Key Market Indicators
The Spanish electrical equipment market is projected to see a slight decline, with revenue expected to decrease from €7.3 billion in 2023 to approximately €7.1 billion by 2028. This reflects a 0.4% annual decline in the compound annual growth rate (CAGR). The market has been on a downward trend since 2013, with a year-on-year reduction of 1.7%. In the 2023 rankings, Spain was the fourth largest market, trailing behind Italy, which matched Spain with €7.3 billion. France and Italy secured the second and third positions, respectively. On the import front, Spain's electrical equipment imports are forecasted to rise to around $31.7 billion by 2028, up from nearly $29.7 billion in 2023, marking a 1% CAGR. Since 1994, the demand for electrical equipment in Spain has increased by 0.7% annually. Exports of Spanish electrical equipment are also on an upward trajectory, expected to climb to roughly $22 billion by 2028 from $20.2 billion in 2023. This signifies a 1.4% average annual growth rate. Since 1994, Spain's supply of electrical equipment has grown at an annual rate of 1.1%.
