Air-source & ductless mini-split heat pumps
Reversible units that heat and cool homes; the bulk of North American and Japanese sales
8 leading companies in air-source & ductless mini-split heat pumps, one segment of heat pumps — Electric heat pumps for homes and buildings: 108 GW sold worldwide in 2025, with rebates driving sales in Canada and Europe
new market segment · researched 2026-11-14
Air-source & ductless mini-split heat pumpsAir-to-water (hydronic) heat pumpsGeothermal (ground-source) heat pumps
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Leading air-source & ductless mini-split heat pumps companies
8 companies, with the scale each source states. Scale is the whole company's unless the row says otherwise.
| Company | Where | What they do | Scale |
|---|---|---|---|
| Daikin Industries 6367.T ↗ | Osaka, Japan since 1924 | Ranked first globally in HVAC equipment sales in 2023. Makes air-source and ductless heat pumps; owns Goodman in the US (acquired 2012). | revenue: 4.75 JPY trillions (US$30.02 billion) (2025) ↗ |
| Mitsubishi Electric 6503.T ↗ | Tokyo, Japan since 1921 | Ductless and cold-climate air-source heat pumps. Its Italian hydronics arm (ex-DeLclima, acquired 2015) makes HVAC and heat pump units. | revenue: 4.476 JPY trillions (whole company) (2022) ↗ |
| Midea Group 000333.SZ ↗ | Foshan, China since 1968 | Major Chinese maker of home and commercial HVAC, including air conditioners and heat pumps. | revenue: 458.5 CNY billions (US$68.44 billion, whole group) (2025) ↗ |
| LG Electronics 066570.KS ↗ | Seoul, South Korea since 1958 | Air conditioners, heat pumps and chillers; sells residential air-to-water heat pumps under the Therma V name. | revenue: 89.2 KRW trillions (US$66.55 billion, whole company) (2025) ↗ |
| Carrier Global CARR ↗ | Palm Beach Gardens, United States since 1915 | Air conditioners, furnaces and heat pumps. Bought Viessmann Climate Solutions (European boilers and heat pumps) for about EUR 12 billion. | revenue: 21.7 USD billions (whole company) (2025) ↗ |
| Trane Technologies TT ↗ | Swords, Ireland since 1871 | Commercial and residential HVAC (Trane brand), including heat pumps; also Thermo King transport refrigeration. | revenue: 21.3 USD billions (whole company) (2025) ↗ |
| Lennox International LII ↗ | Richardson, United States since 1895 | US maker of residential and commercial HVAC equipment, including heat pumps. | revenue: 5.34 USD billions (2024) ↗ |
| Johnson Controls International JCI ↗ | Cork, Ireland since 1885 | HVAC, fire and security equipment for buildings. Its residential and light-commercial HVAC business (incl. the Hitachi JV) went to Bosch in 2024. | revenue: 23.6 USD billions (whole company) (2025) ↗ |
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The heat pumps market
The whole market this segment sits in.
units shipped (annual global heat pump sales, by heating capacity) · world108
↗GW · 2025
Quick answers
- What are air-source & ductless mini-split heat pumps?
- Reversible units that heat and cool homes; the bulk of North American and Japanese sales. They are one segment of the heat pumps market.
- Who are the leading air-source & ductless mini-split heat pumps companies?
- Daikin Industries (Japan), Mitsubishi Electric (Japan), Midea Group (China), LG Electronics (South Korea), Carrier Global (United States), Trane Technologies (Ireland), Lennox International (United States), Johnson Controls International (Ireland).
- Which air-source & ductless mini-split heat pumps companies are publicly traded?
- Daikin Industries (6367.T), Mitsubishi Electric (6503.T), Midea Group (000333.SZ), LG Electronics (066570.KS), Carrier Global (CARR), Trane Technologies (TT), Lennox International (LII), Johnson Controls International (JCI).
- How big is the heat pumps market?
- For the whole heat pumps market, not this segment alone: units shipped (annual global heat pump sales, by heating capacity) (world) 108 GW, 2025 — International Energy Agency.