Key Market Indicators
Belgium's electrical equipment revenue is projected to experience a significant decline in the coming years. By 2028, the revenue is expected to drop to approximately €207 million, down from €465 million in 2023. This marks an average annual decrease of 12.8%. The Belgian market has been on a downward trend since 2013, with an average yearly decrease of 8.3%. In 2023, Belgium ranked 24th in the world for electrical equipment revenue, with Greece slightly ahead at €465 million. The leading countries in this sector were France, Italy, and Spain, taking the second, third, and fourth spots, respectively. On the export front, Belgium's electrical equipment exports are forecasted to remain relatively stable. By 2028, exports are expected to reach approximately $15 billion, maintaining the same level as in 2023. Despite this stability, Belgian supply has seen a slight annual decline of 0.3% since 2004. In terms of imports, Belgium is set to see a modest increase in electrical equipment imports. By 2028, imports are projected to reach nearly $20 billion, up from around $19.3 billion in 2023. This represents an average annual growth rate of 0.3%. Since 2004, Belgian demand for electrical equipment has remained flat, showing no significant yearly change. These trends highlight the challenges and shifts within Belgium's electrical equipment market, reflecting broader economic and industrial patterns.
