The production in the manufacture of fluid power equipment sector in Belgium exhibited varying trends from 2013 to 2023. In 2023, the production value stood at 98.0 million Euros. The sector experienced a significant peak in 2014, followed by a general downward trend with fluctuations. The most significant decline occurred between 2018 and 2019, with a year-on-year drop of 31.01%. Between 2020 and 2023, the growth stabilized, although at a slow pace, with minor yearly increases around 1%.
Over the last five years, the compound annual growth rate (CAGR) was -4.52%, indicating a declining trend. However, future forecasts from 2024 to 2028 show a stabilization with a slight positive CAGR of 0.28%, projecting the sector to reach 100.0 million Euros by 2028.
Future trends to watch for:
- Technological advancements and automation driving efficiency and production capabilities.
- Adoption of sustainable practices and green technologies in fluid power equipment manufacturing.
- Potential economic and policy changes within the European Union impacting the industry.
