In Spain, the production value of electrical equipment saw a fluctuating trend from 2013 to 2023. In 2023, the value stood at 7.31 billion Euros. Over the last two years, the year-on-year variation was subtle, with 1.83% in 2022 and 0.42% in 2023. However, the compound annual growth rate (CAGR) over the last five years was -0.46%. From 2013 to 2020, the production value generally increased, except for notable dips in 2016 and 2020. The strong growth periods were 2015 and 2017. The forecast from 2024 indicates a steady decline with a forecasted 5-year CAGR of -1.69%, projecting a cumulative reduction of -8.15% by 2028.
Future trends to watch for include the impact of technological advancements, increasing demand for renewable energy solutions, and potential economic fluctuations that may affect production investment. Adapting to global supply chain disruptions and the transition to smart grids and electric vehicles could also significantly influence the market dynamics.
