The market for non-electronic thermostats in Spain has seen fluctuations over the past decade. Starting from a value of 44.833 million Euros in 2013, the market experienced a sharp decline until 2017. However, post-2017, the market showed signs of recovery, culminating in a value of 37.737 million Euros in 2023. The year-on-year growth rate for 2023 stood at 4.82%, while the compound annual growth rate (CAGR) for the past five years was 2.85%, indicating a steady upturn in the market.
Looking forward, the market is expected to continue its growth trajectory, with a forecasted value of 46.159 million Euros by 2028. This represents a forecasted 5-year CAGR of 3.19%, resulting in an overall growth rate of approximately 16.99% from 2023 to 2028. Future trends to watch include increasing adoption of smart home technologies, advancements in energy-efficient thermostats, and potential regulatory changes promoting eco-friendly heating solutions.
