According to its 2023 financial report, Danfoss Power Electronics and Drives (DPD) has delivered sales performances in the first half of 2023, attributed to the opportunities in India and the Asia-Pacific region. Its sales in APAC have grown compared to June 2022, tripling the growth compared to market growth during this period, reportedly surpassing expectations. Meanwhile, India has also doubled the sales growth from 2019-2022 and approximately 30%-40% growth as of June 2023.
This region is said to emerge as a destination for investment and global economic growth, with Asia receiving 40% of global foreign direct investment (FDI) for the third consecutive year. According to Kristalina Georgieva, managing director of the International Monetary Fund (IMF), about 80% of global growth for 2023 and 2024 is projected to originate from emerging markets and developing economies. India is anticipated to contribute more than 15% to this growth.
Danfoss attributes its first half-year performance to its employees, where its foundation is set by aligning with the company’s core and clear strategy 2025, positioning Danfoss as a player in driving innovation and sustainability in engineering technologies.
Danfoss remains committed to investments in M&A, digitalisation, and the expansion of capacity and regional presence, aimed at delivering solutions to customers and partners. The goal remains to drive global decarbonisation through energy efficiency, machine productivity, reduced emissions, and widespread electrification.
“By leveraging its growth momentum, integrations, and global efforts, we will continue to grow in both regions in 2023. The purpose of growth lies in its sustainability, a factor that resonates with external entities, enhancing our collaborative potential,” said Krisada Phetsuksiri, head of Asia-Pacific and India, Drives.
