Trane Technologies Plc, Johnson Controls, and Carrier. Dominated the North America Heat Pump Market in 2022

The North America Heat Pump Market is expected to grow with a CAGR of 8.9% in the forecast period of 2023 to 2030. The years considered for the study are as mentioned below.

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The North America heat pump market is a highly consolidated market, which includes a specific number of key players. The market has witnessed increased strategic developments owing to a favorable market scenario. The major players in the North America heat pump market are introducing a wide range of products and adopting strategic initiatives such as acquisition, agreement, business expansion, award, and recognition into the market. This helped the companies to maximize sales with an enhanced product portfolio.

For instance,

• In February 2022, Carrier announced the launch of its new venture capital name Carrier Ventures. The venture was being announced to accelerate the development of sustainable innovations and disruptive technologies, enabling the future of building and cold chain management. The announcement was made to increase the growth percentage of the company.

Trane Technologies plc is dominating the North America heat pump market. Some of the major players operating in the market are Danfoss Industries Pvt. Ltd., NIBE Industrier AB, Midea Group, VIVRECO group, Robert Bosch GmbH, American Standard Heating and Air Conditioning (Brand of Trane Technologies plc), Lennox International Inc., Rheem Manufacturing Company, Goodman (A Brand of Daikin Comfort Technologies North America, Inc.), Thermax Limited., Mitsubishi Electric Corporation, DAIKIN INDUSTRIES, Ltd., Carrier., Johnson Controls, RUUD (Brand of Rheem Manufacturing Company), BRYANT (Brand of Carrier.), among others.

Trane Technologies plc

Trane Technologies plc was founded in 1885 and is headquartered in Dublin, Ireland. It has public ownership. The company focuses on providing HVAC solutions, heat pump compressors, tools, and services. Their product categories are Traditional Split Systems, Packaged Systems, Ductless Systems (Mini-Split), Indoor Air Quality, Thermostats, and Smart Connected Features, out of which Traditional Split Systems is the market-focused category.

For instance,

• In November 2022, Trane announced that they surpassed the U.S. department of energy requirements for high efficiency of cold climate heat pumps and have done successful laboratory testing. The company begins the field testing stage. Through this company will be able to attract more customers and also able to increase its product range.

The company has a presence in North America, Europe, Asia-Pacific, the Middle East and Africa, and South America. Their subsidiaries are Ideal Standard, S.A. de C.V. (U.K.), AS Logistics, Inc. (U.S.), Ideal Standard Wabco Industria E Comercio Ltda (U.S,), Ideal Standard Wabco Trane Indústria E Comércio Ltda. (U.S.),and A-S Air Conditioning Products Limited (U.S.) among others.

Johnson Controls

Johnson Controls was founded in 1885 and is headquartered in Wisconsin, U.S. It has public ownership. The company focuses on supplying and manufacturing a full range of systems and digital solutions to create smarter buildings. Their business segment includes Building Solutions North America, Building Solutions EMEA/LA, Building Solutions Asia Pacific, Global Products, out of which and Building Solutions North America is the market-focused segment. Their product categories are HVAC equipment, building automation and controls, security, fire detection, fire suppression, digital solutions, industrial refrigeration, residential and smart home, retail solutions, and OpenBlue, out of which HVAC equipment is the market-focused category.

For instance,

• In April 2022, Johnson Controls completed the acquisition of SES to extend access control to critical infrastructure. The company took this step to provide a keyless solution for infrastructure to its customer base. This step helps the companies to diversify their product portfolio and increase the security range of products for the clients. The companies will be able to increase the workforce's productivity and their customer base.

The company has a presence in North America, Asia-Pacific, Europe, South America, the Middle East and Africa. Their subsidiaries are Johnson Controls Fire Protection LP (Delaware), Johnson Controls Security Solutions LLC (Delaware), and Johnson Controls, Inc. (U.S.), among others.

Carrier.

Carrier was founded in 1915 with is headquartered in Florida, U.S. It has public ownership. The company focuses on providing healthy, safe, sustainable and intelligent building and cold chain solutions globally. Their business segments are HVAC, refrigeration, fire & security, and HVAC is the market-focused segment. The product categories are heating & cooling, thermostats, healthy homes, and infinity system, out of which heating & cooling is the market-focused category.

For instance,

• In July 2022, Carrier commercial acquired Toshiba's North America residential and light commercial HVAC businesses, including VRF and heat pumps. The step will help the companies to expand their product portfolio and increase the manufacturing capacity of heat pumps for the North America market. The step will help the companies to utilize the workforce and increase their customer base substantially.

The company has a presence in North America, Asia-Pacific, Europe, South America, the Middle East and Africa. Their subsidiaries are Access Control Systems Limited (Hong Kong), AHI Carrier FZC (U.A.E.), Ainsworth Holdings SAS (France), Alarko Carrier Sanayi ve Ticaret A.S. (Turkey), Aldridge Holdings LLC (Delaware), among others.