Energy solution specialist Otech Carrier (Chairman Kang Sung-hee) announced on the 25th that it will actively cooperate with global HVAC companies to conquer the global eco-friendly HVAC market through zero energy implementation.
Otech Carrier (hereinafter referred to as Carrier) is an energy solution specialist with a full lineup of HVAC (heating, ventilation, air conditioning) systems. It manufactures and supplies eco-friendly, high-efficiency products that live up to the reputation of Carrier, the world's largest refrigeration and air conditioning company with 120 years of history.
Carrier is striving to lead a sustainable future by reducing carbon emissions and maximizing energy efficiency across all heating, cooling and air conditioning sectors based on digital innovation technology and ultra-high-efficiency energy platforms accumulated over many years.
Meanwhile, Otech Carrier, as the president of the Korea Refrigeration and Air-Conditioning Industry Association, met with Megan Fellinger, president of the Air-Conditioning, Heating and Refrigeration Institute (AHRI), a representative organization of the U.S. heating and cooling industry, and Stephen Yurek, CEO and President, on the 24th to discuss strengthening cooperation to jointly respond to the rapidly changing global heating and cooling industry trends.
At the meeting that day, Chairman Kang Sung-hee of Otech Carrier, who is also the Chairman of the Korea Refrigeration and Air-Conditioning Industry Association, met directly with AHRI officials and had an in-depth exchange of opinions on cooperation between the two countries. In particular, Chairman Megan and CEO and President Stephen expressed a positive evaluation of the possibility of exporting high-quality Korean heat pump products in light of the increasing demand for heat pumps, which is showing a steady growth trend due to decarbonization policies in major countries around the world, including the United States.
In fact, the A/C market is estimated to be worth about $25 billion in 2024, accounting for more than 80% of the entire US HVAC market, which is estimated to be worth about $32 billion, and is growing at an annual average of over 5.6%. As the inverter heat pump penetration rate in US households is gradually increasing from the current level of 15%, securing a stable supply source to meet the growing demand is becoming increasingly important.
Otech Carrier is accelerating product development with the goal of launching in the first half of next year to actively respond to North American demand based on original technology based on existing heat pump boilers, and plans to gradually increase volume with the goal of securing a 5% market share within three years after initial market entry.
In particular, Chairman Kang declared that Otech Carrier will actively pursue the North American market, including the United States, in order to expand into the global market based on its market leadership in the heating and cooling air conditioning sector, built on the technological prowess it has accumulated over many years in the heat pump sector.
An official from Otech Carrier said, “This entry into the North American market is part of the group’s global portfolio diversification strategy,” and added, “We will focus on developing new overseas markets and localized products to achieve sustainable growth.”
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