Alfa Laval Reports Record Growth in 2024 with Strong Demand for Refrigeration and Energy Efficiency Solutions

Alfa Laval has published its 2024 Annual and Sustainability Report, highlighting a year of record performance driven by strong demand for sustainable technologies across its core sectors, including refrigeration and HVAC.

In 2024, Alfa Laval achieved a 5% increase in net sales, reaching SEK 66.95 billion (USD ~6.3 billion), and recorded a 7% organic growth in order intake. The Energy Division, which includes applications in refrigeration and heat recovery, remained a key contributor. According to the report, over 80% of the division's business is now linked to energy efficiency solutions - helping customers reduce emissions by an estimated 50 million tonnes of CO₂ annually.

The company’s portfolio of heat exchangers, including gasketed, brazed, and fusion-bonded types, saw strong uptake in data center cooling and industrial refrigeration. Demand for liquid cooling systems in AI and high-performance data centers is driving a shift from traditional air-cooling to energy-efficient alternatives - an area where Alfa Laval expanded its presence in 2024.

Despite a slowdown in the HVAC segment due to subsidy changes and inventory issues, Alfa Laval maintained profitability and continued to invest in innovation. Notable developments include the launch of new semi-welded heat exchangers designed for ammonia refrigerants and other low-GWP (Global Warming Potential) solutions.

The company also accelerated its own climate goals. Scope 1 and 2 emissions were reduced by 57% compared to 2020, with a new net-zero target brought forward to 2027. Operational improvements such as the deployment of ammonia-based heat pump systems and increased use of renewable electricity - now covering 96% of needs - were central to this progress.

Digitalization remained a growth area. More than 10,000 remote service hours were delivered in 2024, and product configurators and AI-based diagnostics are being integrated to improve service reliability and efficiency.

With over 22,000 employees and operations in more than 100 countries, Alfa Laval plans to continue investing in its global service network, including new parts distribution centers in Sweden and the U.S. The company’s focus for 2025 includes further scaling of cleantech solutions and streamlining its product portfolio to meet evolving sustainability and efficiency demands in refrigeration, energy, and marine applications.

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