Corporate Leadership

Today, Sweden leads the way when it comes to using heat pumps – they are even used to heat Drottningholm Palace, the residence of the Swedish Royal Family. After a pioneering phase at the end of the 1970’s, the fortunes of the heat pump experienced a series of highs and lows. However, a sustained boom set in at the turn of the century, and Sweden has not looked back since. Now, some 90 percent of newly-built detached homes there are fitted with heat pumps. With 59,000 units sold in 2007, the country is one of the largest single markets for electric heat pumps in the world. 

Bosch Thermotechnology has been active in this key growth market for renewable energy since the start of 2005, when it acquired the largest manufacturer of electric heat pumps in Sweden – IVT Industrier AB. In 2007, the market for electric heat pumps grew by 17 percent worldwide. With a sales share of 47 percent, Europe is the largest sales market for electric heat pumps.

From Sweden to the U.S.
Bosch Thermotechnology announced its intention of expanding the heat pump business on a global scale when it took over IVT back in 2005. The takeover of FHP Manufacturing Company – a leading U.S. manufacturer of electric water and heat pumps for heating and cooling – at the start of 2007 was the next step. This move opened up another key growth market for Bosch Thermotechnology. After all, nearly twenty percent of all heat pumps manufactured worldwide are sold in North America. Sales in Europe are expected to double by 2015 to more than 600,000 units a year.