Richard J. Tobin
President & Chief Executive Officer at Dover
All right, thanks, Brad. Let's go to Slide 9. This slide is our current view of the demand outlook, operational environment and margin drivers for the remainder of '22 by segment. We expect top line in Engineered Products to remain robust based on elevated backlogs and implemented price increases. Vehicle Services continues to see a constructive demand environment across all geographies, with particular strength in North America. Demand for refuse, collection vehicles and parts remains very strong and our connected collections, digital businesses significantly outperforming expectations.
Our backlog includes fully intimated price actions that support the projected recovery in margins. We expect volume productivity and improved price cost spread to be positive drivers of earnings accretion and margin improvement in the second half of the year. The Clean Energy & Fueling lease we expect to see robust growth in the second half of the year after a roughly flat first half, we continue to see solid demand in North America for below-ground retail fueling, fuel transport, vehicle wash and software solutions. Our acquisitions and clean energy components continue to outperform their year one acquisition models, and we have already begun to deploy capital in these businesses to expand capacity and improve productivity. We expect margin performance to improve in the second half on stronger volumes and mix, which will drive improved full year margins in this segment.
We expect volumes in Imaging and ID to improve as component shortages side of China recovering from second quarter COVID shutdowns. We continue to work to identify alternative electronics providers to alleviate component bottlenecks going forward and we're beginning to see some inquiries and approved order rates for large-scale printers and digital textile printing a positive development in the industry that has experienced a prolonged recovery. We expect margin to improve in the second half and better volume and cost containment, while keeping a close eye on that.
In Pumps and Process Solutions activity, industrial pumps remained solid. Polymer processing has booked several large, several big projects to lay the foundation for a very strong second half and we recently received our single largest order ever for the business in early July. Precision components continued its upward trajectory in both bearings and compressor components across all geographies as investments in energy sector pick up, we expect the current below normal demand trends in biopharma to continue for the balance of the year as biopharma manufacturers finished transitioning their R&D pipelines and production systems from COVID-related businesses to other growing biologic therapies.
We expect Climate and Sustainability Technologies to post double-digit organic growth this year, driven by large backlog and pricing initiatives. Demand remains robust across all lines in food retail while input shortages have hampered food retail shipments. They are expected to improve, resulting in a catch-up of deferred shipments in the second half of the year. Our heat exchanger businesses positioned well on strong order rates across all geographies and end markets in particular in the European heat pump business. In Belvac beverage packing equipment business continues to work through its record backlog, we have already been awarded new projects in Q3 to materially offset the debulking in Q2. We expect margins to improve year-over-year on volume leverage and positive price cost dynamics and normalizing supply chains.
Let's go to Slide 10. I presented this slide at a recent conference, but it bears repeating is not everyone attended the event in the topic continues to be actively debated. There is a view that booking rates of the sole predictor of demand and revenue growth to negative year-over-year bookings on top of a record 2021 are somehow spelling trouble. None of us know what the future holds, especially in the current environment, but let's level set on the basics here. First, if you look at our revenue and bookings, they historically have been correlated. But because of demand way of coming out of the pandemic coupled with extended lead times from supply chain issues and some change in product mix, our bookings jumped in 2021 to $9.4 billion well ahead of our revenue last year and our guide for '22 revenue. That result in a backlogs that are at record highs roughly double where they have normally been on a 12-month revenue basis. That over time should come down, which is healthy because it means our lead times are coming out and global supply chains are improving.
Our backlog is sufficient to feed revenue growth for a significant period and it's worth noting that our backlogs midway through the year are still higher than they were at the beginning of the year. And despite a decline in bookings, our book-to-bill ratio so far this year is still above 1% and in line with historical trends. Our current booking in backlog trends should position us to enter 2023 on solid footing. To move to Slide 11 and we show historical first half versus second half margin performance. Historically, Dover is generated higher margins in the second half of the year. Last year was an anomaly as input inflation and supply chain constraints and COVID shutdowns hit the second half. Our sequential margin trajectory is upward and progressing largely as expected and we remain confident about the positive second half margin dynamics in line with historical seasonality, although I would note that Q4 will contribute more to absolute profits than normal on backlog and order timing and as we liquidate a large work in progress balances of inventory. Make no mistake. We remain concerned with the inflation trajectory and general macro backdrop and the different demand scenarios that are possible in 2023.
We have a playbook to act decisively up both from a cost structure and working capital perspective and different demand conditions contributing here today looking at our backlog, significant portions of our portfolio were sold out for 2022. So we would expect order rates to inflect positively as we go into the second half. We have levers that are not demand dependent. We have positive contributions from our organic capital deployment and productivity initiatives and our four enterprise pillar efforts will positively contribute to next year's earnings. We also have very interesting and under-appreciated portions of our portfolio with secular demand growth will outperform the broader industrial market.
In closing, I'd like to thank my colleagues around the globe for their continued dedication to strong performance in a demanding operating environment and Jack, I'll hand it back to you and we can get to the Q&A.
