If purely comparing numbers, no country can surpass the British Empire. The British have the entire India to exploit without restraint, and the wealth India provides allows the British to spend freely on military expenses.
The few opportunities to surpass the Royal Navy, or rather the opportunities to pose a greater threat to the Royal Navy, might come when the main battleships undergo updates and replacements.
Currently, the main battleships of various countries are Ironclads. The future naval updates will occur twice: the Ironclad will be upgraded to Pre-dreadnought Battleships, and Pre-dreadnought Battleships will be upgraded to Dreadnoughts.
The Pre-dreadnought Battleship will emerge in about ten years. By then, Spain will have a certain scale of industry and economy and will be able to increase its investment in the costly naval sector.
