The commercial industrial gas market in Spain generated revenues of approximately $1.6 billion in 2014. This is up from $1.3 billion in 2004, indicating an average annual growth rate of 2.1% p.a.
Spanish GDP grew by 1.2% p.a. on average over the past decade (2004-2014). The country suffered from the global financial crisis – Spain has been in recession for four of the past six years. Economic conditions have improved in the past year and the outlooks for the next few years looks more positive.
Industrial production in the country has also suffered - to such an extent that the average annual growth for the decade posted at -1.8%. Although, like GDP, industrial production is set to rebound in the coming years.
The European Commission predicts GDP to grow by 2.8% and 2.6% in 2015 and 2016, respectively. A period of deflation is predicted in 2015 (around -0.6%), but inflation will resume in 2016 and is forecasted at 1.1%.
Spain operates a fairly developed supply scheme infrastructure – with revenues accounting for around 18% of the total value of commercial market. Sales of packaged product generated the most revenues in 2014, around 43% of the commercial market value. Bulk deliveries account for over a quarter of revenues.
Within the 2015-2020 timeframe, accordingly, our forecast models predict growth from 1.3% p.a. in a low scenario to 3.3% p.a. in a high scenario. This should see the industry in Spain achieve revenues of between $1.76 billion to $2 billion by 2020.
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