Biz / Tech

Leading Danish firm sees China as top market

Danfoss, which makes industrial compressors, sees China's rapid modernization overtaking the United States as its major market.

Danish company Danfoss, which makes industrial compressors, expects China to become its biggest market “within seven to eight years,” earlier than its previous forecast of 10 years due to rapid growth in the world's second-largest economy.

Every winter, Danfoss’ products are used in heating systems for 500 million people in northern China, in efficient and energy-saving methods, Danfoss China President Kjeld Stark said on Thursday.

Danfoss products are of good value and contribute to China's "Blue Sky" policy as it leads the world in going green.

In 2018, the company's revenue in China hit 6.4 billion yuan (US$955 million) — double-digit growth year on year.

The company expects to maintain double-digit growth over the next few years.

The country’s economy is still growing above 6 percent — the fastest rate of any major nation.

China is the company’s “second home market,” Stark said. Now, 60-80 percent of its production in China goes to the domestic market, compared with "all-for-export" when local production began.

In China, Danfoss’ cooling systems are used in data centers and food supply. The country's rapid modernization is fueling booming demand.

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