Study Report
HVAC Overlapping Study
BSRIA Ltd – Worldwide Market Intelligence
June 2009 8,000.0
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Report 52093/1 Product focus
Air conditioning Heating Renewables VRF Condensing wall hung gas boilers Ground/ water to water Rooftops Non-condensing wall hung gas boilers Air to water –split systems Indoor pack aged Floor standing atmospheric gas boilers Exhaust air/ water (combined with heat recovery) US ducted Oil/gas pressure jet boilers Air to water – cylinder-integrated water heater Chillers Solid fuel boilers Solar thermal flat plate collectors Fan coils Radiators Solar thermal vacuum tubes Moveables Towel rails Heat recovery Windows Electric storage water heaters Micro-CHP AHU Electric instantaneous water heaters Biomass Minisplits Gas storage water heaters Chilled ceilings Gas instantaneous water heaters Cylinders
Products included in the market data, trends and forecasts
Products included in the individual company sales data
Report 52093/1 2 De Dietrich Remeha Profiles - Manufacturers Heating specialist Netherlands & France
Danfoss Components specialist Daikin Denmark AC specialist Japan/Europe Baxi Heating specialist Toshiba Carrier UK AC specialist USA/Japan/Europe Fujitsu AC specialist JCI Japan/Europe HVAC & R USA
Mitsubishi Electric AC specialist Sanyo Ferroli Japan/Europe AC specialist Heating specialist Japan/Europe Italy
MHI Riello AC specialist Heating specialist Vaillant Japan/Europe Italy Heating specialist Germany Bosch Thermotechnik LG Heating specialist AC specialist CIAT Germany Korea/Europe Ariston AC specialist France Viessmann HeatingReport specialist 52093/1 Hitachi 3Heating specialist Italy AC specialist Germany Japan/Europe Profiles - Distributors
Germany France UK Spain Italy
GC Group Algorel Dean & Wood Cealco Cambielli Frigotechnik Brossette Graham Grupo HDF Centro Gamma HAGRO Comafranc Plumbase/ Salvator Escoda Delta Reiss Kälte-Klima D&C Plumbline Thisa Europa 2000 GmbH & Co DSC PTS Plumbing Almagrupo Idroteam Richter + Frenzel Rexel Wolseley Idrotrade Sonepar
Report 52093/1 4 Contents
Part I – Market trends (34 slides) Part II – Market impacts (14 slides) Part III – Supplier analysis (108 slides) Part IV – Distributor analysis (56 slides) Part V – What next? (43 slides)
Profiles:
Manufacturers – 19 groups (~ 30 slides per profile)
HVAC distributors – 26 companies (~10-15 slides per profile)
Report 52093/1 5 How big is the market in the 5 countries – by volume? (2008)
Domestic boilers Commercial Water heaters HEATING 4.4 M units boilers 6.3 M units 10.8 M 0.09 M units units
Minisplits < 5kW Minisplits >5kW VRF AIR CONDITIONING 1.5 M units 1.2 M units 0.07 M 2.8 M units units
Heat pumpsSolar thermal 0.6 M units RENEWABLES 0.2 M units3.17 M sq.m. /systems 579,700 systems
Report 52093/1 6 Total market size in 2008 by product, € million
Market size for Germany, UK, Spain, France, Italy, 2008
3,500
3,000
2,500
2,000
1,500
1,000
500
0 Domestic Commercial Water Minisplits Minisplits VRFs Heat pumps Solar boilers boilers heaters <5kW >5kW thermal
Report 52093/1 7 Key 5 countries - Market trends and forecast heat pumps, by volume (‘000 units), 2003-2012
300
250
200 Water to water 150 Air to water Exhaust air 100
50
0 2003 2004 2005 2006 2007 2008E 2009F 2010F 2011F 2012F
Report 52093/1 8 Forces in the AC market – Industry competition Germany UK Industry Competition Industry Competition - The number of split suppliers, especially in the VRF sector has increased in the last -Partnerships for training between manufactures and distributors few years. -Heating companies e.g. Vaillant and Viessman entering minisplits - There are especially additional Chinese companies, which try to get in the market, market thorough OEM agreements with Midea but the problem is the distribution -Heavy discounting expected especially for VRF, as there will be - Single splits are weather dependent and therefore it can happen that there is a high limited amount of projects. price competition (DIY) if the weather is bad and a lot of units are on stock. -Downturn in market may see less established brands pull out of UK - No production of splits in Germany. market - As in former years we have in Germany market segments with very low prices (e.g. -The internet will have limited impact on AC as it is engineered DIY stores, Elektrofachmärkte), low prices (Stulz with Haier), and with high prices (e.g. Stulz with MHI, Daikin). - Pre and after sales services are important in Germany, but also product guarantees France (e.g. Panasonic 5 years, Daikin 3 years). Industry Competition - Germany is a relatively small split market with many suppliers. The consequence is - Hands on distribution for air conditioning a strong competition in the market, especially in the tender process. and heating systems - Products with energy label have increasing importance (energy prices!). - Heat pumps sold through air conditioning and heating distribution networks - Availability of stock and widespread regional presence as a key to success Italy - Mix of distribution routes, but higher control of network via own branches Industry Competition - Increased competition due to market downturn in both commercial and residential markets Spain - Easing competitive pressure from new entrants from China in the residential market Industry Competition - Increasing bargaining power of wholesalers and retailers - Mature market regarding splits, VRF has market to expand - Consumers more educated to air conditioning product and over all in the mini and maxi versions eroding the lower and therefore increasingly demanding mid power ranges of chillers. - Economic crisis affecting sales - A large number of companies involved in the minisplit - Competitors moving towards commercial market which is less market. dramatically affected by sales drop - Large size of stock levels, allow a smooth distribution. - Retail market crash hits Chinese products severely - Post service and maintenance has become task forces by key players. - High discount levels offered in current environment. Supply market overview – the strategic groups
Japanese AC Other Asia AC Europe AC German Other Europe Others Heating Heating
Daikin LG CIAT Bosch T Ariston Danfoss Mitsubishi Electric Vaillant Ferroli JCI Viessmann Riello Fujitsu Hitachi Baxi MHI De Dietrich Sanyo Toshiba Carrier
This type of distinction will be used in all the presentation, with the same colour code
Report 52093/1 10 Details of overlaps in HVAC and Renewables
Overlap in markets, by value, Europe, 2008, € million*1 AC doing Heating € 33.6 million Daikin
Heating doing AC Ariston € 69.8 million Bosch Ferroli Riello Vaillant
AC doing Renewables*2 € 137.0 million CIAT Daikin Hitachi Mitsubishi E Toshiba/Carrier € 497.6 million Sanyo
Heating Doing Renewables*3 Ariston Baxi Bosch Danfoss DeDietrich Report 52093/1 Ferroli *1 based on all products and countries relevant for the purpose of this study 11 Riello *2 excluding PV and heat recovery sales Vaillant *3 excluding PV and heat recovery sales Viessmann Market share of the 19 groups by country of origin, %
Germany Heating
Sum of Total 31% Japan AC 40%
Country of origin Sector of origin
Denmark Components Italy Heating 0% 12% USA Controls France AC 2% Korea AC 4% 3% UK Heating France Heating 6% 2%
Clear leadership of Japan AC and Germany Heating groups
Report 52093/1 12 Market share in France of the JCI manufacturers in heating, cooling and Hitachi renewables market, Euro M Fujitsu (1) Ferroli
Renewables Danfoss Heating Air Conditioning Daikin
CIAT
BT
Baxi
Ari ston
0% 5% 10% 15% 20% 25% 30% Market share in France of the manufacturers in Viessmann heating, cooling and renewables market, Vaillant Euro M (2) Toshiba Carrier
Sanyo Renewables Heating Air Conditioning Riello
De Dietrich Remeha
Mitsubishi Electric
MHI
LG
0% 5% 10% 15% 20% 25% 30% Strengths and weaknesses – Tier one HEATING
Ar iston Baxi Germany Germany
Water heaters France Water heaters France
Commercial boilers UK Commercial boilers UK
Domestic boilers Italy Domestic boilers Italy
Spain Spain
Bosch Thermotechnik Vaillant Germany Germany
Water heaters France Water heaters France
Commercial boilers UK Commercial boilers UK
Domestic boilers Italy Domestic boilers Italy Spain Spain
Report 52093/1 15 The suppliers viewed by distributors - Riello
“Very good technical “Large range of support / post sale products service” Is becoming strong in renewables” “Expected to reduce in Riello the French market”
“Riello brand via dedicated agents only, competitor for wholesalers “Very good at winning public sector bids in Italy” Beretta products via wholesalers”
Opinions expressed during interviews with up to 27 leading distributors in Germany, France, UK, Italy, Spain
Report 52093/1 16 Strengths of Mitsubishi Electric
World wide VRF Very strong position in market leader along residential and Daikin commercial markets
Expanding its share upon the renewables Strong focus on & heating markets, the CO2 emissions overall in Europe reduction
Strong position in the air to water heat pumps
Report 52093/1 17 The distribution routes in Germany - AC Distribution for single and multisplits, % of volume
Manufacturer single & multi splits Daikin, Airwell, MHI, ME, Hitachi, LG, Carrier, Toshiba, Sanyo, Samsung, etc 30-35% <10% 45 -50% about 5% <=10%
Importer/Distributor Specialized AC National sales offices Manufacturer of Retailer DIY e.g. Kaut (Sanyo), Stulz Wholesaler of manufacturer (MHI, Haier), Krone Heating Systems e.g. Praktiker, Schiessl, e.g. Daikin, ME, LG, OBI, Hagebau, (Delchi), W. Meier Frigotechnik, Reiss, Carrier, Hitachi Vaillant, Stiebel (Fujitsu), Novatherm Fischer, Vogelsang Eltron, Viessmann Promarkt, Toom, (Midea, Season), MTF (Samsung) Mediamarkt, Saturn
Contractors AC and S+H wholesale electrician refrigeration (GC Group) JCI more seldom installer S+H installer
end user
Report 52093/1 18 The distribution routes in France - heating
Distribution for domestic Distribution for radiators, % of volume boilers, % of volume Retailers Retailers (incl. DIY) 10% 19%
Installers 8% Installers 5%
Wholesalers (incl. builder merchants) 76% Wholesalers 82% Distribution for commercial boilers, % of volume Distribution for underfloor heating, % of volume Direct Direct sale supply 7% (house builders…) Retailers 8% (incl. DIY) Installers 5% 25% Installers 9%
Wholesalers 68% Wholesalers (incl. builder merchants) 78% The strategy of distributors in France
Strategy
Air Turnover 2008 : 3.4 billion € Conditioning Sanitaryware Descours et Renewables 0.4% 2.8% Cabaud Turnover HVAC: 290 million € 1.7% HVAC Total turnover 7.9% 92.1%
Heating Aims: 3.0% Renewables (including air-conditioning sales) = +35% per annum Heating sales stable = +1.8% Heat pumps supplied as a heating solution, focus on water to water and air to water products Sole distributor of Viessmann brand in France Strengths: Product range: ** Strength in renewables: ****
Report 52093/1 20 EU Legislation Timeline
dfe 2008 2009 2010 20112012 2013 2014 2015 2016 2017 2018 2019 2020
National EEAP Zero energy All new National target of National target on building are energy from existing EPBD RAP National min. zero energy renewable buildings ESD energy sources performance RES requirements Energy saving target Directive Eco-design of Air EPBD 2 fully Conditioner implemented Building regulations include min. Eco-design of SPF calculation renewable motor and of heat pump energy level circulator agreed Financial instrument for Eco-design of energy efficiency Room Heating, Hot Air Central Heating, •Red = agreed Eco-design Common calculation Solid Fuel Heater. of Boiler methodology for energy •Blue = predicted and Water performance; definition Heater of net zero building Value-Scenario based on products covered by this study - plus Heat Recovery, Micro CHP, Gas Heat Pumps, Gas Fuel Cells - Optimistic Scenario
100%
Heat Recovery Ventilation 80% Gas Powered Alternatives VRFs 60% Minisplits Solar thermal 40% Heat pumps Water heaters 20% Commercial boilers Domestic boilers 0% 2008 2010 2012 2014 2016 2018 2020
Report 52093/1 22 Key Challenges for Renewable Suppliers in Europe
IMPORTANCE New market entrants (e.g. Heating and AC suppliers) Still depending on subsidies
Uncertainty about future subsidies Crucial Growing threat of product commodization Rising technical requirements for subsidies Growing legislative pressure for energy efficiency
Dwindling margin potential High Rising raw material prices
Changing energy mix of utilities
Competition from low carbon energy efficient gas technologies Medium (micro-chp, fuel cells)
Low Medium High URGENCY
Report 52093/1 23 BSRIA EU HVAC Vision by 2020
Zero Energy Houses Natural Gas Fuel Cells Heat & Energy Storage Systems Products/ Smart Metering technologies Solar Cooling System due to be Gas Heat Pumps launched CO2 Heat Pumps Integration CO2 Mini-Splits CO2 VRFs Micro-CHP
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Example of profile from Overlapping study Bosch company profile Bosch Thermotechnik Production Plants
Source: Bosch Thermotechnik GmbH Bosch Thermotechnik Distribution Reach
Source: Bosch Thermotechnik GmbH Bosch Group Key Figures
50,000 46,320 43,684 45,000 41,461 40,000 35,000 30,000 25,000 20,000 15,000 10,000 3,178 3,081 3,801 5,000 - 2005 2006 2007
Sales EBIT Bosch Group 2005 2006 2007 Total Sales Revenue 41,461 43,684 46,320 Sales Revenue by Business Sector Automotive Technology 26,313 27,220 28,449 Industrial Technology 5,187 5,452 5,967 Consumer Goods and Building Technology 9,961 11,012 11,732 Employees 250,975 261,291 271,265 located in Germany 109,575 110,480 112,300 located outside Germany 141,400 150,811 158,965 CAPEX 2,932 2,670 2,634 R & D Expenditure 3,073 3,348 3,583 Profit before Tax 3,178 3,081 3,801 Profit after Tax 2,450 2,170 2,850 Currency figures in millions of euros Source: Bosch Group EUROPEAN BOILERS - Development of Bosch Thermotechnology Group
BOSCH Germany Est. 1886 Junkers & Co. 1932 Robert Bosch Germany Est. GmbH 1895
Vulcano 1988 (Portugal)
Engineering (UK) Worcester Heat 1992 Systems Delgo Appliances (UK) (UK) 2004 Geminox (France) 1996 e.l.m Le blanc BOSCH THERMOTECNOLOGY (France)
Elbo 1999 Bosch group (Turkey) Dakon 2003 development (Czech Rep.) Buderus (Germany) Est. 1771 Sieger 1967 Heizsysteme (Germany) BOSCH THERMOTECHNOLOGY (BT) Solar Diamant 1997 Solar thermal (Germany)
Nefit Fasto Gas Abs. 2003 2004 (Netherlands) Heat Pumps
Boutler Boilers 2002 (UK) BUDERUS HEIZTECHNIK GMBH
2004 IVT (Sweden) Heat pumps
CEC 2005 (USA)
FHP 2007 Heat pumps (USA)
Ersol 2008 solar PV (GermAny) Bosch Thermotechnik Key Figures
3,000 2,831 2,798 2,635
2,500
1,928 2,000 1,809 1,660
1,500 975 1,022 1,000 870
500
- 2005 2006 2007
Sales International Germany
Bosch Thermotechnology GmbH 2005 2006 2007 Total Sales Revenue 2,635 2,831 2,798 of which in Germany 975 1,022 870 of which international 1,660 1,809 1,928 Employees 12,640 12,876 13,101 of which in Germany 5,688 5,683 5,618 of which international 6,952 7,193 7,483 CAPEX n.a. 39 49 R & D Expenditure 65 72 83
Currency figures in millions of euros Source: Bosch Thermotechnik GmbH Bosch Thermotechnik Sales by Region
70% 60% 50% 2005 40% 30% 2006 20% 2007 10% 0%
a cas many i trali er Europe us G Amer /A frica A
Asia/
Source: Bosch Thermotechnik GmbH Bosch Thermotechnik Sales by Products
35% 30%
25% 2005 20% 2006 15% 2007 10% 5% 0% l a ble tion a n t Water Others new o nve ndensing e o o R H C C
Source: Bosch Thermotechnik GmbH Bosch AC global product sales, € million, 2008
AHU €2.9M
Moveables €0.5M
Total: €3.4M Bosch Heating global product sales, € million, 2008
Non-condensing Floor standing wall hung gas atmospheric gas boilers €232.8M boilers €71.5M Condensing wall Oil/gas pressure jet hung gas boilers boilers €154.1M €421.7M
Solid fuel boilers €44.3M
Gas instantaneous water heaters Radiators €58.8M Electric €161.7M Towel rails €2.0M instantaneous Electric storage Gas storage water water heaters water heaters heaters €2.2M €21.2M €29.1M
Total: €1199.2M Bosch Renewables global sales, € million, 2008
Ground/ water to water €95.3M Air to water – split systems €40.8M
Solar thermal vacuum tubes €0.6M Exhaust air/ water Solar thermal flat (combined with plate collectors heat recovery) €26.2M €27.6M
Total: €190.6M Global turnover by region, value, 2008
Americas Asia 2% 0.3%
Europe 98% European turnover AC products, € million, 2008
AHU €2.9M
Moveables €0.5M
Total: €3.4M European turnover Heating products, € million, 2008
Non-condensing wall hung gas Condensing wall boilers €215.9M Floor standing hung gas boilers atmospheric gas €421.6M boilers €70.1M
Oil/gas pressure jet boilers €149.1M
Solid fuel boilers Gas instantaneous €44.3M water heaters €120.5M Radiators €58.0M Gas storage water Electric heaters €2.2M Electric storage Towel rails €2.0M instantaneous water water heaters heaters €17.8M €29.1M
Total: €1,130.4M European turnover Renewables products, € million, 2008
Ground/ water to water €93.5M Air to water –split systems €40.8M
Exhaust air/ water Solar thermal (combined with vacuum tubes heat recovery) €0.6M Solar thermal flat €27.6M plate collectors €26.2M
Total: €188.8M Global market shares, by value
0% 100%
AC (all) 0-5%
VRF 0% Minisplits 0%
Heat pumps 0-5%
Traditional 0-5% heating Market shares – Europe, by value
0% 100%
AC (all) 0-5% VRF 0% Minisplits 0% Heat pumps 5-10%
Traditional 5-10% heating Market shares - Germany
0% 100%
AC (all) 0-5%
VRF 0% Minisplits 0%
Heat pumps 10-15%
Traditional 20-25% heating Market shares - UK
0% 100%
AC (all) 0% VRF 0% Minisplits 0%
Heat pumps 20-25%
Traditional 20-25% heating Market shares - France
0% 100%
AC (all) 0-5% VRF 0% Minisplits 0%
Heat pumps 0%
Traditional 10-15% heating Market shares - Italy
0% 100%
AC (all) 0-5%
VRF 0% Minisplits 0%
Heat pumps 0%
Traditional 5-10% heating Market shares - Spain
0% 100%
AC (all) 0-5% VRF 0% Minisplits 0% Heat pumps 0%
Traditional 15-20% heating Strength in the AC market
Germany
Minisplits France
VRF UK
Spain Italy
Sales of AC products in Europe are negligible Strength in the Heating market
Germany
Water heaters France
Commercial boilers UK
Domestic boilers Italy
Spain
Bosch is historically very strong in the traditional heating business Strength in the Renewables market
Germany
Solar thermal Italy
Heat pumps Spain
UK France
Bosch holds a strong share in the large German market, and also in the UK where total market is much smaller Bosch Thermotechnik – strengths & weaknesses Strengths Complete range of conventional space Weaknesses and hot water heating products Limited presence in the important Italian Related products: Electric heat pumps; market solar thermal collectors; heat recovery Very large group with difficulties of systems, biomass boilers, micro-chp, integration photovoltaic, electric boilers, radiators, / co-ordination. ufh “Legacy” technology / production facilities, Core Markets: Germany; UK; France: particularly in Germany. Netherlands; New EU members; Danger of over-segmentation Significant presence in other Western Brand cannibalisation amongst different European, Eastern & Central European brands competing against each other in the markets. same market segment Bosch brand name widely recognised by Expensive marketing due to separate consumers; market cultivation Buderus brand well established in many Suboptimal use of human and financial markets resources Manufacture spread across several countries, including those with low labour costs. Profitable group with a taste for acquisitions Distribution Worldwide
Bosch Boilers are mostly manufactured in-house at several European manufacturing plants and offered under diffferent labels across the company (except for some small biomass boilers being sourced OEM from Austria and the Czech Republic). Electric heat pumps and exhaust air heat recovery systems are mostly manufactured by IVT in Sweden and offered under various Bosch brands, while Buderus also source OEM products from Glen Dimplex. FHP products are mostly for the US market. Solar thermal collectors are manufactured in Germany and Portugal by Bosch Solarthermie GmbH (formerly known as Solar Diamant Systemtechnik GmbH) and offered under various other Bosch Brands. Gas Water Heaters are mostly manufactured Germany, Turkey, Portugal and China and offered under various other brands under the Bosch umbrella. PV collectors are currently still being sourced by Centrotec, but are expected to be sourced by ersol Solar Energy AG, after its recent acquisition by the Bosch Group. Joint venture in Germany
BSH Bosch Siemens Hausgeräte GmbH is a joint venture between Robert Bosch GmbH Stuttgart and Siemens AG Munich set up in 1967. The firm is a multinational group currently posting annual sales in excess of Euro 8.8 billion and 39,000 employees. Six regional brands underpin the company image and high market shares in the respective home countries (Bosch Siemens, Balay, Lynx, Profilo, Pitsos and Continental).
BSHG sells household appliances like washing machines, cookers, etc, and movables (which used to be produced in Spain) mostly via wholesalers and retailers. The firm’s headquarters is located in Munich. For moveables BSHG was one of the major players on the German market. Distribution in Europe
Bosch Thermotechnik with its broad multi-brand portfolio applies a multi-channel distribution strategy, to achieve maximum- coverage of target groups and maximum market penetration. Major Bosch heating brands include: Junkers; Buderus; Sieger; IVT; FHP; Worcester; Elm Leblanc; Nefit; Vulcano; Elbo; Dakon; Geminox; Boulter. Major production locations are in Germany, France, the Netherlands, UK, Sweden, USA, Belgium, Portugal, Czech Republic, Turkey and China (all heating / water heating products). The Bosch Group is also present in air conditioning via its Buderus and IVT brands (splits) and also via the Bosch Siemens Hausgeraete Joint Venture (moveables). Distribution in Germany
As for heating and water heating products (including solar thermal and heat pumps), Junkers and Sieger products are predominately sold via hvac wholesalers in Germany. Buderus on the other hand has its own dedicated distribution network, which is also used as a channel for other Bosch Thermotechnik heating products, but also offers non Bosch complementary products such as circulation pumps, pipes, fittings, and heat exchangers. For moveables BSH was the market leader in 2006 in Germany. In 2007 they closed the production of moveables in Spain and sold out their products during 2008. In 2009 BSH will be no longer in the market of moveables. Distribution in the UK
In the UK Bosch is mostly present in the heating and hot water market via the Bosch Worcester brand and the Buderus brand, which work separately and collaboratively. While Bosch Worcester is predominately selling its domestic product range via an established wholesaler network and gas utilities (e.g. British Gas), Buderus tends to target commercial project specifiers and contractors directly (but is also selling via wholesalers). Bosch Siemens Hausgeräte GmbH is present in the UK via the BSH Home Appliances Ltd. , but was hardly active in the field of air conditioning. Distribution in France
In France Bosch is represented by three heating and hot water product brands, including Elm Leblanc, Geminox and Buderus, which again operate on separate positioning strategies that are targeted to complement each other. All three brands are predominately sold via wholesalers to specifiers and installers, with Buderus being targetet at the premium and large-scale boiler and renewables market, Elm Leblanc towards smaller domestic boilers, and Geminox towards the medium-scale segment up to 200kw. Bosch Siemens Hausgeräte GmbH is present in France via BSH Electroménager, which used to have a medium market share position in the French moveables market via its Bosch and Siemens brands. Distribution in Italy
In Italy Bosch is represented by three heating and hot water product brands, including Buderus, Geminox and Junkers, which aim at different target groups. All three brands are predominately sold via agents and wholesalers to specifiers and installers, with Buderus being targetet at the premium and large-scale boiler segment, Junkers towards the medium-scale segment and Elm Leblanc towards smaller domestic boilers. Bosch Siemens Hausgeräte GmbH is present in Italy via BSH Elettrodomestici S.p.A., which was hardly active in the Italian moveables market. Distribution in Spain
In Spain Bosch Thermotechnik is represented by its Buderus and Junkers brands for heating and hot water products. The two brands are predominately sold via wholesalers to specifiers and installers, with Buderus being targetet at the premium and large-scale boiler segment (also being sold directly to installers) and Junkers towards the small and medium-scale segment. Bosch Siemens Hausgeräte GmbH is present in Spain via BSH Electrodomésticos España S.A., which has closed its production plant near Pamplona and completely pulled out of the Spanish AC market in 2008. Company news and product development
Expected to launch gas driven heat pump within the next 2 years Micro-CHP joint venture with MTS, Enatec and Rinnai New investments into its solar thermal business (Bosch Solarthermie GmbH) to increase manufacturing output to 350,000 collectors p.a. in its German and Portuguese production plants. Plans to further invest €530 million into its photovoltaic business (ersol Solar Energy AG) to triple manufacturing output and create 1100 new jobs in Germany. Plans to enlarge and invest into its UK Worcester plant and to create 1000 new jobs Plans to take over the commercial boiler manufacturer Loos International to strengthen business with commercial steam and hot water boilers.