Swiss HVAC & Heat Pumps 2026: CHF 6.8B, 92% Booked

1.0Market Snapshot

2,289: Heating, ventilation and air-conditioning installation firms in 2024 (BFS STATENT, NOGA 43.22.04). A further 2,931 combined sanitary and heating installers are counted with plumbing.
20,137: Employees of HVAC installation firms in 2024 (BFS STATENT), 18,559 full-time equivalents; about nine per firm, larger than most building trades.
+9.7%: Growth in employees from 2020 (18,354) to 2024 (20,137), BFS STATENT; +28% since 2011 (15,715). Growth slowed to 0.8% in 2024.

According to Val Index analysis of Swiss commercial-register and federal data (2026), Switzerland counts 2,289 hvac (heat pump / green energy) companies — Heating, ventilation and air-conditioning installation firms in 2024 (BFS STATENT, NOGA 43.22.04). A further 2,931 combined sanitary and heating installers are counted with plumbing..

2.0Industry Overview

Market Scope

HVAC firms install and maintain heating, ventilation, air-conditioning and refrigeration systems in buildings. In 2024 BFS counted 2,289 HVAC installation firms with 20,137 employees (STATENT, NOGA 43.22.04), about nine per firm. Employment grew 9.7% from 2020 and 28% since 2011, faster than most building trades, though growth slowed to 0.8% in 2024. Many heating installers also do plumbing and are counted separately: 2,931 combined sanitary-and-heating firms employed another 20,400 people.

3.0Industry Health Check (SWOT)

Internal factors

Strengths4

Employment up 28% since 2011

Weaknesses4

Heat-pump sales well below the 2023 peak→ §4.0

External factors

Opportunities4

A third of residential buildings still heated with oil

Threats4

Higher electricity prices reduce the cost advantage of heat pumps→ §5.0

Sector Outlook

DefensiveBalancedGrowth

4.0Key Trends

A quarter of buildings run on heat pumps

25%

At the end of 2025, 25% of residential buildings had a heat pump, six times the share in 2000; 33% were still heated with oil and 17% with gas (BFS, September 2026).

Heat-pump sales below the peak

Heat-pump sales fell from about 43,000 units in 2023 to around 30,000 in 2024 and 2025 (FWS data, HPT Magazine 2026).

Subsidised heating replacement

82%

The Gebäudeprogramm supported 20,097 heating replacements in 2025, 82% by heat pumps, and paid CHF 186 million for building-services systems.

Data centres lift manufacturers

23.3%

Belimo grew 23.3% in local currencies in 2025, with data centres accounting for almost half of its growth; Zehnder grew 7.8% on ventilation.

Installer consolidation

Hälg & Co. has taken over HVAC and plumbing firms including Caspar Haustechnik, Jul. Meisser Haustechnik and EOS Electro-Oil Service (Zefix).

5.0Cost Structure Benchmark

48%

32%

Personnel48%
Equipment and materials32%
Vehicles and tools5%
Administration and other6%
EBITDA margin9%

Indicative split for a Swiss HVAC installer, not a measured figure. Measured reference: Meier Tobler, the listed wholesaler supplying the trade, earned an EBITDA margin of 7.6% in 2025.

6.0Top HVAC (Heat Pump / Green Energy) Companies in Switzerland

Name	Location	Key Facts
BelimoCHE-100.925.186	Hinwil ZH	BELIMO Holding AG: maker of actuators, valves and sensors for heating, ventilation and air-conditioning, registered in Hinwil; 2025 sales of CHF 1,120.8 million (+23.3% in local currencies), CHF 429.4 million of them in Europe, the Middle East and Africa.
Zehnder GroupCHE-100.707.011	Gränichen AG	Zehnder Group AG: indoor-climate group registered in Gränichen (comfort ventilation, radiators, clean-air systems); 2025 sales of EUR 760.7 million (+7.8%) and about 3,600 employees.
Meier ToblerCHE-105.898.817	Schwerzenbach ZH	Meier Tobler AG: listed heating, ventilation and plumbing wholesaler registered in Schwerzenbach, formed from Walter Meier and Tobler Haustechnik; 2025 sales of CHF 496.6 million.
HovalCHE-105.938.894	Meilen ZH	Hoval AG: Swiss sales and service company for Hoval heating and ventilation systems, registered in Meilen (formerly Hoval Herzog AG).
CTACHE-105.877.459	Münsingen BE	CTA AG: maker of heat pumps and climate and refrigeration systems registered in Münsingen (formerly CTA Computer Technik AG).
Hälg & Co.CHE-105.964.621	St. Gallen SG	Hälg & Co. AG: building-services installer registered in St. Gallen, planning, building and operating heating, ventilation, air-conditioning and refrigeration systems; it has taken over regional firms including Caspar Haustechnik and Jul. Meisser Haustechnik.

Belimo

CHE-100.925.186

Hinwil ZH

BELIMO Holding AG: maker of actuators, valves and sensors for heating, ventilation and air-conditioning, registered in Hinwil; 2025 sales of CHF 1,120.8 million (+23.3% in local currencies), CHF 429.4 million of them in Europe, the Middle East and Africa.

Zehnder Group

CHE-100.707.011

Gränichen AG

Zehnder Group AG: indoor-climate group registered in Gränichen (comfort ventilation, radiators, clean-air systems); 2025 sales of EUR 760.7 million (+7.8%) and about 3,600 employees.

Meier Tobler

CHE-105.898.817

Schwerzenbach ZH

Meier Tobler AG: listed heating, ventilation and plumbing wholesaler registered in Schwerzenbach, formed from Walter Meier and Tobler Haustechnik; 2025 sales of CHF 496.6 million.

Hoval

CHE-105.938.894

Meilen ZH

Hoval AG: Swiss sales and service company for Hoval heating and ventilation systems, registered in Meilen (formerly Hoval Herzog AG).

CTA

CHE-105.877.459

Münsingen BE

CTA AG: maker of heat pumps and climate and refrigeration systems registered in Münsingen (formerly CTA Computer Technik AG).

Hälg & Co.

CHE-105.964.621

St. Gallen SG

Hälg & Co. AG: building-services installer registered in St. Gallen, planning, building and operating heating, ventilation, air-conditioning and refrigeration systems; it has taken over regional firms including Caspar Haustechnik and Jul. Meisser Haustechnik.

Companies are listed when they are confirmed in the commercial register, have a significant Swiss presence in this niche and at least one sourced fact.

7.0Succession & M&A Context

Service portfolios attract regional groups

2,289: HVAC installation firms in 2024 (BFS STATENT)
+9.7%: growth in employees 2020–2024 (BFS STATENT)
25%: residential buildings with a heat pump at the end of 2025 (BFS)
5.5–8.5×: EBITDA deal multiples (ValIndex multiples table)

HVAC firms are larger than most trades (about nine employees), and their value lies in service and maintenance contracts for installed heating and ventilation systems, in qualified technicians and in relationships with property managers and planners. Regional building-services groups such as Hälg & Co. buy firms to add teams and service portfolios. Owners can prepare by documenting service contracts and spreading client relationships beyond themselves. ValIndex's multiples table puts HVAC at 5.5–8.5× EBITDA in transactions and 4.0–6.0× on statutory valuations.

Market Pulse

Unlock full HVAC (Heat Pump / Green Energy) intelligence

Market trends, cost structure, key players, succession analysis and regional clusters for HVAC (Heat Pump / Green Energy) — free with Market Pulse, our monthly letter on Swiss deals.

Includes one letter a month on Swiss deals. Unsubscribe anytime.

Valuation Snapshot

HVAC (Heat Pump / Green Energy) business valuation in Switzerland

Statutory Multiple (EBITDA): 4.0 - 6.0×
Deal Multiple (EBITDA): 5.5 - 8.5×
Market Trend: Rising

Indicative ranges based on market research. Actual multiples vary by company size, growth, and market conditions.

8.0Regional Clusters

Western Switzerland

VDGEFRVSNEJU

672 HVAC firms with 5,612 employees in 2024 (BFS STATENT), the most of any region.

Zurich

384 firms with 3,445 employees; Belimo (Hinwil), Meier Tobler (Schwerzenbach) and Hoval (Meilen) are registered in the canton of Zurich.

Northwestern Switzerland

AGBLBS

327 firms with 2,914 employees; Zehnder is registered in Gränichen.

Eastern Switzerland

SGTGGRSHARAIGL

290 firms with 2,977 employees, the largest on average (10.3 per firm); Hälg & Co. is registered in St. Gallen.

Central Switzerland

LUSZZGOWURNW

236 firms with 2,414 employees (10.2 per firm).

Bern and Solothurn

BESO

234 firms with 1,855 employees; CTA is registered in Münsingen.

Ticino

138 firms with 892 employees.

Sources

BFS STATENT — institutional units, employees and FTE by NOGA type and canton, 2011–2024 (NOGA 432204 heating, ventilation and air-conditioning installation; 432203 sanitary and heating)BFS — 2025 war jedes vierte Gebäude mit einer Wärmepumpe ausgestattet (15 September 2026)HPT Magazine Vol. 44 No. 1 (2026) — Switzerland: Heat Pump Market Report (FWS sales data)Bund / Kantone — Gebäudeprogramm 2025 (25 August 2026: 20,097 heating replacements, 82% heat pumps; CHF 186m building services)Belimo — Annual Report 2025: Belimo Accelerated Growth in 2025 (CHF 1,120.8m, +23.3% in local currencies)Zehnder Group — Integrated Annual Report 2025 (EUR 760.7m; about 3,600 employees; Gränichen)Meier Tobler — Ad hoc: definitives Geschäftsergebnis 2025 (26 February 2026: sales CHF 496.6m, EBITDA margin 7.6%)Zefix — Swiss Central Business Name Index (Hälg & Co. took over Caspar Haustechnik, Jul. Meisser Haustechnik, EOS Electro-Oil Service; Meier Tobler took over Tobler Haustechnik; Viessmann (Schweiz) GmbH seat Spreitenbach)

Alain Walder, M.A. HSG · ValIndex|Data as of 2026-10|8 sources cited

9.0Frequently Asked Questions

▶How much is an HVAC company worth in Switzerland?

ValIndex's multiples table puts Swiss HVAC at 5.5–8.5× EBITDA in transactions and 4.0–6.0× EBITDA on statutory valuations. Firms with large service portfolios, heat-pump and ventilation know-how and a management team sit at the upper end; project-driven installers that depend on the owner sit lower.

▶What drives the value of a Swiss HVAC firm?

Buyers price: (1) recurring service and maintenance revenue; (2) the number and qualifications of technicians; (3) know-how in heat pumps, ventilation and cooling; (4) client mix and contract length; (5) project risk in large installations; (6) dependence on the owner.

▶How big is the Swiss HVAC trade?

In 2024 BFS counted 2,289 HVAC installation firms with 20,137 employees (18,559 full-time equivalents), up 9.7% since 2020 and 28% since 2011. A further 2,931 firms with 20,400 employees combine sanitary and heating installation and are counted with plumbing.

▶Who are the main HVAC companies in Switzerland?

Manufacturers include Belimo (Hinwil), Zehnder (Gränichen), Hoval (Meilen) and CTA (Münsingen); Meier Tobler (Schwerzenbach) is the listed wholesaler. Among installers, Hälg & Co. (St. Gallen) has grown by taking over regional firms.

▶What are the key trends in Swiss HVAC?

Five trends: (1) a quarter of residential buildings now run on heat pumps; (2) heat-pump sales well below the 2023 peak; (3) subsidised heating replacement through the Gebäudeprogramm; (4) data centres and ventilation lifting manufacturers; (5) consolidation among installers.

▶What are the main risks when buying a Swiss HVAC company?

The main risks are: (1) loss of key technicians; (2) dependence on subsidy-driven demand; (3) cost overruns in large projects; (4) warranty claims on heat pumps; (5) owner-dependent client relationships. Due diligence should check the service portfolio, order book, warranty provisions and staff qualifications.

▶How many heat pumps are sold in Switzerland?

Heat-pump sales peaked at about 43,000 units in 2023 and fell to around 30,000 in 2024 and 2025, according to FWS figures reported by manufacturers and suppliers (excluding hot-water heat pumps and large systems). By the end of 2025 a quarter of residential buildings had a heat pump.

▶Where are Swiss HVAC firms located?

Using BFS figures for 2024: Western Switzerland has the most HVAC firms (672, with 5,612 employees), followed by Zurich (384; 3,445), Northwestern Switzerland (327; 2,914), Eastern Switzerland (290; 2,977), Central Switzerland (236; 2,414), Bern and Solothurn (234; 1,855) and Ticino (138; 892).

HVAC (Heat Pump / Green Energy)