Italy-based multinational CAREL has recorded a significant spike in sales thanks to European retail market growth, due in part to the growing popularity of CO2-based HVAC&R systems.
The CAREL Group designs, manufactures and markets control solutions for air-conditioning, refrigeration and air humidification.
Founded in Brugine (Padova), Italy and still headquartered there, the company has expanded its reach in the last 20 years and now has production facilities in Brazil, China, the USA and Croatia.
A statement for the 2015 financial year reveals that the CAREL Group’s consolidated revenue totalled 203.5 million euros, an increase of 23 million euros, or 12.8%, over the 180.3 million recorded in 2014.
Export sales accounted for 80% of total CAREL Group sales in 2015. The Italian firm recorded the biggest growth in the United States and Europe.
CAREL saw its place in the European retail market grow by 20% over the course of 2015, largely due to increased sales of CO2 refrigeration equipment, which experienced a growth rate of 35%.
The growth of CO2 is being driven in part by the search for alternatives to HFCs against the background of the HFC phase-down taking place under the EU’s F-Gas Regulation, and in part by the increased efficiency of CO2 systems.
CAREL Group Managing Director Francesco Nalini said the company had recorded “50% growth” in certain CO2 product sales last year.
“At this time in history there is significant attention to energy efficiency and energy saving, also at a statutory level,” he told R744.com. “Our ability to anticipate the requirements of governments and consequently introduce very efficient solutions has allowed us to earn the market’s confidence.”
He went on to say “the products that are growing fastest are our high-efficiency solutions, such as inverters for BLDC compressors and electronic expansion valves (ExV)”.