Key Market Indicators
**Norwegian Electrical Equipment Revenue Projected to Hit €718 Million by 2028** Norwegian electrical equipment revenue is forecasted to reach approximately €718 million by 2028, up from around €714 million in 2023. This represents a modest compound annual growth rate (CAGR) of 0.1%. The market has seen a steady increase, rising 10.8% annually since 2013. In the 2023 rankings, Norway secured the 20th spot, with Bulgaria narrowly ahead. France, Italy, and Spain took the second, third, and fourth positions, respectively. **Exports to Decline Slightly** Norwegian electrical equipment exports are expected to drop to about $2.41 billion by 2028, down from $2.50 billion in 2023. This marks an average annual decline of 0.6%. The export market has been shrinking at the same annual rate since 1998. **Imports Steadily Increasing** Conversely, imports of electrical equipment in Norway are set to grow, reaching approximately $8.94 billion by 2028, up from $8.38 billion in 2023. This growth reflects an average annual increase of 1%. Since 1998, the demand for imported electrical equipment has consistently risen by 1% each year.
