Trane Technologies makes HVAC systems and transport refrigeration equipment, sold under the Trane and Thermo King brands. Commercial HVAC is the core business (~70% of revenue), covering chillers, air handlers, packaged rooftop units, building management systems, and related equipment for offices, hospitals, data centers, universities, and other commercial buildings. Residential HVAC (~15% of revenue) includes furnaces, heat pumps, and air conditioners sold through distributors and dealers. Transport refrigeration (~7% of Americas revenue) is sold under the Thermo King brand, covering diesel, electric, and hybrid systems for trucks, trailers, and containers. Trane sells commercial HVAC almost entirely through a direct sales force — a deliberate choice the company views as a competitive advantage — across 14 vertical markets, positioning Trane as a solutions partner rather than a commodity equipment supplier. The business model has two revenue streams: equipment sales and services. Services represent roughly one-third of revenue and include maintenance agreements, repair, energy audits, and connected building optimization. Management describes the service tail on applied equipment at 8 to 10 times the initial equipment sale, meaning the installed base compounds service revenue over time. Data centers have become a key growth vertical, with Trane supplying chillers and thermal management systems to hyperscalers, and co-developing next-generation cooling architectures with chip manufacturers. Trane has also built a connected buildings platform across 65,000+ buildings, supplemented by the 2024 acquisition of BrainBox AI, which adds AI-driven building energy optimization.