Carrier is like Johnson Controls, but with a significant focus on refrigeration for transport and food retail.

• HVAC Systems: Provides air conditioners, heating systems, and related controls for residential and commercial customers.
• Building Automation Solutions: Offers integrated systems and services for managing building heating, cooling, and ventilation needs.
• Transport Refrigeration Products: Manufactures refrigeration units and monitoring products for trucks, trailers, and shipping containers.
• Commercial Refrigeration Solutions: Supplies refrigerated cabinets, freezers, and control systems for food retail and warehouse applications.
• Fire Detection & Suppression Systems: Develops and provides technologies for detecting and suppressing fire, flame, gas, smoke, and carbon monoxide.
• Security & Access Control Systems: Offers intruder alarms, access control systems, and video management systems for various premises.
• Fire & Security Services: Delivers audit, design, installation, maintenance, and monitoring services for fire and security technologies.

Carrier Global Corporation (CARR) primarily sells its heating, ventilating, and air conditioning (HVAC), refrigeration, fire, security, and building automation technologies to other businesses (B2B).

While specific individual major customer names are not publicly disclosed due to the fragmented nature of its broad customer base, Carrier's products and services are acquired by a diverse range of companies across various industries. Its major customer categories include:

1. **Commercial and Residential Property Developers, Builders, and Managers:** These customers procure Carrier's HVAC systems, building automation solutions, and fire & security technologies for new construction projects, renovations, and the ongoing operation of commercial buildings (e.g., offices, retail, hospitality, healthcare) and multi-family residential complexes.
2. **Cold Chain, Logistics, and Food Retail Companies:** This category includes businesses requiring refrigeration solutions, such as trucking and shipping companies for transport refrigeration (Carrier Transicold), as well as supermarket chains, grocery stores, and food service providers for commercial refrigeration systems and warehouse cooling.
3. **Industrial, Institutional, and Security Integration Businesses:** These customers rely on Carrier for specialized fire suppression systems, detection technologies, and integrated security solutions (e.g., access control, video management) for factories, data centers, government facilities, and other critical infrastructure. Security system integrators also purchase Carrier's components to deliver comprehensive solutions to their end clients.

David L. Gitlin has served as Chairman and Chief Executive Officer of Carrier Global Corporation since 2019, and was elected Chairman of the Board in April 2021. He led Carrier's spin-off from United Technologies in 2020. Prior to joining Carrier, he held significant leadership roles within United Technologies Corporation, including President and Chief Operating Officer of Collins Aerospace, and President of UTC Aerospace Systems. He has over two decades of experience in the aerospace industry. He also serves on the Board of Directors for The Boeing Company.

Patrick Goris was appointed Executive Vice President & Chief Financial and Strategy Officer of Carrier in November 2020. In this role, he oversees all financial management aspects, enterprise strategy, and government relations for the company. Before joining Carrier, he served as Senior Vice President & Chief Financial Officer of Rockwell Automation from 2017 to 2020, and held other senior finance and investor relations roles at Rockwell Automation since 2006. He brings more than 30 years of leadership and financial management experience.

Ajay Agrawal is Senior Vice President, Global Services & Chief Business Development Officer at Carrier, responsible for accelerating growth through global services and aftermarket, as well as leading mergers, acquisitions, and Carrier Ventures. He was appointed Chief Strategy Officer and SVP, Global Services & Healthy Buildings in March 2021, after previously serving as SVP, Strategy & Services from October 2019 to March 2021. Prior to Carrier, he was Vice President, Aftermarket Services, for Collins Aerospace, where he led worldwide commercial and military aftermarket business and customer service organizations. He also held roles in UTC Corporate Strategy and as a management consultant at Bain & Company.

Nadia Villeneuve leads Carrier's global human resources, communications, corporate social responsibility, and enterprise events functions. She was appointed Senior Vice President & Chief Human Resources Officer of Carrier at the time of the company's spin-off from United Technologies in April 2020, and later expanded her responsibilities to include Communications, Corporate Social Responsibility, Enterprise Events, and Flight Operations. She joined United Technologies, Carrier's former parent company, in 2000, and held various senior global HR leadership roles across aerospace and commercial businesses, including Chief Human Resources Officer for Pratt & Whitney and UTC Fire & Security Asia. She has 30 years of experience in human resources and enterprise leadership.

Thomas Heim is President, Climate Solutions Europe, for Carrier, responsible for driving profitable growth through digitally enabled lifecycle solutions and a multi-brand, multi-tier channel strategy across the region. He also leads global marketing. He joined Carrier in January 2024 through the acquisition of Viessmann Climate Solutions. Previously, he served as President, Climate Solutions Europe Residential & Light Commercial, and before that, Chief Executive Officer of Viessmann Climate Solutions, following a role as Chief Sales & Marketing Officer. Earlier in his career, he held senior positions at Bosch.

Key Risks for Carrier Global (CARR)

1. Exposure to Cyclical Construction and Real Estate Markets: Carrier Global's demand for HVAC systems and commercial refrigeration solutions is significantly tied to new building construction, renovation, and the broader health of the commercial and residential real estate markets. A downturn or prolonged stagnation in these global markets could lead to reduced sales and profitability for Carrier's core segments.

2. Regulatory and Technological Shifts in Refrigerants and Energy Efficiency: The company faces ongoing pressure to adapt to evolving environmental regulations, particularly concerning the phasing out of certain refrigerants (e.g., hydrofluorocarbons or HFCs) and increasingly stringent energy efficiency standards across its HVAC and refrigeration product lines. Failure to timely develop and implement compliant and competitive technologies could result in significant R&D costs, market share loss, or penalties.

3. Supply Chain Disruptions and Commodity Price Volatility: As a global manufacturer, Carrier is susceptible to disruptions in its supply chain, including geopolitical events, natural disasters, and issues with key component availability (e.g., semiconductors). Additionally, fluctuations in the prices of raw materials such as copper, steel, and aluminum can significantly impact manufacturing costs and profit margins.

• Disruptive Solid-State Cooling Technologies: Ongoing research and development into solid-state cooling methods such as magnetocaloric, electrocaloric, and elastocaloric cooling present a long-term emerging threat. These technologies aim to eliminate the need for traditional refrigerants and vapor-compression systems, potentially offering significantly higher efficiencies and reduced environmental impact. If these technologies achieve commercial scalability and cost-effectiveness, they could fundamentally displace Carrier's core HVAC and refrigeration product lines, similar to how digital cameras supplanted film.
• AI-Powered, Open-Source Building Management and Security Platforms: The increasing sophistication and adoption of AI and machine learning in building management systems, coupled with a push towards open-source standards for hardware integration, could commoditize Carrier's proprietary building automation and security control systems. Third-party software platforms that offer superior, vendor-agnostic intelligence for optimizing energy usage, security protocols, and occupant comfort could diminish the value proposition of Carrier's integrated hardware and software solutions, potentially reducing their role to being a hardware provider in a largely software-controlled environment.

Carrier Global Corporation operates in several significant addressable markets globally, encompassing HVAC, Refrigeration, and Fire & Security technologies.

HVAC Segment

• The global HVAC systems market was estimated at USD 258.96 billion in 2025 and is projected to reach USD 445.73 billion by 2033, growing at a compound annual growth rate (CAGR) of 7.0%.
• The global residential HVAC market size was valued at approximately USD 89.58 billion in 2024 and is poised to grow to USD 163.31 billion by 2033, with a CAGR of 6.9% during the forecast period (2026–2033). North America is the largest market, accounting for approximately 40% of the global market share, followed by Europe (around 30%) and Asia-Pacific (around 25%).
• The global commercial HVAC market generated USD 74.81 billion in 2024 and is expected to hit USD 120.6 billion by 2029, exhibiting a CAGR of 7.7%. Asia-Pacific leads commercial HVAC growth, contributing 44% of global sales.

Refrigeration Segment

• The global commercial refrigeration market size was valued at USD 85.6 billion in 2024 and is expected to reach USD 161 billion by 2034, growing at a CAGR of 6.6% from 2025 to 2034.
• The global refrigerated transport market is projected to grow from USD 130.3 billion in 2025 to USD 233.4 billion by 2035, at a CAGR of 6.0%. North America, Asia-Pacific, and Europe are identified as key growth regions.

Fire & Security Segment

• The global security market size was estimated at USD 143.55 billion in 2024 and is expected to reach USD 225.21 billion by 2030, growing at a CAGR of 7.6% from 2025 to 2030. North America dominated this market with a revenue share of 32% in 2024.
• The global access control market size was estimated at USD 10.76 billion in 2024 and is projected to reach USD 17.30 billion by 2030, growing at a CAGR of 8.4% from 2025 to 2030. North America dominated with a revenue share of over 31% in 2024.
• The global video management system (VMS) market size was valued at USD 17.34 billion in 2024 and is poised to grow to USD 86.83 billion by 2033, growing at a CAGR of 19.6% during the forecast period (2026–2033).
• The global burglar alarm systems market size was estimated at USD 4,388.1 million (USD 4.39 billion) in 2023 and is projected to reach USD 6,721.0 million (USD 6.72 billion) by 2030, growing at a CAGR of 6.3% from 2024 to 2030. North America was the largest revenue-generating market in 2023.
• The global fire protection system market size is projected to grow from USD 85.06 billion in 2025 to USD 118.14 billion by 2030 at a CAGR of 6.8%. North America is projected to reach USD 42.95 billion by 2030.
• The global fire suppression system market size was valued at USD 22,038.9 million (USD 22.04 billion) in 2024 and is projected to reach USD 34,973.6 million (USD 34.97 billion) by 2033, growing at a CAGR of 5.4% from 2025 to 2033.

Carrier Global Corporation (CARR) is expected to drive future revenue growth over the next two to three years through several key initiatives:

1. Growth in Commercial HVAC, especially Data Center Cooling Solutions: Carrier Global is strategically positioned to capitalize on the increasing demand for advanced cooling systems in data centers. The company has reported significant increases in commercial HVAC orders, particularly from data center wins, and anticipates double-digit revenue growth in this area, with data center-related revenues expected to grow by approximately 50% in 2026 and nearly double in 2025 to roughly $1 billion.
2. Expansion of Aftermarket Services and Digital Solutions: Carrier is focusing on expanding its aftermarket services, which include maintenance, parts, and digital solutions. This segment consistently shows strong performance, with aftermarket sales growing by 13% in Q2 2025 and expected to achieve its fifth consecutive year of double-digit growth. The company leverages AI to enhance service efficiency and customer satisfaction.
3. Strategic Acquisitions and Focus on Sustainable Climate Solutions, particularly Heat Pumps in Europe: The acquisition of Viessmann Climate Solutions in 2024 is a significant driver, expected to deliver approximately $100 million in incremental revenue synergies in 2025 and enhance Carrier's capabilities in intelligent climate and energy solutions. This move reinforces the company's focus on global trends towards sustainability and energy efficiency, particularly the transition from boilers to heat pumps in Europe.
4. Product Innovation and Technological Advancements: Carrier is investing in research and development and launching innovative products and technologies. This includes the development of AI-powered solutions for home energy management and the introduction of advanced cooling solutions like the AquaEdge® 30CF Chiller to enhance data center reliability. These innovations are crucial for maintaining market share and expanding into evolving markets.

Share Repurchases

• In October 2025, Carrier's Board of Directors approved a new $5 billion share repurchase authorization.
• This new authorization, combined with an existing balance, increased the total current repurchase authorization to approximately $5.8 billion as of October 28, 2025.
• Carrier repurchased 4,267,425 shares from Viessmann for $300 million in June 2025.

Share Issuance

• Carrier Global's shares outstanding saw a 6.88% increase from 2023 to 2024, reaching 0.912 billion, but then declined by 5.41% to 0.862 billion in 2025.

Outbound Investments

• Carrier completed the acquisition of Viessmann Climate Solutions for $13.1 billion in December 2023, enhancing its focus on climate and energy solutions.
• The company made strategic acquisitions including Blaich Automation in August 2025 and AddVolt in May 2025.
• Carrier made a strategic investment in Net Feasa to improve real-time monitoring of shipping containers during ocean transit through wireless IoT connectivity.

Capital Expenditures

• For the trailing twelve months (TTM) ended December 2025, Carrier's capital expenditures were -$392 million.
• The company plans to invest an additional $1 billion over five years (starting May 2025) in U.S. manufacturing, innovation, and workforce expansion.
• This investment focuses on expanding existing facilities, constructing a new manufacturing site for heat pump components and battery assemblies, and accelerating next-generation research and development, particularly in liquid cooling for data centers.