-centric comfort and energy savings.
Midea Group from China demonstrates the growing influence of integrated manufacturers. With B2B revenue surpassing RMB 100 billion in 2024, Midea offers a complete product portfolio—from residential splits to industrial chillers—supported by strong R&D and extensive global manufacturing.
Bosch Thermotechnology, with its engineering heritage in heating and controls, broadened its offering through strategic acquisitions in 2025. The brand combines precision German engineering with a clear focus on sustainable, high-efficiency systems for homes and commercial spaces.
Lennox International, a trusted American brand, continues to strengthen its dealer and service network across North America. Its focus on high-efficiency units and refrigerant-ready product lines reflects its commitment to compliance and innovation.
Panasonic integrates its electronics and HVAC expertise to create comprehensive solutions for energy management and comfort. The company is investing further in its B2B HVAC segment, promoting smart energy ecosystems that connect air conditioning with broader building management.
Fujitsu General upholds a long-standing reputation for quality and reliability. Known for dependable residential and light-commercial systems, Fujitsu continues to serve markets seeking quiet, durable, and efficient solutions.
Samsung Electronics further expanded its HVAC portfolio by acquiring FläktGroup for €1.5 billion, marking its entrance into precision and data-center cooling. This move reflects the convergence of electronics and climate technology under one intelligent platform.
Gree Electric, one of the largest global producers of residential air conditioners, is steadily extending its expertise into commercial and industrial applications. Its growing export footprint reinforces its role as a comprehensive climate-solutions provider.
Haier Group continues to bridge the home-appliance and HVAC sectors, offering full-range systems for homes, hotels, and public buildings. The company’s increasing overseas presence highlights the importance of localized service and global manufacturing consistency.
Danfoss, based in Denmark, plays an essential role across the HVAC supply chain. As a leading producer of compressors, drives, valves, and controls, it provides the technology foundation that enables other manufacturers to build more efficient systems.
Emerson Electric, with its deep experience in compressors and automation, contributes to the industry’s transition toward new refrigerants and integrated energy management. Its technologies support global goals for performance and reliability.
Honeywell continues to shape the building-management landscape with advanced control systems and safety solutions. By integrating HVAC, security, and energy analytics, Honeywell helps operators create smarter, more sustainable buildings.
Rheem remains a key name in the North American market, offering a complete residential and commercial lineup. The company’s ongoing investment in sustainable product development aligns with broader decarbonization goals.
AAON, recognized for its custom and rooftop air systems, represents the value of engineering flexibility and customer-specific design. Its responsive production model and modular approach resonate strongly in commercial and institutional projects.
Finally, STULZ, the German precision-cooling specialist, continues to grow alongside global data-center and AI infrastructure expansion. Its expertise in humidity and temperature control for mission-critical environments makes it a vital part of the modern digital ecosystem.
Source: STULZ
What Defines Leadership in 2025
Leadership in today’s HVAC industry comes from more than scale—it arises from innovation, manufacturing resilience, integration, and shared environmental goals.
Modern HVAC companies connect performance with sustainability and align technology with human comfort.
-
Innovation and intelligence
Smart systems, predictive maintenance, and adaptive controls are transforming how air quality and efficiency are managed. -
Manufacturing excellence
Reliable production networks ensure quality and supply stability, supporting long-term partnerships across continents. -
Integrated solutions
As HVAC merges with building automation and renewable energy, collaboration between technology disciplines becomes the key to performance optimization. -
Sustainability and shared responsibility
The move toward low-GWP refrigerants, energy-efficient components, and lifecycle service demonstrates the industry’s alignment with global climate goals.
Emerging Global Players
Alongside established leaders, a new generation of full-range HVAC manufacturers is emerging across Asia, Eastern Europe, and Latin America.
These companies combine broad product coverage with their own R&D and manufacturing capabilities, offering reliable, high-quality systems tailored to regional climates and project needs.
Their rise reflects an encouraging shift: the global HVAC market is becoming more diverse, collaborative, and inclusive, where technological progress is shared among established multinationals and ambitious innovators alike.
Looking Ahead
The HVAC landscape in 2025 is defined by adaptability.
Innovation, sustainability, and digitalization are reshaping how the world creates comfort.
As the industry continues to evolve, cooperation between global leaders and emerging manufacturers will be essential to deliver solutions that balance efficiency, intelligence, and environmental responsibility.
Ultimately, progress in HVAC is a shared journey—one where every company, engineer, and partner contributes to redefining comfort.
