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United Technologies Corporation’s Carrier segment (UTC) had one of the largest shares of the North American HVAC market. In 2018, the company’s net sales totaled **** billion U.S. dollars, an increase from the previous year. UTC Climate, Controls & Security is owned by UTC and provides HVAC products as well as fire safety and security solutions.

HVAC industry

The heating, ventilation, and air conditioning (HVAC) industry is based on technology that is used to provide thermal comfort and improve air quality indoors. Generally, the installation and controls are integrated into an HVAC system in individual buildings, however, HVAC systems may also be part of a larger district heating/cooling networks.

Residential vs Commercial market

HVAC systems are used in both the residential and commercial sectors. The residential market tends to be less complex than the commercial sector due to less competitors along the supply chain and the consolidation of the manufacturing and distribution processes. On the other hand, the commercial consists of more market players, due to market support has placed more importance on the efficiency of HVAC equipment.