NIBE Group

What NIBE Group does

NIBE Group (legal entity NIBE Industrier AB (publ)) is a Swedish public industrial company founded in 1952 in Markaryd and listed on the Stockholm Stock Exchange. The company develops, manufactures, and markets energy-efficient heating and climate-control solutions through three core business areas: NIBE Climate Solutions (heat pumps, chillers, fan coils, air handling units for residential, commercial, and industrial properties), NIBE Element (electric heating elements and intelligent control components serving oil and gas, chemicals, construction, electric vehicles, and semiconductor customers), and NIBE Stoves (residential fireplaces and stoves). Acquired brands such as RHOSS SpA (Italy, 2019) and the newly announced Beltrami Felice S.r.l. (Italy, May 2026) extend the European HVAC footprint.

In May 2026, NIBE inaugurated a 200-acre Defence Manufacturing Complex in Shirdi, Maharashtra, representing a strategic entry into Indian defence and aerospace. The Shirdi complex includes India's first indigenous 155mm ammunition shell plant (500,000 annual capacity), TNT and RDX production plants, a Bio-CNG and Hydrogen Fuel Plant, and new weapons platforms — the Suryastra 300 km rocket launching system, the Vayu Astra-1 loitering munition (with a CEP under one metre and 100 km range), and the Skystriker loitering munition. An MoU with Black Sky for satellite assembly signals further extension into space technology. The defence vertical is anchored by Indian Army emergency orders and a five-year order book.

The group operates across Nordic, Western, and Southern Europe and has expanded into South Asia. Revenue mechanics are hardware-driven across all segments — sales of physical units (heat pumps, elements, stoves, shells, rockets) to property owners, industrial buyers, residential consumers via dealer networks, and government defence customers. The group employs 10,000+ people globally, with major manufacturing in Sweden, Italy (RHOSS Codroipo), and India (Shirdi), and runs an acquisition-led growth strategy with sustainability positioning around lower carbon footprint and energy efficiency as its stated mission.

Name

NIBE Group

Legal name

NIBE Industrier AB (publ)

Website

https://nibe.com

Company type

Public

Founded year

1952

Operating status

Operating

Headcount range

10,001+ employees

Short description

NIBE Group is a Swedish-listed industrial company that manufactures energy-efficient heating solutions — heat pumps, electric heating elements, and stoves — across Europe, while expanding into Indian defence manufacturing (artillery shells, rocket systems, loitering munitions) via a 200-acre Shirdi complex.

Ownership category

akta.pro rank

Product category

HVAC and Heating Equipment

NAICS

Ventilation, Heating, Air-Conditioning, and Commercial Refrigeration Equipment Manufacturing (3334), Air-Conditioning and Warm Air Heating Equipment and Commercial and Industrial Refrigeration Equipment Manufacturing (333415)

SIC

Air-Cond & Warm Air Heatg Equip & Comm & Indl Refrig Equip (3585), Industrial & Commercial Fans & Blowers & Air Purifing Equip (3564), Heating Equipment, Except Electric & Warm Air Furnaces (3433)

akta.pro industry

PRIMARYIMAHAKAB

HVAC Equipment (Heating, Cooling & Air Handling)

Industrials, Manufacturing & Construction/Industrial Machinery & Heavy Equipment/Refrigeration, HVAC & Thermal Equipment

SECONDARYIMAHAKAE

Chillers & Cooling Plant Equipment

Industrials, Manufacturing & Construction/Industrial Machinery & Heavy Equipment/Refrigeration, HVAC & Thermal Equipment

SECONDARYIMACALAA

Automotive HVAC Modules & Integrated Climate Units

Industrials, Manufacturing & Construction/Automotive & Mobility Manufacturing/Automotive Thermal & HVAC Systems Manufacturing

SECONDARYHSAPAQAD

Smart Climate & Air Quality (Thermostats, HVAC, Purifiers, IAQ Sensors)

Home & Personal Services/Residential Renovation Services/Smart Home & Consumer IoT

SECONDARYHSAOAIAI

UV Germicidal Light (UV-C) & HVAC Disinfection Systems

Home & Personal Services/Plumbing, Electrical & HVAC Services/Air Duct Cleaning, Ventilation & Indoor Air Quality Services

Keywords

• Heat pump manufacturing
• Electric heating elements
• Climate control solutions
• HVAC equipment
• Residential heating stoves

Headquarters

HQ city

Markaryd

HQ country

Sweden

HQ region

Europe

Offices3 records

Markets served

GTM type

B2B and B2C

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Personnel, Operations, Technology or R&D, Infrastructure

Revenue model

1. Climate Solutions: Develops, manufactures and markets environmentally-friendly, energy-efficient solutions for indoor climate comfort for all types of properties including heat pumps, chillers, fan coils, and air handling units
2. Element: Manufactures electric heating elements and components for industrial applications including resistors for braking of electric cars, temperature monitoring for semiconductors, and industrial heating applications
3. Stoves: Manufactures and markets fireplaces and stoves for residential heating applications
4. Defence Manufacturing: Defence and aerospace manufacturing including artillery shells, missiles, drones, and rocket systems primarily targeting exports while maintaining readiness to supply Indian armed forces

Go-to-market motion2 records

Distribution channels4 records

Marketing channels3 records

Core offering

NIBE Group develops, manufactures and markets environmentally-friendly, energy-efficient solutions for indoor climate comfort across three business areas: NIBE Climate Solutions (heat pumps and climate control for residential, commercial and industrial properties), NIBE Element (intelligent electric heating components for industry and infrastructure), and NIBE Stoves (residential fireplaces and stoves). Through acquired brands such as Italian RHOSS SpA, the group also supplies commercial and industrial HVAC systems.

Product overview

NIBE Group develops, manufactures and markets environmentally-friendly, energy-efficient solutions for indoor climate comfort for all types of properties. The company operates through three main business areas: NIBE Climate Solutions (heat pumps and climate control for residential, commercial and industrial properties), NIBE Element (intelligent heating components for industry and infrastructure), and NIBE Stoves (residential fireplaces and stoves). In 2026, NIBE expanded into defence manufacturing with the inauguration of its Shirdi Defence Manufacturing Complex in India, producing artillery systems including the Suryastra rocket system, Vayu Astra-1 and Skystriker loitering munitions, 155mm ammunition shells, TNT and RDX, alongside clean energy facilities. Through acquisitions like RHOSS and Italian Beltrami Felice S.r.l., the group also offers commercial and industrial HVAC solutions including chillers, fan coils, and air handling units.

Differentiator

Problem solved

Functional benefit

Products and services

• NIBE Climate Solutions Develops and manufactures heat pumps and climate control solutions for indoor comfort in residential, commercial and industrial properties, supporting decarbonization goals.
• NIBE Element Offers a wide range of components and solutions for intelligent heating and control in industry and infrastructure, including resistors for braking of electric cars and temperature monitoring for semiconductors.
• NIBE Stoves Manufactures fireplaces and stoves for residential heating, including solutions that provide peace of mind during power cuts and serve as primary heat sources.
• RHOSS HVAC Systems Integrated HVAC solutions including heat pumps, chillers, fan coils and air handling units for residential, commercial and industrial applications, operated from Codroipo, Italy with 50,000 sqm of production facilities.

Quantifiable outcome

• Over 70% of RHOSS production now dedicated to heat pump systems
• +3 more outcomes

Named customers2 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

One partnership is on record.

• Black SkyminorStrategic or Co-development Partner · 23 May 2026MoU exchange with Black Sky for satellite assembly cooperation as part of the Shirdi Defence Manufacturing Complex inauguration. Represents NIBE's expansion into space technology capabilities.

Scale indicators9 records

Recent moves7 records

Expansion highlights6 records

Broad incumbents

• Carrier Global Corporation: Global leader in HVAC, refrigeration, and fire/security with broad commercial and residential portfolio. Comparable to NIBE's broader HVAC offering including chillers, air handling, and residential climate solutions.
• Trane Technologies: Global HVAC and refrigeration major with Trane and Thermo King brands. Overlaps with NIBE's commercial/industrial HVAC and RHOSS chiller/air-handling portfolio at a much larger scale, particularly in commercial buildings and industrial cooling.
• Mitsubishi Electric: Diversified Japanese conglomerate with significant HVAC (Mitsubishi Electric Heating & Cooling) and industrial automation businesses. Competes with NIBE Climate Solutions in heat pumps and with NIBE Element in industrial heating applications.

Direct peers

• Daikin Industries: Global leader in HVAC and heat pump manufacturing with strong European footprint. Directly comparable to NIBE Climate Solutions across residential and commercial heat pump categories and competes for the same European installer and dealer channels.
• Vaillant Group: Family-owned European heating, ventilation, and air-conditioning company with strong presence in Germany, UK, France, and Eastern Europe. Directly comparable to NIBE in residential heat pumps and gas-fired heating transitions.
• Viessmann: German-based heating, industrial, and refrigeration solutions provider. Closely comparable to NIBE across heat pumps, boilers, and industrial heating, with similar distribution-led go-to-market in European markets.
• Stiebel Eltron: German manufacturer of heat pumps, hot water, and ventilation technology. Highly comparable product portfolio to NIBE Climate Solutions, particularly in residential heat pumps and DHW.
• Bosch Home Comfort (formerly Bosch Thermotechnology): Major European manufacturer of heat pumps, heating systems, and domestic hot water solutions. Overlaps directly with NIBE's heat pump and stoves businesses and competes in the same replacement and new-build markets across Germany, Italy, and the Nordics.
• BDR Thermea Group: European heating and hot water manufacturer with brands including Baxi, De Dietrich, and Remeha. Competes with NIBE Climate Solutions and Element in residential and commercial heating across multiple European geographies.

Emerging players

• Watlow: US-based manufacturer of industrial electric heating elements, sensors, and temperature controllers. Comparable to NIBE Element's industrial heating element and temperature monitoring business serving semiconductors, EVs, and process industries.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about NIBE Group