The number of employees in the electrical equipment sector in Spain stood at 62.8 thousand units in 2023. Historically, the sector witnessed varied growth with peaks and troughs; notable growth occurred between 2013 and 2018, followed by a gradual decline. Between 2019 and 2022, the sector posted a consistent year-on-year decline, with the trend continuing into 2023, which saw a 1.1% reduction. The average annual decline (CAGR) over the past five years was 1.55%.
The forecasted data from 2024 to 2028 indicates a sustained downward trend, with an average annual decline rate of 0.99% and an overall decrease of 4.84% by 2028.
Future trends to watch for include:
- Technological advancements and automation impacting employment figures.
- Potential shifts in global supply chains influencing the Spanish electrical equipment sector.
- EU green initiatives and investments in renewable energy possibly creating new job opportunities in the sector.