HVAC Equipment Manufacturing Industry Profile

Report Page Length: 10-12
Last Quarterly Update: 4/15/2024
SIC Codes: 3433, 3564, 3585
NAICS Codes: 33341
Chapters Include:
Industry Overview Trends & Challenges Industry Forecast
Quarterly Industry Update Call Prep Questions Website & Media Links
Business Challenges Financial Information Glossary & Acronyms
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Excerpt from HVAC Equipment Manufacturing Industry Profile

Companies in this industry manufacture residential and commercial heating, ventilation, air-conditioning (HVAC), and air-purification equipment, as well as commercial refrigeration equipment. Major US-based companies include Lennox, Nortek, and the climate control division of Johnson Controls; other leading companies include Bosch Thermotechnik (Germany), Daikin Industries and Yazaki (both based in Japan), Danfoss (Denmark), Gree (China), and Trane Technologies (Ireland).

Global market for HVAC equipment is expected to reach around $235 billion by 2030, based on a CAGR of 6.3% between 2023 and 2030, according to Grand View Research. Leading countries for HVAC equipment manufacture include China, India, and Thailand. The market growth is due to continued growth in the construction sector.

The US HVAC equipment manufacturing industry includes about 1,700 companies with combined annual revenue of about $45 billion.


The ability to develop smart building applications that tie HVAC equipment with other building systems to increase energy efficiency will be a leading competitive differentiator. Companies must also focus on implementing a global strategy as HVAC demand growth shifts from established markets to emerging ones.

Demand for HVAC equipment depends on replacement rates of existing equipment, residential and commercial real estate construction, and home sales, all of which can be cyclical. The profitability of individual companies depends on efficient operations and effective marketing. The US industry is concentrated: the 50 largest firms account for about 70% of revenue.

Competitive Advantages:

Smart Homes and Buildings -- ...

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