From 2013 to 2023, turnover in Spain's electric lighting equipment sector displayed fluctuating growth. The value rose from 1.56 billion Euros in 2013 to 2.87 billion Euros in 2023. After a significant decline in 2019 and 2020, the sector rebounded well, with recent years showing positive growth.
Year-on-year, there was a steady rise except for the drops in 2019 and 2020. Over the past two years, the sector saw a positive change, with the year-on-year variations being 10.5% in 2022 and 7.92% in 2023. The 5-year CAGR from 2023 to 2028 is forecasted to be 2.66%, indicating consistent growth ahead.
Future trends to watch for:
- Technological advancements in energy-efficient lighting solutions
- Government policies and subsidies promoting sustainable energy
- Increasing demand in both commercial and residential sectors
- Global supply chain dynamics affecting production and distribution
