The production of electrical equipment in Spain reached a value of 18.88 Billion Euros in 2023. Over the last two years, the year-on-year variation shows moderate stability with a growth of 0.97% in 2023 following a 1% increase in 2022. The five-year Compound Annual Growth Rate (CAGR) stands at 2.97%, indicating slow but consistent growth. Starting from a lower base in 2013, there has been variability with notable dips in 2019 and 2020, followed by recovery in subsequent years.
Looking ahead, the projected values suggest soft acceleration with a forecasted CAGR of 0.78% over the next five years, reaching 19.83 Billion Euros by 2028. This indicates a cautious yet optimistic growth outlook given the recent historical fluctuations.
Future trends to watch for include:
- Technological advancements driving increased production efficiency.
- Global economic conditions influencing demand and investment in the sector.
- Government policies and incentives for the electrical equipment industry.
- Shifts in global supply chains affecting raw material availability.
