Air Conditioning industry map
Who earns the money in Air Conditioning, and who keeps it. When a company spans several industries, only the relevant segment is counted.
FY2025 · 24 companies · ¥10.2T
Industry map
Companies ordered by revenue, connected by ownership (major shareholders). Arrows point from the shareholder to the investee.
- Industry size (revenue)
- ¥10.2T
- Companies
- 24
- Avg. salary（parent only）
- ¥8M
- Industry weather
- Sunny
YoY +4.1%
Avg. age 41.4
Operating income +7.3%
Daikin Industries[6367]
Air-conditioning and refrigeration equipment
- Revenue
- ¥4.62T▲5.4%
- Operating income
- ¥377B▲7.4%
Margin 8.2%
Whole company: Revenue ¥5.02T · Net income ¥275.2B
Avg. salary ¥9M · 41.2（parent only）
Sinko Industries[6458]
Japan + 1 more
- Revenue
- ¥59.3B▲4.1%
- Operating income
- ¥9.42B▼5.3%
Margin 15.9%
Whole company: Revenue ¥59.3B · Net income ¥6.83B
Avg. salary ¥6.8M · 41.0（parent only）
- Daikin Industries owns 5.9%
Mitsubishi Electric[6503]
Life
- Revenue
- ¥2.29T▲5.7%
- Operating income
- ¥170.6B▲8.4%
Margin 7.5%
Whole company: Revenue ¥5.89T · Net income ¥407.8B
Avg. salary ¥9.1M · 40.5（parent only）
Panasonic Holdings[6752]
HVAC and CC
- Revenue
- ¥1.15T▼1.4%
- Operating income
- ¥23.1B▼0.3%
Margin 2.0%
Whole company: Revenue ¥8.05T · Net income ¥189.5B
Avg. salary ¥9.9M · 44.1（parent only）
Mitsubishi Heavy Industries[7011]
Logistics, Thermal and Drive Systems
- Revenue
- ¥624.9B▼1.8%
- Operating income
- —
Whole company: Revenue ¥4.97T · Net income ¥332.1B
Avg. salary ¥10.7M · 42.3（parent only）
Hoshizaki[6465]
Japan + 3 more
- Revenue
- ¥485.9B▲9.1%
- Operating income
- ¥57.3B▲4.6%
Margin 11.8%
Whole company: Revenue ¥485.9B · Net income ¥38.1B
Avg. salary ¥7.9M · 44.4（parent only）
Ebara[6361]
Building service and industrial
- Revenue
- ¥241.9B▲1.6%
- Operating income
- ¥15.3B▲47.5%
Margin 6.3%
Whole company: Revenue ¥958.3B · Net income ¥76.6B
Avg. salary ¥9.8M · 43.1（parent only）
Azbil[6845]
Building Automation Business
- Revenue
- ¥156B▲5.1%
- Operating income
- ¥28.9B▲18.6%
Margin 18.5%
Whole company: Revenue ¥298.9B · Net income ¥38.6B
Avg. salary ¥9.2M · 46.0（parent only）
Galilei Holdings[6420]
- Revenue
- ¥138.6B▲6.1%
- Operating income
- ¥17.1B▲3.1%
Margin 12.3%
Avg. salary ¥5.9M · 37.0（parent only）
Okamura[7994]
Store Displays business
- Revenue
- ¥116.2B▼1.8%
- Operating income
- ¥2.8B▼41.6%
Margin 2.4%
Whole company: Revenue ¥329B · Net income ¥22.4B
Avg. salary ¥8.5M · 42.1（parent only）
Fuji Electric[6504]
Food and Beverage Distribution
- Revenue
- ¥105.6B▼3.4%
- Operating income
- ¥13.1B▼5.5%
Margin 12.4%
Whole company: Revenue ¥1.23T · Net income ¥98B
Avg. salary ¥8.4M · 44.9（parent only）
Inaba Denki Sangyo[9934]
Proprietary Products Division
- Revenue
- ¥80.4B▲7.4%
- Operating income
- —
Whole company: Revenue ¥417B · Net income ¥23.4B
Avg. salary ¥9.9M · 37.6（parent only）
※ Card revenue and operating income cover only the segment in this industry; “Whole company” shows consolidated revenue and net income.
Other companies: Daiwa · Seibu Giken · Kimura Kohki · Topre · Airtech Japan · Kyoritsu AIR Tech · Takasago Thermal Engineering · Showa Manufacturing · Asahi Kogyosha · Odawara Engineering · Koken · Twin-Bird
The weather is derived mechanically from year-over-year totals of revenue and operating income (both up = sunny, both down = rainy).
Who earns the money
Area = revenue from businesses in this industry. Color = operating margin.
Who makes a profit
Across = revenue (log scale), up = operating margin, bubble size = operating income.
Ranking and momentum
| Rank | Company (business) | Revenue | Share | Op. margin | CAGR | FCF* |
|---|---|---|---|---|---|---|
| 1 | Daikin IndustriesAir-conditioning and refrigeration equipment | ¥4.62T | 45.1% | 8.2% | +13.1% | ¥256.8B |
| 2 | Mitsubishi ElectricLife | ¥2.29T | 22.3% | 7.5% | +8.4% | ¥333.6B |
| 3 | Panasonic HoldingsHVAC and CC | ¥1.15T | 11.2% | 2.0% | — | -¥71.7B |
| 4 | Mitsubishi Heavy IndustriesLogistics, Thermal and Drive Systems | ¥624.9B | 6.1% | — | -10.7% | ¥761.6B |
| 5 | HoshizakiJapan + 3 more | ¥485.9B | 4.7% | 11.8% | +19.8% | ¥19.5B |
| 6 | EbaraBuilding service and industrial | ¥241.9B | 2.4% | 6.3% | — | -¥51.5B |
| 7 | AzbilBuilding Automation Business | ¥156B | 1.5% | 18.5% | +6.9% | ¥30.2B |
| 8 | Galilei Holdings | ¥138.6B | 1.4% | 12.3% | +9.6% | -¥2.08B |
| 9 | OkamuraStore Displays business | ¥116.2B | 1.1% | 2.4% | +3.1% | ¥16.4B |
| 10 | Fuji ElectricFood and Beverage Distribution | ¥105.6B | 1.0% | 12.4% | +4.0% | ¥39.5B |
| 11 | Inaba Denki SangyoProprietary Products Division | ¥80.4B | 0.8% | — | +7.0% | ¥20.8B |
| 12 | Sinko IndustriesJapan + 1 more | ¥59.3B | 0.6% | 15.9% | +9.0% | ¥1.19B |
| 13 | Daiwa | ¥46.9B | 0.5% | 15.9% | +1.6% | ¥2.91B |
| 14 | Seibu Giken | ¥34.3B | 0.3% | 13.2% | +11.3% | ¥113M |
| 15 | Kimura Kohki | ¥17.9B | 0.2% | 25.6% | +15.1% | ¥1.44B |
| 16 | TopreOther | ¥15.5B | 0.2% | 10.2% | +13.2% | ¥5.2B |
| 17 | Airtech Japan | ¥14.2B | 0.1% | 8.2% | -0.2% | ¥642.8M |
| 18 | Kyoritsu AIR Tech | ¥11.9B | 0.1% | 5.0% | +4.8% | -¥107.2M |
| 19 | Takasago Thermal EngineeringEquipment manufacturing and sales | ¥8.41B | 0.1% | 10.8% | +9.0% | ¥24.7B |
| 20 | Showa ManufacturingMachine equipment | ¥8.15B | 0.1% | 9.0% | +8.2% | -¥430M |
| 21 | Asahi KogyoshaThe Manufacture and Sale of Equipment | ¥5.68B | 0.1% | -1.8% | +0.7% | ¥8.76B |
| 22 | Odawara EngineeringBlower and housing equipment | ¥4.66B | 0.0% | 2.9% | -1.5% | -¥1.36B |
| 23 | KokenEnvironmental business | ¥1.94B | 0.0% | 48.8% | +20.6% | -¥232.2M |
| 24 | Twin-BirdFree Piston Stirling Cooler | ¥387.8M | 0.0% | 5.0% | — | ¥465.8M |
* FCF is company-wide (not disclosed by segment). CAGR covers the available years, up to five.
How they make money differently
Where each company's ¥100 of sales goes, and how much it keeps (company-wide).
- Cost of sales
- SG&A
- Other
- Operating profit
- Kimura Kohki512326
- Odawara Engineering681517
- Azbil533116
- Sinko Industries622216
- Daiwa444016
- Seibu Giken662113
- Ebara672112
- Galilei Holdings721612
- Hoshizaki632611
- Fuji Electric721711
- Takasago Thermal Engineering781111
- Asahi Kogyosha80911
- Koken543511
- Mitsubishi Heavy Industries78139
- Showa Manufacturing71209
- Daikin Industries66268
- Airtech Japan75178
- Mitsubishi Electric68247
- Okamura66277
- Inaba Denki Sangyo83107
- Topre887
- Kyoritsu AIR Tech7619
- Panasonic Holdings6826
- Twin-Bird7633loss ¥9
Ownership links
From the major-shareholder section of annual securities reports.
- Daikin IndustriesIn industry
- StakeSinko Industries5.9%
- 日本製鉄株式会社Outside
- StakeOkamura5.6%
- 西部ガスホールディングス株式会社Outside
- StakeShowa Manufacturing4.2%
- 西日本鉄道株式会社Outside
- StakeShowa Manufacturing3.5%
- 平和株式会社Outside
- StakeAirtech Japan3.5%
- ㈱南陽Outside
- StakeKyoritsu AIR Tech3.0%
The company on each card is a major shareholder of the companies listed under it (latest 'major shareholders' disclosure). 50%+ is labelled subsidiary and 20%+ affiliate, based on ownership alone. Stakes under 3% are omitted.
Compare the leaders side by side
All companies in Air Conditioning (by revenue)
All 24 companies in this industry, ranked by revenue in each company's latest fiscal year. For companies that belong through one business segment, the figure is that segment's revenue.
- Daikin Industries¥4.62T · 8.2%
- Mitsubishi Electric¥2.29T · 7.5%
- Panasonic Holdings¥1.15T · 2.0%
- Mitsubishi Heavy Industries¥624.9B
- Hoshizaki¥485.9B · 11.8%
- Ebara¥241.9B · 6.3%
- Azbil¥156B · 18.5%
- Galilei Holdings¥138.6B · 12.3%
- Okamura¥116.2B · 2.4%
- Fuji Electric¥105.6B · 12.4%
- Inaba Denki Sangyo¥80.4B
- Sinko Industries¥59.3B · 15.9%
- Daiwa¥46.9B · 15.9%
- Seibu Giken¥34.3B · 13.2%
- Kimura Kohki¥17.9B · 25.6%
- Topre¥15.5B · 10.2%
- Airtech Japan¥14.2B · 8.2%
- Kyoritsu AIR Tech¥11.9B · 5.0%
- Takasago Thermal Engineering¥8.41B · 10.8%
- Showa Manufacturing¥8.15B · 9.0%
- Asahi Kogyosha¥5.68B · -1.8%
- Odawara Engineering¥4.66B · 2.9%
- Koken¥1.94B · 48.8%
- Twin-Bird¥387.8M · 5.0%
Revenue · Op. margin
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