2.2 EUROPE

Looking at the European VRF market in 2020, the VRF market in almost all European countries has declined to various degrees. The pandemic has caused lock-downs in many countries, and the economic situation has become quite severe. Investment in VRFs in the building sector has been postponed or even suspended to a considerable extent. The budget of commercial projects has been dramatically reduced. Following the release of lockdowns, certain markets have begun to recover slightly. Compared with the VRF market, the mini-VRF market has recovered well.