The import of gas turbine engines to Belgium has shown significant growth over the past decade, reaching a value of 1879.8 Million US Dollars in 2023. After steady increases from 2013 to 2015, a substantial rise occurred in 2016, followed by relatively consistent growth until 2019. A notable dip in 2020 was succeeded by a robust recovery in 2021 and continued moderate growth through 2023.
From 2024 onwards, forecasted values indicate a continuous upward trend, with the import value expected to reach 2214.3 Million US Dollars by 2028. The compound annual growth rate (CAGR) for the past five years sits at 4.08%, while the forecast for the next five years projects a CAGR of 2.57%. The overall forecasted growth rate for the next five years is 13.55%.
Future trends to watch for include:
- Technological advancements and their impact on the gas turbine engine market.
- Energy policies and economic conditions influencing import values.
- Sustainability initiatives and the transition towards greener technologies.
