Engines and Turbines Turnover in Belgium witnessed significant fluctuations from 2013 to 2023. The turnover value peaked in 2019 at 233.5 million Euros, followed by a sharp decline in 2020 to 107.1 million Euros. A mild recovery occurred in 2021 with a turnover of 135.6 million Euros but gradually declined again to 117.5 million Euros by 2023. The year-on-year variations reflect a volatile market, notably with a substantial drop of 54.13% in 2020 and a consistent decline observed from 2021 onwards. The 5-year Compound Annual Growth Rate (CAGR) leading up to 2023 averaged -12.56%.
Future forecasts project a downward trend, with turnover expected to decline to 35.6 million Euros by 2028, reflecting a forecasted 5-year CAGR of -17.49%. Key trends to monitor include technological advancements, regulatory changes, and potential shifts in demand for engines and turbines, which could impact market dynamics significantly.
