Top 50 Companies in HVAC Market: Market Research Report (2024–2035)
RELEASE DATE: Jul 2025 Author: Spherical InsightsRequest Free Sample Speak to Analyst
Description
According to a research report published by Spherical Insights & Consulting, The Global HVAC Market Size is Projected to Grow from USD 235.22 Billion in 2024 to USD 471.52 Billion by 2035, at a CAGR of 6.53% during the forecast period 2025–2035. The market is expanding due to factors such as global warming, environmental pollution that raises global temperatures, and the growing need for suitable cooling and temperature control systems.
Introduction
The market for HVAC systems provides services and solutions that are used to combat the rising temperatures, humidity, and poor air quality brought on by the ongoing increase in pollution. Heating, ventilation, and air conditioning systems are referred to as HVAC systems. HVAC contributes to better indoor air quality, humidity control, and temperature regulation. There are two types of HVAC systems: split systems and hybrid systems. The HVAC system's primary parts include air conditioners, heat pumps, furnaces, thermostats, air ducts and vents, and air handlers. The market for HVAC systems is expanding due to the rise in construction activities and the growing need for these systems in commercial, residential, and industrial buildings to manage air quality and temperature. The market is experiencing increased demand as a result of the growing shift in lifestyle, the increased desire for luxury lifestyles brought on by rising disposable income, and the rising temperatures in urban areas. The market for HVAC systems is expanding due in part to the growing investments in research and development programs for the advancement of consumer goods technologies.
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HVAC Market Size & Statistics
The Market for HVAC was estimated to be worth USD 235.22 Billion in 2024.
The Market is Going to Expand at a CAGR of 6.53% Between 2025 and 2035.
The Global HVAC Market Size is Anticipated to Reach USD 471.52 Billion by 2035.
North America is expected to generate the highest demand during the forecast period in the HVAC market
Asia Pacific is expected to grow the fastest during the forecast period in The HVAC Market.
Regional growth and demand
Asia Pacific is expected to grow the fastest during the forecast period in the HVAC market. The market is growing as a result of the regional countries' expanding economies and steadily growing populations, which are fueling the growth of building and industrialization. Growing construction projects, including the creation of residential, commercial, and industrial buildings, are driving up demand for HVAC systems in order to control indoor temperatures and provide high-quality air. The region's HVAC system industry is expanding due in part to rising technological investment and innovations in luxury and consumer gadgets that raise living standards.
North America is expected to generate the highest demand during the forecast period in the HVAC market. The region's well-established economies and rising investments in technology that improve people's quality of life are credited with the market's expansion. The regional demand for HVAC systems increased as a result of the key players' increased involvement in the system's development and integration of IoT, which also increased the system's popularity.
Top 10 trends in HVAC Market
- Connected HVAC
- Predictive Maintenance
- Precision Indoor Climate Control
- Renewable Integration
- Ductless HVAC
- Energy Recovery Ventilation
- Energy Analytics & Management
- Noise Reduction Technologies
- Immersive Assistance & Training
- Green Refrigeration
- Connected HVAC
HVAC systems are increasingly integrated with IoT devices, allowing remote monitoring, smart control, and real-time diagnostics. This connectivity improves energy efficiency, reduces operational costs, and enhances user comfort by enabling precise adjustments based on occupancy and environmental conditions.
- Predictive Maintenance
Using AI and machine learning, predictive maintenance platforms detect early signs of system failure like refrigerant leaks or airflow imbalances before they escalate. This minimizes downtime, extends equipment life, and lowers maintenance costs by enabling timely interventions.
- Precision Indoor Climate Control
Advanced sensors and data analytics allow HVAC systems to deliver personalized climate control at the zone or individual level. These systems adapt to occupancy, weather, and usage patterns, ensuring consistent comfort while optimizing energy use.
- Renewable Integration
HVAC systems are being designed to work with solar, wind, and geothermal energy sources. This shift reduces reliance on fossil fuels and supports sustainability goals, especially in regions pushing for net-zero emissions.
- Ductless HVAC
Ductless systems, such as mini-splits, offer flexible installation, improved energy efficiency, and targeted climate control. They’re ideal for retrofits and spaces where traditional ductwork is impractical, making them a fast-growing segment in both residential and commercial markets.
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Stay informed with the latest industry insights and market trends to identify new opportunities and drive growth in the HVAC market. To explore more in-depth trends, insights, and forecasts, please refer to our detailed report.
Top 20 Companies Leading the HVAC Market
- Daikin Industries Ltd.
- Carrier Global Corporation
- Blue Star Ltd.
- Voltas Ltd.
- Johnson Controls-Hitachi Air Conditioning
- Lennox International Inc.
- LG Electronics Inc.
- Samsung Electronics Co. Ltd.
- Haier Smart Home Co. Ltd.
- Mitsubishi Electric Corporation
- Honeywell International Inc.
- Emerson Electric Co.
- Trane Technologies
- Fujitsu General Ltd.
- Havells India Ltd.
- Godrej Appliances
- Midea Group
- Rheem Manufacturing Company
- Kirloskar Brothers Ltd.
- Toshiba Carrier Corporation
- Daikin Industries Ltd
Headquarters - Osaka, Japan
Daikin Industries is a global leader in HVAC systems, renowned for its innovation in energy-efficient and eco-friendly climate control. Headquartered in Osaka, Daikin pioneered the VRV (Variable Refrigerant Volume) system and continues to push boundaries in smart HVAC technology. Its India subsidiary, Daikin India, operates a cutting-edge manufacturing facility in Neemrana, Rajasthan, supporting the “Make in India” initiative. Daikin’s HVAC portfolio spans residential, commercial, and industrial segments, with a strong focus on connected HVAC and precision indoor climate control. The company’s emphasis on predictive maintenance and IoT integration makes it a top choice for modern infrastructure projects. Daikin’s commitment to sustainability and customer-centric design has earned it a dominant position in both global and Indian HVAC markets.
- Carrier Global Corporation
Headquarters - Palm Beach Gardens, Florida, USA
Carrier is credited with inventing modern air conditioning and remains a cornerstone of the HVAC system market. Headquartered in Florida, Carrier offers a vast range of HVAC solutions, including chillers, air handlers, and smart thermostats. Its India operations, Carrier Midea India, blend Carrier’s legacy with Midea’s manufacturing strength to deliver high-performance, ductless HVAC and energy recovery ventilation systems. Carrier’s focus on immersive assistance and predictive maintenance technologies aligns with industry trends. The company serves sectors like healthcare, IT, and hospitality, offering scalable solutions for complex climate control needs. With a reputation for reliability and innovation, Carrier continues to shape the future of HVAC through sustainable engineering and global reach.
- Blue Star Ltd.
Headquarters - Mumbai, India
Blue Star is one of India’s most trusted names in HVAC systems, with over 80 years of expertise. Headquartered in Mumbai, the company specializes in commercial refrigeration, central air conditioning, and VRF systems. Blue Star’s HVAC offerings include ductless HVAC, energy analytics, and noise reduction technologies tailored for Indian climate conditions. Its extensive service network and R&D centers support precision indoor climate control across sectors like retail, pharma, and infrastructure. Blue Star’s commitment to green refrigeration and renewable integration reflects its sustainability goals. With a strong domestic footprint and growing international presence, Blue Star is a key player driving HVAC innovation in India.
- Voltas Ltd.
Headquarters - Mumbai, India
A Tata Group company, Voltas is a dominant force in India’s HVAC system market. Headquartered in Mumbai, Voltas offers a wide range of air conditioning solutions, including split ACs, VRF systems, and commercial refrigeration. Known for its energy-efficient and affordable products, Voltas integrates connected HVAC and energy recovery ventilation into its portfolio. The company’s emphasis on smart climate control and predictive maintenance makes it ideal for residential and commercial applications. Voltas’ strong distribution network and customer-centric approach have earned it a leading market share. As demand for sustainable HVAC grows, Voltas continues to innovate with green technologies and localized manufacturing.
- Johnson Controls-Hitachi Air Conditioning
Headquarters - Tokyo, Japan
This joint venture combines Johnson Controls’ building automation expertise with Hitachi’s HVAC innovation. Headquartered in Tokyo, the company delivers advanced HVAC systems, including VRF, ductless HVAC, and inverter-driven air conditioners. Its India operations focus on energy-efficient solutions tailored for commercial buildings and data centers. Johnson Controls-Hitachi emphasizes immersive assistance, smart connectivity, and green refrigeration to meet evolving climate control needs. The brand’s precision indoor climate control and predictive maintenance capabilities align with global sustainability goals. With a reputation for reliability and eco-conscious design, Johnson Controls-Hitachi is a rising star in the HVAC system market.
Are you ready to discover more about the HVAC market?
The report provides an in-depth analysis of the leading companies operating in the global HVAC market. It includes a comparative assessment based on their product portfolios, business overviews, geographical footprint, strategic initiatives, market segment share, and SWOT analysis. Each company is profiled using a standardized format that includes:
Company Profiles
- Daikin Industries Ltd.
- Business Overview
- Company Snapshot
- Products Overview
- Company Market Share Analysis
- Company Coverage Portfolio
- Financial Analysis
- Recent Developments
- Merger and Acquisitions
- SWOT Analysis
- Carrier Global Corporation
- Blue Star Ltd.
- Voltas Ltd.
- Johnson Controls-Hitachi Air Conditioning
- Lennox International Inc.
- LG Electronics Inc.
- Samsung Electronics Co. Ltd.
- Haier Smart Home Co. Ltd.
- Others.
Conclusion
The global HVAC market is entering a transformative era, shaped by digital innovation, evolving consumer expectations, and heightened regulatory focus. With steady growth projected, insurers are leveraging AI, embedded solutions, and climate modeling to offer more personalized and resilient coverage. Regional dynamics, especially in Asia Pacific and North America, are driving demand and diversification. As competition intensifies, strategic agility and customer-centric models will define success. The future of HVAC lies in proactive risk management and inclusive, tech-enabled ecosystems.
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