Smart Buildings

Bosch Energy and Building Technology Business 2021 Examined

In this Research Note, we examine the Bosch Energy and Building Technology businesses, based on their 2021 annual results, M&A strategy, and related activities in energy, building automation, and security systems. Bosch Energy and Building Technology (EBT) business, the smallest of four reportable sectors, accounted for €5.9 billion revenues in 2021, just 7% of Bosch Group, a leading German diversified supplier of mobility solutions, industrial technology and consumer goods, with €78.8 billion total revenues. EBT Sales rose 11% in 2021 with the business benefiting from strong demand for climate-friendly heating technology, with the sector actually exceeding its pre-crisis level. Three divisions comprise Energy and Building Technology sector: Thermotechnology, Building Technologies, and Global Service Solutions. Bosch Thermotechnology, a leading European manufacturer of energy-efficient heating products and hot water solutions, with 2020 sales of €3.5 billion, accounting for around 64% of EBT revenues.  The division offers solutions for heating and indoor climate control, hot water, and decentralized energy management to customers worldwide. The portfolio includes condensing […]

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In this Research Note, we examine the Bosch Energy and Building Technology businesses, based on their 2021 annual results, M&A strategy, and related activities in energy, building automation, and security systems.

Bosch Energy and Building Technology (EBT) business, the smallest of four reportable sectors, accounted for 5.9 billion revenues in 2021, just 7% of Bosch Group, a leading German diversified supplier of mobility solutions, industrial technology and consumer goods, with €78.8 billion total revenues.

EBT Sales rose 11% in 2021 with the business benefiting from strong demand for climate-friendly heating technology, with the sector actually exceeding its pre-crisis level. Three divisions comprise Energy and Building Technology sector: Thermotechnology, Building Technologies, and Global Service Solutions.

Bosch Thermotechnologya leading European manufacturer of energy-efficient heating products and hot water solutions, with 2020 sales of €3.5 billion, accounting for around 64% of EBT revenues.  The division offers solutions for heating and indoor climate control, hot water, and decentralized energy management to customers worldwide. The portfolio includes condensing boilers, solar thermal systems, heat pumps, hybrid systems, industrial boilers, and combined heat and power generation. The division’s products are sold under international and regional brand names such as Bosch, Buderus, and Worcester.

With development centers in Tranås (Sweden) for Northern Europe, in Wernau (Germany) for Central Europe and in Aveiro (Portugal) for Southern Europe, Bosch Thermotechnology is well-positioned to serve the European market for residential heat pumps, which accounts for the majority of the world market.

Bosch Building Technologies with 2020 sales of €1.9 billion, accounts for around 34% of EBT revenues.  The division has two business segments: 

Security and Safety Systems is the global product business for security and communications solutions. The portfolio includes video security, intrusion detection, fire detection and voice evacuation systems as well as access control and management systems. Professional audio and conference systems for communication of voice, sound and music complete the range.

Energy and Building Solutions is a regional systems integration business, offering solutions and customized services for building security, energy efficiency, and building automation for commercial buildings and infrastructure projects. The business operates in seven countries: Germany, India, Netherlands, Singapore, Switzerland, USA and since October 2021, has entered the UK market. 

In 2021, the business made several acquisitions as well as merging and divesting units to reposition its offerings:

  • In Germany, GFR - Gesellschaft für Regelungstechnik und Energieeinsparung mbH has been part of the Bosch Group since October 2019. As of April 2022, Bosch Energy and Building Solutions and GFR will be merged under one corporate umbrella, operating as the newly founded Bosch Building Automation GmbH.
  • Bosch Building Technologies announced German expansion plans in January 2022 to acquire Hoerburger AG, headquartered in Waltenhofen, Bavaria. Hoerburger offers a portfolio of products and solutions focusing on building automation and energy management. A major focus of its activities is the efficient and sustainable operation of buildings. The solutions are used in numerous sectors, for example in large industrial companies, healthcare facilities, and retail chains. Hoerburger has more than 200 employees at six locations in Germany and one location in Romania and generated sales of €33 million in 2020.
  • The acquisition of Protec Fire and Security Group, one of the largest system integrators for fire detection and security technology in the UK was completed. With nine locations in the UK and the Netherlands, around 1,100 employees and expected 2021 sales of £125 million, the acquisition expands its business further in Europe. 
  • In Italy, Bosch Energy and Building Solutions Srl was divested for an enterprise value of about €9 million in November 2021 to Iren Smart Solutions SpA. The energy services company provides performance contracting solutions for the management of integrated heating, air conditioning and cogeneration systems.
  • In the USA, Climatec, LLC, a leading provider of building technology solutions and energy services, expanded its New York and New Jersey operations with the acquisition of RGBS Enterprises, Inc., a specialist in building automation and system integration services. Climatec has been part of the Bosch portfolio since 2015 and serves major metropolitan areas in the U.S. The company employs over 900 associates across Arizona, California, Nevada, New Jersey, New York and Texas.

With a strong position in climate-friendly heating technology in Europe and its global safety and security systems business, Bosch Energy and Building Technology derives around 80% of its revenues from high-margin products.

This article was written by Daphne Tomlinson, Senior Research Associate at Memoori.

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