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US Industrials: Rising Temps in Europe Highlight HVAC Opportunity
研报英文原文证据摘录
US Industrials: Rising Temps in Europe Highlight HVAC Opportunity
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26 Jun 2026 17:00:09 ET │ 11 pages
US Industrials
Rising Temps in Europe Highlight HVAC Opportunity
CITI’S TAKE
With Europe in the midst of a record breaking heatwave (Europe’s heat
wave is worst ever recorded, researchers say; The Washington Post, 26
June), we remind investors of relatively low air conditioning penetration in
the region, which we think could rise materially over time as periods of
elevated temperatures appear likely to become relatively more common Andrew KaplowitzAC
vs. historical norms. Notably, International Energy Agency (IEA) data +1-212-816-0642
(2018) indicated that only ~20% of European households at the time were andrew.kaplowitz@citi.com
airconditioned vs. ~90% in regions such as the U.S. and Japan. While we
Vladimir Bystricky
surmise that European air conditioning penetration may have risen
vladimir.bystricky@citi.com
somewhat in recent years (given prior heat waves), relatively low
penetration of air conditioning in Europe coupled with seemingly more Piyush Avasthy
frequent and hotter heat waves we think could be support growing AC use piyush.avasthy@citi.com
in the region – a potential tailwind for HVAC companies in our coverage Jose Sulca Flores
including CARR, TT, and JCI. jose.alonso.sulcaflores@citi.com
Additional Thoughts: Amongst out coverage, we think CARR could be a primary
beneficiary of growing AC adoption in Europe given 20%+ of CARR’s overall revenue
is generated by its Climate Solutions Europe (CSE) segment and the company has
indicated that the business has #1 market share in Commercial HVAC and #2 market
share in Residential and Light Commercial HVAC. Notably, CARR during its 1Q26
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