The sold production of installation services of electrical equipment in Finland has experienced significant fluctuations from 2013 to 2023. Starting from a low base in 2013, there was a sharp drop in 2014. The market saw a dramatic increase in 2015, followed by a decline in 2016, and then a period of recovery and moderate growth through 2017 and 2018. The years 2019 and 2020 experienced steady growth, but 2021 saw a significant decline. A strong rebound came in 2022, and by 2023, the market stood at 155.87 million Euros, representing a 7.23% year-on-year growth. The last five-year CAGR from 2019 to 2023 was marginal, indicating near stagnation.
Several trends and future developments to watch for include:
- The forecast period from 2024 to 2028 predicts continued growth with an average annual increase of 4.46%.
- Adoption of advanced electrical equipment technologies and the increasing demand for renewable energy installations.
- Potential market expansion driven by digitalization and smart grid installations which could boost the production of installation services in the coming years.
