Key Market Indicators
Iceland's electrical equipment revenue is projected to climb to €16 million by 2028, up from €13 million in 2023. This marks an average annual growth rate of 4.4%. The market has seen a notable increase, with a 7.1% year-on-year rise since 2019. In 2023, Iceland ranked 31st in the global market, with Cyprus slightly ahead at €13 million. Leading the rankings were France, Italy, and Spain, occupying the second, third, and fourth spots, respectively. On the export front, Iceland's electrical equipment exports are expected to reach $62 million by 2028, up from $54 million in 2023. This reflects an average annual growth rate of 2.3%. Since 1993, the country's supply has grown by 1.4% each year. Meanwhile, imports of electrical equipment to Iceland are set to hit $1 billion by 2028, rising from $905 million in 2023. This represents an average annual growth rate of 1.8%. Since 1993, the demand for electrical equipment in Iceland has increased by 2.2% annually.
