Key Market Indicators
**Cyprus Electrical Equipment Market Forecast to Climb to €27 Million by 2028** The revenue from Cyprus' electrical equipment sector is projected to rise to approximately €27 million by 2028, up from €26 million in 2023. This marks an average annual growth rate of 0.4%. Historically, the market has experienced a yearly increase of 4.2% since 2013. In the global ranking for 2023, Cyprus secured the 30th position, with Bosnia and Herzegovina narrowly ahead at €26 million. Leading the list were France, Italy, and Spain, occupying the 2nd, 3rd, and 4th spots respectively. **Cyprus Electrical Equipment Exports to Surge to $381 Million by 2028** Cyprus' export of electrical equipment is anticipated to reach $381 million by 2028, up from $323 million in 2023. This represents a compound annual growth rate (CAGR) of 2.6%. Since 1994, the country's supply in this sector has expanded at an annual rate of 2%. **Import of Electrical Equipment in Cyprus to Hit $448 Million by 2028** The import of electrical equipment into Cyprus is forecasted to grow modestly to $448 million by 2028, from $441 million in 2023. This equates to an average annual growth rate of 0.3%. However, since 1994, the demand for electrical equipment in Cyprus has seen a yearly decline of 1.1%.
