HVAC Pumps Boosters and Heat Exchangers Sales

HVAC Pumps Boosters and Heat Exchangers Sales Market Outlook

The global HVAC pumps, boosters, and heat exchangers market is anticipated to reach approximately USD 25 billion by 2035, growing at a compound annual growth rate (CAGR) of around 6.5% during the forecast period from 2025 to 2035. Factors contributing to this significant growth include the increasing demand for energy-efficient heating, ventilation, and air conditioning systems, alongside the rising adoption of smart building technologies. The push for sustainable living practices, coupled with government regulations aimed at enhancing energy efficiency, is propelling the demand for advanced HVAC technologies. Furthermore, the growing industrialization and urbanization across various regions are intensifying the need for efficient HVAC systems, thereby driving the market growth. The recovery and growth in the construction sector post-pandemic are also expected to boost the demand for HVAC pumps and related equipment.

Growth Factor of the Market

Several key growth factors are driving the HVAC pumps, boosters, and heat exchangers market towards a promising future. The first is the increasing trend towards energy-efficient and eco-friendly HVAC systems, which has prompted manufacturers to innovate and develop advanced technology solutions. Consumer awareness regarding the long-term cost benefits associated with energy-efficient systems is also propelling sales. Secondly, rapid urbanization and infrastructural development, particularly in emerging economies, are contributing significantly to the market expansion, as new residential and commercial properties require modern HVAC installations. Additionally, the growing emphasis on smart building technology integration is creating new avenues for market growth, with smart pumps and heat exchangers being compatible with automation systems. Furthermore, the increasing focus on enhancing indoor air quality in residential and commercial spaces is leading to a heightened demand for HVAC systems that utilize advanced filtration and heat exchange technologies.

Key Highlights of the Market

• The market is expected to reach USD 25 billion by 2035, expanding at a CAGR of 6.5%.
• Energy-efficient technologies are driving innovation and demand in the HVAC segment.
• Smart building technology integration is creating new opportunities in the market.
• Urbanization and infrastructure development in emerging economies fuel market growth.
• Enhanced focus on indoor air quality is increasing demand for advanced HVAC solutions.

By Product Type

Centrifugal Pumps:

Centrifugal pumps are a vital component in HVAC systems, known for their ability to efficiently move fluids and maintain pressure. Their design allows for a continuous flow of liquid, making them ideal for high-volume applications typically found in commercial and industrial settings. The increasing installation of cooling and heating systems in buildings necessitates the use of centrifugal pumps, which are favored for their efficiency and reliability. Furthermore, advancements in pump design and technology are leading to better performance and energy savings, which are attractive selling points for end-users. As organizations look to reduce energy costs and improve operational efficiencies, the demand for centrifugal pumps is expected to rise correspondingly.

Reciprocating Pumps:

Reciprocating pumps are characterized by their positive displacement mechanism, making them suitable for applications requiring high pressure and precise flow control. These pumps are particularly favored in industries where fluid properties are variable, such as in the oil and gas sectors. In HVAC systems, reciprocating pumps are often utilized for heat transfer and circulation in hydronic heating systems. Their ability to handle viscous fluids and maintain consistent flow rates under varying conditions enhances their appeal. As the demand for high-performance HVAC systems grows, the use of reciprocating pumps is anticipated to increase, especially in settings where reliability and precision are paramount.

Rotary Pumps:

Rotary pumps are known for their capability to handle a wide range of fluids, including those with low to medium viscosity. They are particularly advantageous in applications where a steady and continuous flow is necessary. The demand for rotary pumps in HVAC applications is driven by their efficiency and durability, making them suitable for both residential and commercial HVAC systems. Moreover, innovations in rotary pump design, including the integration of smart technology, are enhancing their performance and operational efficiency. As HVAC systems evolve to meet modern standards, rotary pumps are expected to play a significant role in the overall market growth.

Booster Pumps:

Booster pumps are essential for ensuring adequate water pressure in HVAC systems, particularly in multi-story buildings and large commercial establishments. They are instrumental in boosting water pressure to higher levels, facilitating efficient circulation and distribution of water throughout the HVAC system. The increasing number of high-rise buildings and complex architectural designs in urban areas is significantly driving the demand for booster pumps. Additionally, advancements in technology allow for better control and automation of booster pumps, further enhancing their efficiency. As cities continue to grow vertically, the need for robust and reliable booster pumps will continue to expand, making them a critical segment of the HVAC market.

Heat Exchangers:

Heat exchangers are crucial components in HVAC systems, tasked with transferring heat between two or more fluids without mixing them. Their role in improving energy efficiency and optimizing thermal management makes them indispensable in modern HVAC applications. As energy-efficiency regulations become more stringent, the demand for advanced heat exchangers that can operate efficiently under various conditions is on the rise. Furthermore, innovations in heat exchanger technologies, such as the development of compact and lightweight designs, are catering to the needs of modern building designs. The growing emphasis on sustainability and energy conservation is projected to fuel the demand for heat exchangers, solidifying their position in the HVAC market.

By Application

Residential:

The residential application segment for HVAC pumps, boosters, and heat exchangers is witnessing significant growth due to the increasing focus on home comfort and indoor air quality. The rise in disposable incomes and an inclination towards modern home automation systems have prompted homeowners to invest in advanced HVAC solutions. Moreover, the demand for energy-efficient systems is growing as homeowners seek to reduce utility bills while maintaining optimal comfort levels. This segment is also benefiting from the trend of smart homes, where integrated HVAC systems can be controlled remotely, enhancing user convenience and efficiency. As more households adopt energy-efficient technologies, the residential segment is expected to expand consistently.

Commercial:

The commercial application segment is experiencing robust growth, driven by an increase in commercial infrastructure development, including office buildings, shopping malls, and hotels. Businesses are increasingly recognizing the importance of maintaining comfortable indoor environments for employees and customers, which is propelling the demand for efficient HVAC systems. Innovations in HVAC technology, such as variable refrigerant flow systems and smart thermostats, are further enhancing the appeal of modern HVAC solutions in commercial settings. Additionally, stringent regulations regarding energy efficiency and environmental sustainability are encouraging commercial establishments to upgrade their HVAC systems, contributing to the segment's growth.

Industrial:

The industrial application segment is critical in driving the demand for HVAC pumps, boosters, and heat exchangers. Industries such as manufacturing, food processing, and pharmaceuticals require robust HVAC systems to maintain precise temperature and humidity levels for optimal operations. The need for energy-efficient solutions in these high-demand environments is leading to increased investments in advanced HVAC technologies. Moreover, the growth of industrialization in developing regions is expected to expand the market significantly, as more facilities are established that require reliable HVAC systems. As industries evolve to adopt smarter operational practices, the HVAC market in this segment is poised for substantial growth.

Institutional:

Institutional applications, which include schools, hospitals, and government buildings, are witnessing increased investment in HVAC systems aimed at ensuring the comfort and safety of occupants. The growing awareness of indoor air quality and its impact on health is driving institutions to adopt more effective HVAC solutions. Additionally, the rising trend of green building practices is compelling institutions to implement energy-efficient HVAC systems that comply with sustainability standards. As funding for educational and healthcare facilities increases, the institutional segment is expected to contribute significantly to the overall HVAC market growth.

Others:

The 'Others' segment encompasses various niche applications for HVAC systems, including specialized industrial processes and unique residential needs. This segment is characterized by customized solutions that address specific operational requirements, thus presenting a unique growth opportunity. For example, specialized HVAC systems may be required in laboratories, data centers, or cleanrooms where environmental controls are critical. The demand for these tailored solutions is expected to increase as industries recognize the importance of maintaining specific environmental conditions for optimal performance. As a result, this segment is likely to see diverse growth trajectories depending on technological advancements and emerging market needs.

By Distribution Channel

Direct Sales:

Direct sales remain a prominent distribution channel for HVAC pumps, boosters, and heat exchangers, primarily due to the specialized nature of these products. Manufacturers often prefer to engage directly with customers, including contractors and large-scale buyers, to ensure that their products meet specific requirements. Direct sales enable manufacturers to establish strong relationships with end-users, providing them with comprehensive product knowledge and support. As businesses increasingly seek customized HVAC solutions, the direct sales channel is expected to continue growing, allowing for direct feedback and improved product offerings.

Indirect Sales:

Indirect sales channels, including distributors and wholesalers, play a crucial role in the HVAC market by increasing product availability for smaller contractors and end-users. This distribution model allows manufacturers to reach a broader audience, especially in regions where direct sales may not be feasible. Indirect sales channels also facilitate easier access to a variety of HVAC products, enabling buyers to compare options and select the best solutions for their needs. As the demand for HVAC systems grows, the indirect sales channel is likely to expand, providing manufacturers with opportunities to strengthen their market presence.

By Material Type

Copper:

Copper is widely used in the manufacturing of HVAC pumps, boosters, and heat exchangers due to its excellent thermal conductivity and resistance to corrosion. Its properties make it particularly effective in heat transfer applications, ensuring efficient performance in various HVAC systems. The growing emphasis on energy efficiency and sustainability is driving the demand for copper in HVAC applications, as it enables better energy management and lower operational costs. Additionally, the recyclability of copper aligns with environmental sustainability goals, which is becoming increasingly important for both manufacturers and consumers in the HVAC market.

Aluminum:

Aluminum is increasingly being utilized in HVAC systems due to its lightweight nature and good thermal conductivity. It is commonly used in heat exchangers and radiator designs, where weight reduction is crucial for system efficiency and performance. The demand for aluminum is expected to rise as manufacturers seek to produce more compact and efficient HVAC solutions. Furthermore, aluminum's resistance to corrosion enhances the longevity of HVAC components, making it a popular choice among system designers. As energy-efficient designs become more prevalent, the market for aluminum HVAC components is likely to expand.

Steel:

Steel is a durable and strong material frequently used in the construction of HVAC systems, especially in pumps and structural components. Its high tensile strength makes it suitable for heavy-duty applications, while its availability and cost-effectiveness make it an attractive choice for manufacturers. The use of galvanized steel in HVAC applications also offers additional corrosion resistance, ensuring the longevity of equipment in various environments. With the rise of industrial and commercial infrastructure projects globally, the demand for steel components in HVAC systems is expected to see steady growth over the forecast period.

Cast Iron:

Cast iron is renowned for its exceptional durability and ability to withstand high temperatures and pressures, making it a preferred material for various HVAC applications, particularly in pumps and radiators. Its thermal properties allow for efficient heat retention and transfer, ensuring optimal system performance. The longevity of cast iron components translates to lower maintenance costs, which is appealing to end-users. Despite the increasing use of lighter materials, cast iron remains a staple in the HVAC market due to its reliability and strength in demanding industrial and commercial applications.

Others:

The 'Others' category includes various alternative materials used in HVAC systems, such as plastics and composites, which are gaining traction due to their unique properties. These materials often provide advantages such as lightweight designs, corrosion resistance, and cost-effectiveness, catering to specific applications where traditional materials may not suffice. As manufacturers look to innovate and meet diverse customer needs, the use of alternative materials is expected to rise, leading to a more diversified HVAC market. This segment represents an opportunity for growth as technology advances and new materials enter the marketplace.

By Region

The North American HVAC pumps, boosters, and heat exchangers market is projected to hold a significant share, primarily driven by the increasing demand for energy-efficient HVAC solutions in both residential and commercial applications. The region's established infrastructure and high standard of living contribute to the rising adoption of advanced HVAC technologies. According to estimates, the North American market is expected to grow at a CAGR of 6% during the forecast period, reaching approximately USD 10 billion by 2035. The regulatory framework aimed at enhancing energy efficiency further bolsters the market's potential in this region.

In Europe, the HVAC market is also experiencing considerable growth due to the implementation of stringent energy efficiency mandates and a growing emphasis on sustainability. The European market is projected to reach around USD 8 billion by 2035, with a CAGR of 6.2% anticipated over the forecast period. The presence of well-established manufacturers and ongoing technological advancements are key factors fueling this growth. Additionally, the shift towards green buildings and increasing investments in renewable energy sources are expected to provide a further boost to the HVAC systems market in the region. Meanwhile, in Asia Pacific, rapid industrialization and urbanization are paving the way for significant market opportunities, with the region projected to witness the highest growth rate in HVAC systems by 2035.

Opportunities

As the HVAC industry continues to evolve, numerous opportunities are emerging for manufacturers and service providers. The ongoing trend towards sustainable and energy-efficient technologies is creating a significant market space for innovative HVAC solutions. Companies that invest in research and development to create smart, integrated HVAC systems are well-positioned to capitalize on this trend. Additionally, the regulatory landscape around energy efficiency is evolving, and firms that can adapt to these changes will have a competitive advantage. The shift towards automation and smart home technologies presents an opportunity for HVAC manufacturers to collaborate with tech companies to develop HVAC systems that are not only energy-efficient but also easy to manage through mobile applications. Furthermore, the growing trend of urbanization is expected to lead to higher demand for residential and commercial HVAC systems, creating opportunities for new entrants and existing players in the market.

Another opportunity lies in the increasing demand for HVAC solutions in emerging markets. Many developing nations are experiencing rapid urbanization, leading to a rising need for infrastructure development, including commercial and residential buildings. As these regions invest in their HVAC systems, manufacturers have the chance to introduce energy-efficient and environmentally friendly technologies that cater to these markets. Partnerships with local firms can facilitate market entry and help navigate the unique challenges of these regions. Additionally, the rising focus on indoor air quality and health considerations due to the COVID-19 pandemic has heightened the interest in advanced HVAC solutions. Companies that can offer filtration and purification systems that enhance indoor air quality will find a receptive market, especially in sectors such as healthcare, education, and hospitality.

Threats

Despite the promising growth outlook for the HVAC pumps, boosters, and heat exchangers market, several threats could impede progress. One of the primary challenges is the fluctuating prices of raw materials, which can significantly impact production costs and profit margins for manufacturers. Any increase in the prices of materials such as copper, aluminum, or steel may lead to higher costs for end-users, potentially dampening demand for HVAC systems. Additionally, the market is facing intense competition from both established players and new entrants, leading to price wars that could further erode profit margins. The rapid pace of technological advancements also poses a threat, as companies must continuously innovate to remain relevant. Failing to keep pace with technological changes may result in obsolescence, hindering market competitiveness.

Another significant concern for the HVAC industry is the increasing regulatory scrutiny surrounding environmental sustainability. Companies may face stricter regulations regarding emissions, efficiency standards, and refrigerant use, necessitating investments in compliance and sustainability initiatives. Those that are unable to meet these evolving regulations may encounter legal challenges or lose market access. Additionally, external factors such as economic downturns or global crises—like the COVID-19 pandemic—can disrupt supply chains and impact market demand. Companies that rely heavily on specific regions or sectors may find themselves vulnerable to sudden shifts in market conditions. Thus, while opportunities abound, the HVAC industry must navigate these threats to ensure sustained growth.

Competitor Outlook

• Carrier Global Corporation
• Trane Technologies
• Johnson Controls International plc
• Daikin Industries, Ltd.
• Rheem Manufacturing Company
• LG Electronics
• Mitsubishi Electric Corporation
• Gree Electric Appliances Inc.
• Bosch Thermotechnology
• York International Corporation
• Emerson Electric Co.
• Honeywell International Inc.
• Parker Hannifin Corporation
• American Standard Brands
• Hitachi, Ltd.

The competitive landscape in the HVAC pumps, boosters, and heat exchangers market is characterized by a mix of established companies with strong brand recognition and emerging firms seeking to capture market share through innovation and differentiation. Established players such as Carrier Global Corporation and Trane Technologies dominate the market due to their extensive product offerings, global reach, and significant investments in research and development. These companies leverage their brand reputation and advanced technology to maintain a competitive edge, focusing on energy-efficient products that align with current market trends.

In addition to major players, several emerging companies are also gaining traction in the HVAC market by offering niche products and innovative solutions. For instance, companies like Gree Electric Appliances Inc. and LG Electronics are leading the charge in the production of smart HVAC systems that integrate seamlessly with home automation technologies. These advancements cater to the growing demand for energy-efficient and user-friendly systems, positioning these companies favorably in the market. Furthermore, strategic partnerships and collaborations among HVAC manufacturers and technology firms are on the rise, enabling companies to broaden their product portfolio and enhance service offerings, thus boosting competition in the marketplace.

Key players are also focusing on expanding their operations in developing regions, where rapid urbanization and increasing investment in infrastructure are creating new market opportunities. For instance, Daikin Industries, Ltd. and Mitsubishi Electric Corporation are actively investing in Asian markets to capitalize on the growing demand for HVAC systems in both residential and commercial applications. Simultaneously, companies are prioritizing sustainability initiatives, seeking to develop environmentally friendly HVAC solutions that comply with stringent regulations. As the market landscape continues to evolve, it is crucial for all players to remain agile and responsive to changing consumer preferences and technological advancements to sustain their competitive advantage.

• 1 Appendix

  • 1.1 List of Tables
  • 1.2 List of Figures

• 2 Introduction

  • 2.1 Market Definition
  • 2.2 Scope of the Report
  • 2.3 Study Assumptions
  • 2.4 Base Currency & Forecast Periods

• 3 Market Dynamics

  • 3.1 Market Growth Factors
  • 3.2 Economic & Global Events
  • 3.3 Innovation Trends
  • 3.4 Supply Chain Analysis

• 4 Consumer Behavior

  • 4.1 Market Trends
  • 4.2 Pricing Analysis
  • 4.3 Buyer Insights

• 5 Key Player Profiles

  • 5.1 Hitachi, Ltd.
    • 5.1.1 Business Overview
    • 5.1.2 Products & Services
    • 5.1.3 Financials
    • 5.1.4 Recent Developments
    • 5.1.5 SWOT Analysis
  • 5.2 LG Electronics
    • 5.2.1 Business Overview
    • 5.2.2 Products & Services
    • 5.2.3 Financials
    • 5.2.4 Recent Developments
    • 5.2.5 SWOT Analysis
  • 5.3 Trane Technologies
    • 5.3.1 Business Overview
    • 5.3.2 Products & Services
    • 5.3.3 Financials
    • 5.3.4 Recent Developments
    • 5.3.5 SWOT Analysis
  • 5.4 Emerson Electric Co.
    • 5.4.1 Business Overview
    • 5.4.2 Products & Services
    • 5.4.3 Financials
    • 5.4.4 Recent Developments
    • 5.4.5 SWOT Analysis
  • 5.5 Bosch Thermotechnology
    • 5.5.1 Business Overview
    • 5.5.2 Products & Services
    • 5.5.3 Financials
    • 5.5.4 Recent Developments
    • 5.5.5 SWOT Analysis
  • 5.6 Daikin Industries, Ltd.
    • 5.6.1 Business Overview
    • 5.6.2 Products & Services
    • 5.6.3 Financials
    • 5.6.4 Recent Developments
    • 5.6.5 SWOT Analysis
  • 5.7 American Standard Brands
    • 5.7.1 Business Overview
    • 5.7.2 Products & Services
    • 5.7.3 Financials
    • 5.7.4 Recent Developments
    • 5.7.5 SWOT Analysis
  • 5.8 Carrier Global Corporation
    • 5.8.1 Business Overview
    • 5.8.2 Products & Services
    • 5.8.3 Financials
    • 5.8.4 Recent Developments
    • 5.8.5 SWOT Analysis
  • 5.9 Parker Hannifin Corporation
    • 5.9.1 Business Overview
    • 5.9.2 Products & Services
    • 5.9.3 Financials
    • 5.9.4 Recent Developments
    • 5.9.5 SWOT Analysis
  • 5.10 Rheem Manufacturing Company
    • 5.10.1 Business Overview
    • 5.10.2 Products & Services
    • 5.10.3 Financials
    • 5.10.4 Recent Developments
    • 5.10.5 SWOT Analysis
  • 5.11 Honeywell International Inc.
    • 5.11.1 Business Overview
    • 5.11.2 Products & Services
    • 5.11.3 Financials
    • 5.11.4 Recent Developments
    • 5.11.5 SWOT Analysis
  • 5.12 Gree Electric Appliances Inc.
    • 5.12.1 Business Overview
    • 5.12.2 Products & Services
    • 5.12.3 Financials
    • 5.12.4 Recent Developments
    • 5.12.5 SWOT Analysis
  • 5.13 York International Corporation
    • 5.13.1 Business Overview
    • 5.13.2 Products & Services
    • 5.13.3 Financials
    • 5.13.4 Recent Developments
    • 5.13.5 SWOT Analysis
  • 5.14 Mitsubishi Electric Corporation
    • 5.14.1 Business Overview
    • 5.14.2 Products & Services
    • 5.14.3 Financials
    • 5.14.4 Recent Developments
    • 5.14.5 SWOT Analysis
  • 5.15 Johnson Controls International plc
    • 5.15.1 Business Overview
    • 5.15.2 Products & Services
    • 5.15.3 Financials
    • 5.15.4 Recent Developments
    • 5.15.5 SWOT Analysis

• 6 Market Segmentation

  • 6.1 HVAC Pumps Boosters and Heat Exchangers Sales Market, By Application
    • 6.1.1 Residential
    • 6.1.2 Commercial
    • 6.1.3 Industrial
    • 6.1.4 Institutional
    • 6.1.5 Others
  • 6.2 HVAC Pumps Boosters and Heat Exchangers Sales Market, By Product Type
    • 6.2.1 Centrifugal Pumps
    • 6.2.2 Reciprocating Pumps
    • 6.2.3 Rotary Pumps
    • 6.2.4 Booster Pumps
    • 6.2.5 Heat Exchangers
  • 6.3 HVAC Pumps Boosters and Heat Exchangers Sales Market, By Material Type
    • 6.3.1 Copper
    • 6.3.2 Aluminum
    • 6.3.3 Steel
    • 6.3.4 Cast Iron
    • 6.3.5 Others
  • 6.4 HVAC Pumps Boosters and Heat Exchangers Sales Market, By Distribution Channel
    • 6.4.1 Direct Sales
    • 6.4.2 Indirect Sales

• 7 Competitive Analysis

  • 7.1 Key Player Comparison
  • 7.2 Market Share Analysis
  • 7.3 Investment Trends
  • 7.4 SWOT Analysis

• 8 Research Methodology

  • 8.1 Analysis Design
  • 8.2 Research Phases
  • 8.3 Study Timeline

• 9 Future Market Outlook

  • 9.1 Growth Forecast
  • 9.2 Market Evolution

• 10 Geographical Overview

  • 10.1 Europe - Market Analysis
    • 10.1.1 By Country
      • 10.1.1.1 UK
      • 10.1.1.2 France
      • 10.1.1.3 Germany
      • 10.1.1.4 Spain
      • 10.1.1.5 Italy
  • 10.2 Asia Pacific - Market Analysis
    • 10.2.1 By Country
      • 10.2.1.1 India
      • 10.2.1.2 China
      • 10.2.1.3 Japan
      • 10.2.1.4 South Korea
  • 10.3 Latin America - Market Analysis
    • 10.3.1 By Country
      • 10.3.1.1 Brazil
      • 10.3.1.2 Argentina
      • 10.3.1.3 Mexico
  • 10.4 North America - Market Analysis
    • 10.4.1 By Country
      • 10.4.1.1 USA
      • 10.4.1.2 Canada
  • 10.5 Middle East & Africa - Market Analysis
    • 10.5.1 By Country
      • 10.5.1.1 Middle East
      • 10.5.1.2 Africa
  • 10.6 HVAC Pumps Boosters and Heat Exchangers Sales Market by Region

• 11 Global Economic Factors

  • 11.1 Inflation Impact
  • 11.2 Trade Policies

• 12 Technology & Innovation

  • 12.1 Emerging Technologies
  • 12.2 AI & Digital Trends
  • 12.3 Patent Research

• 13 Investment & Market Growth

  • 13.1 Funding Trends
  • 13.2 Future Market Projections

• 14 Market Overview & Key Insights

  • 14.1 Executive Summary
  • 14.2 Key Trends
  • 14.3 Market Challenges
  • 14.4 Regulatory Landscape

Segments Analyzed in the Report

The global HVAC Pumps Boosters and Heat Exchangers Sales market is categorized based on

By Product Type

• Centrifugal Pumps
• Reciprocating Pumps
• Rotary Pumps
• Booster Pumps
• Heat Exchangers

By Application

• Residential
• Commercial
• Industrial
• Institutional
• Others

By Distribution Channel

• Direct Sales
• Indirect Sales

By Material Type

• Copper
• Aluminum
• Steel
• Cast Iron
• Others

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Key Players

• Carrier Global Corporation
• Trane Technologies
• Johnson Controls International plc
• Daikin Industries, Ltd.
• Rheem Manufacturing Company
• LG Electronics
• Mitsubishi Electric Corporation
• Gree Electric Appliances Inc.
• Bosch Thermotechnology
• York International Corporation
• Emerson Electric Co.
• Honeywell International Inc.
• Parker Hannifin Corporation
• American Standard Brands
• Hitachi, Ltd.