Trane Technologies Plc (Trane Technologies) is a global climate innovator that designs, manufactures, and sells industrial and commercial products, focusing on sustainable and efficient solutions for buildings, homes, and transportation. The company operates in the Heating, Ventilation, and Air Conditioning (HVAC) industry, transport refrigeration, and custom refrigeration solutions.

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Trane Technologies is engaged in research and development activities to introduce new products, enhance existing product effectiveness, improve ease of use and reliability, and expand the various applications for which its products may be appropriate. The company focuses on product and system sustainability improvements such as increasing energy efficiency, developing products that allow for the use of lower global warming potential refrigerants, reducing material content in products, and designing products for circularity. New product development programs complete a design for sustainability module to ensure a positive impact on sustainability. The company conducts R&D activities focused on product and system sustainability improvements, and these expenditures are expensed when incurred. The R&D unit(s) of Trane Technologies are responsible for managing activities focused on product and system sustainability improvements, including increasing energy efficiency, developing products with lower global warming potential refrigerants, reducing material content, and designing products for circularity. In FY2024, the company spent US$309.6million on R&D which stood at 1.6% of company’s revenue and increased by 22.7% YoY.