World News

Industry news and insights from Europe and around the World

UK News

Latest news and developments in the United Kingdom


Keep up-to-date with the latest new products and technology


General articles, applications and industry analysis

Fall in heat pump demand hits Daikin Europe sales

BELGIUM: Daikin Industries has celebrated its 100th anniversary with best-ever global sales but the “challenging” heat pump market saw sales drop in Europe.

Latest figures from the Japanese parent company, Daikin Industries, report sales of JPY4395.3bn (€28bn) for the year to March 31, a 10% increase on the previous year. However, its European subsidiary, Daikin Europe NV, saw turnover fall by around 6% to €4.9bn, due to a decline in residential heat pump sales. 

Daikin reports a contraction across all types of heat pumps in Europe. Although the year started promisingly, Daikin saw market demand for residential heat pumps fall sharply in the final quarter (January-March 2024). High inflation, rising interest rates and the decrease in gas prices during 2023 are blamed.

On the plus side, Daikin Europe saw growth in its commercial and industrial markets, as well as its turnkey service and solutions business. Sales in the company’s emerging regions Türkiye, Middle East and Africa grew as well.

While demand for large commercial DX projects in the hospitality and office sectors stagnated in several European regions, Daikin managed to surpass last year’s results thanks to its performance in large commercial VRV ranges and light commercial products in applications such as small data centres and warehousing.

Daikin Europe did well In the large commercial and industrial chilled water applied systems segment, tapping into the rising demand for water-based heating and cooling systems, driven by the EU’s carbon neutrality goals. 

Although the residential market for single family homes was under pressure, Daikin reveals that it did grow sales in collective housing projects. In the Middle East the business was successful in securing several large projects.

Sales in the refrigeration sector are said to be benefiting from investments in the food retail market, while the recovery in tourism in Southern Europe has increased demand for refrigeration units in the restaurant and hotel sector. Daikin’s industrial refrigeration segment grew strongest in the Middle East and Africa.

Latest News

24th May 2024

Hull trial will explore heat pump benefits

UK: Ideal Heating has entered into heat pump trials with the local authority in its home city of Hull.
24th May 2024

Corredera re-elected Eurovent president

BELGIUM: Raul Corredera Haener of Systemair has been re-elected for a second three-year term as president of Eurovent. Henk Kranenberg of Daikin Europe NV continues as vice-president.
24th May 2024

UK interest in heat pumps continues to rise

UK: Interest in heat pumps continues with rising numbers of installations reported under the Microgeneration Certification Scheme (MCS) and record applications for grants under the Boiler Upgrade Scheme (BUS).
24th May 2024

£1,000 for winning Women in Cooling video

UK: Charlotte Robinson, winner of the recent European Women in Cooling video competition, was presented with her award yesterday at a special ceremony at the historic Titanic Museum in Belfast.
24th May 2024

MHI’s e-3D scroll wins top Japanese award

JAPAN: The efficiency of the e-3D scroll compressor used in Mitsubishi Heavy Industries’ latest heat pump chillers has been recognised by a top Japanese industry award.
24th May 2024

Refrigerants – the rules and regulations

ITALY: Carel has published a white paper explaining the new refrigerant regulations introduced by various countries, with a particular focus on the EU and the USA.