The turnover in the Manufacture of Electric Lighting Equipment sector in Austria stood at 2.0 billion Euros in 2023. Over the past decade, the sector has shown a mix of robust growth and volatility. From 2013 to 2019, the industry generally experienced positive growth, with notable spikes in 2016 (13.01%) and 2017 (18.19%). However, there was a significant decline in 2020 (-8.85%), attributed to potential disruptions such as the COVID-19 pandemic. The industry quickly rebounded in 2021 with a 16.68% increase, and the following years showcased moderate growth. For the last two years, the year-on-year variations were 3.88% in 2022 and 3.63% in 2023. The sector's compound annual growth rate (CAGR) over the last five years is 2.80%, indicating steady albeit more moderate growth compared to the previous decade.
Forecasts from 2024 to 2028 suggest ongoing growth, with the turnover expected to reach 2.32 billion Euros by 2028. The forecasted five-year CAGR stands at 2.32%, highlighting a continuation of the stable growth trajectory. Cumulatively, this represents a 12.14% growth rate over the five-year forecast period.
Future trends to watch for include advancements in energy-efficient lighting solutions, increasing adoption of smart lighting systems, and the potential impacts of regulatory changes aimed at promoting sustainable and environmentally friendly industrial practices. Additionally, technological innovations and shifts towards renewable energy sources could significantly influence market dynamics in the coming years.
