In 2023, the Fluid Power Equipment Hours Worked in Belgium stood at 690.3 thousand hours. Analyzing the data, we see significant fluctuations over the years. From 2013 to 2014, there was a notable 14.77% increase, followed by a sharp decline in 2015 and 2016. The most significant year-on-year growth was recorded in 2017 at 45.72%, while the most considerable decline occurred in 2018 at -25.86%. In recent years, from 2021 to 2023, the values have stabilized somewhat with slight negative year-on-year variations.
Recent trends over the last two years show a relatively stable outlook with minor decreases - 0.56% in both years. The five-year CAGR from 2018 to 2023 is slightly positive at 1.65%, indicating moderate stability. Future forecasts from 2024 to 2028 predict a steady decline, with a five-year forecast CAGR of -0.44% and an overall forecast growth rate decline of -2.18% by 2028.
Future trends to watch for include:
- Potential impacts of technological advancements on efficiency and hours worked.
- Economic factors influencing the industry demand and labor input.
- Regulatory changes affecting operational hours and working conditions.
