Between 2013 and 2018, the electric lighting equipment market in Spain experienced significant year-on-year growth, peaking at 16.49% in 2014 and maintaining an average annual growth rate (CAGR) of 12.68%. However, the market faced a downturn from 2019 to 2020, with a steep decline of over 17% year-on-year in 2019 and 18.55% in 2020. Recovery was noted from 2021 onwards, with 2021 and 2022 showing positive growth of 25.63% and 10.5% respectively. By 2023, the market reached 2.87 billion euros, reflecting a year-on-year growth of 7.92%.
Forecasted data from 2024 to 2028 indicate a steady growth trajectory, with the sector expected to reach 3.4 billion euros by 2028, marking a forecasted 5-year CAGR of 2.66% and a cumulative growth rate of 14% over this period.
Future trends to watch for include advancements in smart lighting technologies, increased adoption of energy-efficient lighting solutions, and government incentives promoting sustainable energy use. Companies should also monitor potential market disruptions from technological innovations and regulatory changes.
