The electrical equipment manufacturing sector in Belgium has seen fluctuating employee numbers over the past decade. From 2013, there was a moderate decline which accelerated in certain years, especially during 2016 with a noteworthy drop of 18.86%. Despite some recovery in 2018 and 2019, the workforce numbers continued to exhibit variability. By 2023, the sector employed 13,000 persons, showing a significant reduction compared to the previous decade.
Year-on-year variations have shown both declines and growth, with notable recent drops like the 7.8% decrease in 2023. The last five years illustrate an average negative trend with a CAGR of -2.43%.
Forecasts indicate a steady decline with a projected 5-year CAGR of -2.68%, leading to a 12.7% reduction in employee numbers by 2028, projecting further downsizing in the sector.
Future trends to watch for include increasing automation, potential reshoring of manufacturing activities due to geopolitical tensions, and the growing impact of green energy initiatives which might alter the landscape of the electrical equipment manufacturing sector.
