The industrial cooling and ventilation equipment hours worked in Spain saw significant growth from 2013 to 2019, driven by an expanding industrial sector and increasing demand for climate control solutions. Despite the COVID-19 pandemic's impact in 2020, causing an 8.85% drop, the market showed resilience but subsequently entered a declining phase.
From 2021 onwards, the hours worked continued to decline, with a 1.26% year-on-year decrease from 2021 to 2023. The value stood at 17.684 million hours in 2023, a drop from previous years. The five-year CAGR from 2019 to 2023 showed a negative -2.16%, highlighting a sustained contraction in activity.
Looking ahead, the forecast indicates a continued decline, with the hours worked expected to decrease at an average rate of -1.02% annually over the next five years, resulting in a 5% overall reduction by 2028.
Future trends to watch for include technological advancements in energy efficiency, shifts towards renewable energy sources, and potential regulatory changes that may impact the sector. Monitoring these developments will be crucial for assessing their potential effects on market dynamics.
