Analyzing the production trends in the Plumbing, Heat and Air-Conditioning Installation sector in Cyprus, there has been significant fluctuation over the past decade. From 2013 to 2017, the industry observed notable growth, especially from 2016 onwards. Post-2017, the sector continued to expand, though at a diminishing rate of year-on-year growth. Notably, from 2020 to 2022, the growth stabilized, with very marginal increases.
In 2023, the sector stood at 178.5 million euros, marking a slight 0.34% increase year-on-year. Over the last two years, the growth has been modest at 0.51% to 0.34%. For the past five years, the sector grew at an average rate (CAGR) of 1.56%.
Forecast indicators suggest the sector will experience minor growth, averaging around 0.13% (CAGR) over the next five years, projecting a value of 180.3 million euros by 2028. The five-year growth rate is forecasted to be approximately 0.67%.
Future trends to watch for include the potential impact of new energy efficiency regulations, advances in HVAC technology, and the increasing importance of sustainable and eco-friendly installations. Additionally, market players should monitor economic fluctuations and construction activities, which directly influence demand in this sector.
