4 CONTRIBUTION-ITALY

In 2023, Italian production of heating, ventilation, air conditioning, and refrigeration (HVAC&R) equipment grew by more than 16% compared with 2022, achieving record growth. Most sectors showed double-digit growth within a range spanning 18 to 34%. The export share of total national production continued to grow and reached 55%, indicating the Italian industry’s consolidated ability to compete on European and international markets. In the air conditioning segment, sales decreased by 11.6% to over €2.7 billion (about US$ 2.9 billion), while production increased by 16.7% to €1.12 billion (about US$ 1.2 billion) in 2023 compared with 2022.