The industrial cooling and ventilation equipment sector in Belgium experienced significant fluctuations between 2013 and 2023. After a peak in 2013 with 7.1625 million hours, the hours worked have generally trended downwards. By 2023, this number had dropped to 4.7802 million hours, marking a sharp decline. The yearly variations reveal periods of moderate recovery (such as in 2018) but are predominantly marked by declines.
The overall year-on-year variations and compound annual growth rates (CAGR) demonstrate this negative trend clearly, with a notable drop of 6.94% between 2022 and 2023. The 5-year CAGR leading up to 2023 stands at -6.3%, highlighting the consistent decline in hours worked. Forecasts indicate a continued downward trend with an estimated 31.08% reduction in hours worked over the next five years, resulting in a forecasted 5-year CAGR of -7.17% by 2028.
The future trends to watch for include technological advancements that may reduce the need for manual labor, shifts in industrial demand, and regulatory changes. Additionally, the increasing emphasis on energy efficiency and sustainable practices might further influence the hours worked in this sector.
