3 CONTRIBUTIONS - 3.1 ITALY

The Italian variable refrigerant flow (VRF) system and mini-VRF market grew in 2021, with an estimated market value of about €200 million (about US$ 235.2 million), totaling both indoor and outdoor units. It showed complete recovery with 17.6% year-on-year growth compared with the market stagnation that occurred in 2020, when the market was impacted by the pandemic. In 2020, the market is estimated to have reached about €170 million (about US$ 199.92 million), a  decrease of about 15% from €200 million (about US$ 235.2 million) in 2019, and registered the first decrease after many years of continuous growth.