From 2013 to 2022, the turnover of Plumbing, Heat, and Air Conditioning Installation in Spain experienced fluctuations. The turnover posted steady growth from 2013 through 2019, peaking in 2019. However, a decline ensued in 2020 due to the pandemic's impact, which was followed by further decreases up to 2023, where it stood at 7.79 billion Euros.
The year-on-year variations reflect this trend: sharp increases were seen in 2017, 2018, and 2019 with growth rates of 8.81%, 12.63%, and 10.45%, respectively. However, significant declines were noted from 2020 through 2023, with 2020 seeing the largest drop at -13.26% and 2023 further declining by -4.65%. Over the last five years leading up to 2023, the CAGR stood at -2.94%.
Looking forward, from 2024 onwards, a continuous decline is expected with a forecasted CAGR of -7.51% over the next five years, which translates to a projected decrease in turnover to 4.87 billion Euros by 2028—a 32.32% drop from the 2023 value.
Future trends to watch for include technological advancements in energy-efficient HVAC systems, increasing regulatory standards, and the impact of economic recovery on the construction sector. Companies should also monitor shifts towards sustainable practices and renewable energy systems, which may reshape market dynamics.
