These 10 largest HVAC companies in the USA on our list are hot when it comes to keeping individuals and commercial spaces cool and ventilated. In this article, we will present to you why we say these 10 are largest HVAC companies and also some important aspects that helped them make it to our list. We will focus on HVAC equipment manufacturing companies (OEMs, neither ancillaries nor accessory manufacturers) only. Before we start with our rankings, let’s spend some more time learning what these companies do and why they are so essential that we wrote one whole article on them.
HVAC stands for Heating, Ventilation and Air Conditioning. From being considered just a luxury, HVAC has become a critical element in the functioning of modern day facilities. According to TechSci Research, the global HVAC market will be USD 207 billion in 2022. In the USA itself, this market is worth USD 88 billion and is expected to grow at a CAGR (Compound Annual Growth Rate) of 4%. As the name implies it deals with maintaining ambient temperature within a closed space inside the allowable limits. It can achieve this by raising or lowering the air temperature inside the room, naturally or artificially ventilating the space. It ensures better air quality by removal of dust, bacteria, and odor. Such qualities are essential in hospitals, research laboratories, and commercial establishments having a large working population like IT companies or sales lounges. According to many studies, good air quality can improve employee productivity, and as such, it indirectly contributes to the performance of an organization.
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An aspect that would define the growth of HVAC industry as whole and largest HVAC companies in the world are the issues related to climatic change. Green energy will become increasingly relevant and integral concept in building designs. Role of HVAC engineers will be vital in designing efficient HVAC systems that can adhere to the green building concepts. Another profession that is involved in increasing process efficiency and thereby cost optimisation is the Industrial Engineering. Our article 10 Top Companies and Best Jobs for Industrial Engineers will throw some light on growth prospects for industrial engineers and companies that require their services. Similarly, through this article, we would try to understand which of these HVAC companies got their acts right and climbed to the top. To learn more about fastest growing HVAC companies in the USA, check out Plumbing Marketing.
So, in order to compiling this list of HVAC companies in USA, we have considered primarily two parameters, revenues generated from the sales of HVAC and allied equipment. The latest data for these are sourced from annual reports of respective companies, financial information websites like D&B Hoovers, and ranking agencies like Fortune 500. We have provided links to these annual reports wherever the same were available. The financial year 2016 is taken as the reference year. Revenues were given a weight of 70% in final ranking score. The second parameter utilized in ranking these companies is the market share of these companies specifically in USA market. This data was sourced from Statista – the portal for statistics. Market share was given the weight of 30% in final ranking score. However, it should be noted here that, as many of the information like market capitalization, as well as stand-alone financial and market share data is not available, certain assumptions are incorporated to arrive at realistic information. While ranking the largest and probably the best HVAC companies in US, we are not separating largest residential HVAC companies and largest commercial HVAC companies, as most of these companies cater to both the segments.
Based on these parameters, here is the list of 10 largest HVAC companies in the USA.
10. Siemens Building Technologies
Revenue in USD Mn: 1403.04
Market Share: 5.40%
Employees in number in the USA: 5740
One of the largest global conglomerates in the electrical and automation space, Siemens also has dedicated division for building technologies catering to HVAC requirements in USA market. It also offers training through its BT University to its customers with a view to increasing energy efficiency.
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9. Goodman
Revenue in USD Mn: 1822.38
Market Share: 7.09%
Employees in number in the USA: 3,413
Established in 1975 in Huston Texas, Goodman has been delivering quality products to HVAC consumers across the USA and abroad. Its manufacturing facilities are located in Waller County in Texas spread over a massive 4.23 million square feet.
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8. Rheem
Revenue in USD Mn: 2450.06
Market Share: 4.00%
Employees in number in the USA: 7000
Genesys of Rheem Manufacturing Company goes long back 1925 when the founders ventured into packaging business. Today, Rheem is one of the largest manufacturers of HVAC equipment in the USA. Rheem is subsidiary of Paloma Industries and also owns the brand Ruuda, a brand having a legacy of 100 years.
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7. Trane Inc.
Revenue in USD Mn: 2576.81
Market Share: 6.70%
Employees in number in the USA: 7404
Up next on our list of largest HVAC companies in the USA we have Trane Inc. which is truly a global HVAC Company that operates in 28 countries. Trane Inc. has been a dominant player in USA market. Its line of products caters to HVAC requirements of residential as well as commercial customers. It has also been recognized as the most trusted HVAC brand by LifeStory Research.
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6. Lennox International
Revenue in USD Mn: 3641.60
Market Share: 6.00%
Employees in number in the USA: 10000
Lennox International is another trusted and created-in-USA brand. Founded in 1895, Lennox primarily offers solutions for residential HVAC, commercial HVAC and refrigeration requirements of its customers. 90% of its revenues are generated from the American Market.
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5. Johnson Control
Revenue in USD Mn: 4687.00
Market Share: 9.00%
Employees in number in the USA: 20637
At number 5 on our list of 10 largest HVAC companies in the USA, stands Johnson Control which is truly giant in terms of its operations and service offerings. It stands behind our top two in terms of revenue generated in 2016. It is present in more than 150 countries and employs more than 130,000 personnel worldwide. Interestingly, this company also manufactured automobiles in the early 1900s.
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4. Daikin Industries
Revenue in USD Mn: 3865.22
Market Share: 15.00%
Employees in number in the USA: 16512
Daikin Industries is world’s largest, but it stands at number four on our list of largest HVAC companies in the USA as it falls behind our list toppers in terms of revenues generated from USA markets as well as in terms of overall market share. It entered USA market relatively recently, however, has made a strong impact by garnering close to 15% market share along with its subsidiaries.
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3. Carrier
Revenue in USD Mn: 4380.58
Market Share: 17.00%
Employees in Number in the USA: 27,500
Though Carrier is not the oldest company on our list, this is where it all started concerning the air-conditioning for buildings. At one point in time, it stood as largest HVAC companies in the world. Even today Carrier is continuing its strong performance and is among the top three candidates on our list of largest HVAC companies in the USA.
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2. Ingersoll Rand
Revenue in USD Mn: 6865.20
Market Share: 10.00%
Employees in number in the USA: 22869
A strong diversified business model, portfolio of strong brands make Ingersoll Rand one of the best HVAC companies. It also featured in Fortune 500’s list of The Just 100: America’s Best Corporate Citizens, the only company on our list to do so.
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1. United Technologies
Revenue in USD Mn: 6308.30
Market Share: 14.81%
Employees in number in the USA: 1460.5
The big daddy of them all has ventured into some of the most innovative business and has succeeded in creating a global conglomerate. They own Pratt & Whitney, Otis and Carrier Air Conditioning. A combined high score of revenues as well as market share and having a company like Carrier under its portfolio also helps it take the top spot amongst 10 largest HVAC companies in the USA.
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