Through our valves, actuators and connected products, we optimise heating and cooling systems for building users, working hand in hand with designers, architects and installers. We enable significant energy savings, helping our customers reduce their CO2 emissions and creating more comfortable environments for life and work.
Market trends and our response
Increased customer focus on energy efficiency is driving demand for connected products because they give customers better control of their buildings through data-driven insight and solutions. Our intelligent and connected solutions, including our recent Heatmiser acquisition, now make up around 25% of revenue. These products enable customers to dynamically manage their heating and cooling systems more efficiently, helping to reduce CO2 emissions and energy bills.
In Europe, energy supply and energy security are an increasing focus. For example, in Germany, our biggest market in terms of revenues, the Government took significant measures in the winter of 2022-2023 to avoid energy shortages, including reactivating coal-fired power plants and introducing regulations to limit heating of public buildings to 19°C. Sales of our Halo-B valve, which can be set to a tamper-proof 19°C, increased significantly in this period, helping public authorities in Germany to lock in energy savings.
The global slowdown in new construction for commercial and residential property has presented a challenge for IMI, with reduced opportunities to install our products in new buildings. However, our business is resilient with a significant proportion of revenues coming from retrofit projects or connected products.
Percent of 2023 sales
IMI growth target
Creating a better world through sustainable solutions
As the world continues to move towards more sustainable solutions, we are committed to providing our customers with the most sustainable products possible. We will continue to innovate and invest in clean technologies to produce industry leading and climate-conscious products that empower our customers to be the sustainability leaders of their own industries.
Creating value in Climate Control
We create intelligent heating and cooling systems that help our customers reduce energy consumption, improve building comfort and combat climate change.
How saving energy starts with seeing energy
A digitally connected valve from IMI Hydronic can help cut a business's carbon footprint
Our sector
We sell over 20 million products each year
Each year our products are installed in hundreds of thousands of properties
Connected products make up around 25% of sales
2023 highlights
Over 20,000 customers, installers and building designers attended training sessions hosted by IMI’s Hydronic College associates
Integration of Heatmiser, increasing connected products to more than 25% of Climate Control’s revenue
Scaling of TA-Smart product, tripling revenue in 2023 including successful installations in iconic buildings across Europe
Priorities for 2024 and beyond
Growing demand for smart temperature controls to enable energy-efficient and greener buildings will continue to drive sales in 2024. We will prioritise investment in our connected products, including leveraging Heatmiser’s connected technology capabilities.
In mechanical products, where we have a market-leading position for thermostatic radiator valves in Germany, we will continue to train installers and building designers on the benefits of our products to build market share.
The move towards renewable energies and electrification, including using heat pumps, is expected to accelerate as part of global efforts to reduce carbon emissions. We expect this to lead to an increasing percentage of residential new build properties using underfloor heating, which presents an opportunity for IMI’s Heatmiser control products.