3.4 ITALY

According to primary and secondary market intelligence research analysis conducted by Studio Gandini*1 based on Assoclima**2 and other reliable first class statistic sources including several individual interviews with heating, ventilation, and air conditioning (HVAC) professional people in Italy, in the five-year period spanning 2014 to 2019, the Italian mini-variable refrigerant flow (mini-VRF) market for systems with nominal cooling capacities of up to 16 kW in general and VRFs with nominal cooling capacities of over 16 kW in general continuously grew, from approximately €110 million (US$ 132 million) to approximately €200 million (US$ 240 million), a record high.