CHENNAI: Danish engineering major Danfoss will double its sales in India from Rs 2,500 crore to Rs 5,000 crore by 2025, a senior executive of the company has said. In 2022, the company’s business recorded 48% growth and ranked sixth among the across the countries. Danfoss reached 10.3 billion in global sales in 2022, up 36%.
“Danfoss India is the fastest growing region among all regions globally and we continue to invest in India,” said Kim Fausing, Global CEO. The company has invested $300 million in India for the last four years. They were interacting with the press persons after 25th anniversary celebration of the company in India. “We have a strong momentum in India with more companies wanting to reduce energy usage and become carbon-neutral as the ESG kicks in, he said. India has the biggest opportunity in energy efficiency, he added.
The Danish MNC focuses on three major areas -- power solution, which includes electrification of tractors and off-road mobile applications, climate solutions, which includes air-conditioning and refrigeration component manufacturing and power electronics vertical, which takes care of drivers, components from renewable power and energy storage related business. The market size of these segments is pegged at $2.3 billion in the country.
Ravichandran P, Director, Danfoss India, said renewable energy sector and energy storage will have huge potential after introduction of Electricity Act 2.0 by the government, which is expected in 2023.