BELGIUM: Strong demand for heat pumps in Europe helped Daikin Europe NV achieve record sales of 5.2 billion euros for the year to March 31, up 20% on last year.
Sales of residential heat pumps are reported to have grown by more than 50%, outperforming the market.
Daikin says “significant” sales growth has been achieved despite ongoing global challenges of persistent component shortages, supply chain disruptions, the European energy crisis, high inflation and declining purchasing power.
“Despite challenging economic headwinds, Daikin Europe’s strong growth in 2022 exceeds the ambitious goals of our five-year Fusion 25 strategic plan. Our low-carbon heating and cooling innovations, developed in and for Europe, the Middle East and Africa, continue to drive the energy transition in the region,” commented Masatsugu Minaka, Chairman of Daikin Europe.
Daikin attributes its increase in market share to recent investments in European manufacturing facilities. “Due to the growing demand for heat pumps, our supply and manufacturing organization has been able to increase production beyond original plans despite difficult and irregular component sourcing,” explained Takayuki Kamekawa, VP Sales, Daikin Europe. “As a result, we achieved over 150% growth in heat pump sales compared to the previous financial year.”
The European commercial market has continued to show volatility in retail and hospitality investment since the pandemic, Daikin said, but its strongest asset has been a lineup well positioned for light commercial applications such as small data centers and warehousing, as well as good availability. large commercial VRV ranges.
In the refrigeration segment, weak demand from food retailers weighed heavily on the results of AHT, a subsidiary of Daikin Europe.
In 2022, Daikin Europe made a number of key investments in addition to the acquisition of Italian technical service provider Landi SpA. This includes an investment of more than €90 million to expand operations at heat pump plants in Belgium, Germany, the Czech Republic and Turkey, as well as an investment of €300 million in a new residential heat pump plant in Poland. 2022 also saw the opening of the first Daikin plant in Saudi Arabia for the production of air handling units and air conditioning applications.
The Daikin Europe Group also welcomed over 1,200 new employees in 2022, increasing its workforce by around 10%. The company plans to hire another 7,000 people by 2030, nearly doubling its current workforce from 12,800 to 20,000 in EMEA.