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hvac consolidation

HVAC INDUSTRY
CONSOLIDATION TRACKER

HVAC Industry Consolidation Tracker

In recent years, HVAC industry consolidation has rapidly increased. Owners are typically aware of the consolidation trend but may not fully understand the magnitude of the trend. For that reason, IEI Advisors developed two graphs to help HVAC owners visualize the consolidation wave of the past decade. One graph is commercial HVAC focused and the second one covers the residential market.​

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Number of Active Commercial HVAC M&A Buyers
Updated October 2025

Commercial Oct 2025.png

The graph clearly shows that commercial consolidation is primarily driven by the growth in the number of private equity investors. 

Number of Active Residential HVAC M&A Buyers
Updated October 2025

Resi Oct 2025.png

This second graph looks at residential HVAC consolidation which also shows that consolidation is driven by a growing number of private equity investors.

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