China to become Danfoss's largest market, says company executive

China will become thermostat manufacturer Danfoss's largest market within the next 10 years, said a company executive at the China Refrigeration Exhibition 2019 in Shanghai.

In 2018 Danfoss China recorded double-digit growth, achieving annual sales of 6.4 billion yuan ($952.53million), following record-high growth of 30 percent in 2017, according to the company, one of Denmark's largest industrial groups.

"Over the past four years, our compound annual growth rate in China has reached 18 percent, thanks to a combination of favourable market conditions and increasing market share. This convinced our board of directors that within the next 10 years, China will become our largest market," said Kjeld Stark, Danfoss China president.

"We have been bringing our very best to China, not only to support our customers, but also to support China's comprehensive social and economic development goals."

The company launched a series of initiatives at its annual news conference in Shanghai during the China Refrigeration Exhibition 2019, held from April 9-11.

Danfoss announced its plans to bring its best technology and solutions to the Chinese market, partner with industry authorities to develop talent, and support Sino-Danish cooperation in ammonia refrigeration safety.

In partnership with the Royal Danish Embassy, Beijing, the Ministry of Environment and Food of Denmark, and the China Association of Refrigeration (CAR), Danfoss co-sponsored the Sino-Danish Ammonia Refrigeration Safety International Forum during the China Refrigeration Exhibition 2019.