“It was characterized by growing uncertainty here and abroad,” he said. “A trade war with China was particularly painful for the manufacturing sector. Danfoss’s organic sales in 2019 for the group, as well as in North America, were essentially flat with 2018, although the results varied depending on the region and the business sector. In the North American HVACR business, we actually started 2019 off pretty strong, but we lost momentum during the year. For 2020, we expect a low, single-digit growth with upside potential with further fiscal stimulus, reduced trade tensions and tariffs, and an improving global economy.”

Going forward, Galyen said that the three main trends that will impact the HVACR industry are energy efficiency, refrigerants, and electrification. As far as refrigerants are concerned, he noted that the industry is facing a global patchwork of refrigerants that will vary by application, region, country, and state. And some refrigerants are flammable, which will require special care and consideration when making the transition.

“The change and challenges ahead for our industry are unprecedented,” he said.

Danfoss also offered a closer look at some of its products that can address these challenges, including oil-free heat pumps, Turbocor compressors, and district energy solutions.

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