The production of electrical equipment in Belgium experienced fluctuations over the past decade. From 2013 to 2016, the industry witnessed a consistent decline. A temporary recovery occurred between 2017 and 2019, followed by a notable drop in 2020. The sector showed an uptick in 2021 but saw slight declines in 2022 and 2023. As of 2023, the production value stood at 3.24 billion euros. Forecasts indicate a gradual but steady decrease until 2028, with an annual average decline (CAGR) of 1.08% over the next five years.
Future trends to watch for include:
- Technological advancements affecting production efficiencies.
- Shifts in global demand for electrical equipment.
- Potential impacts of regulatory changes and economic policies.
- Development and adoption of sustainable manufacturing practices.
- Impacts of geopolitical factors on trade and supply chains.
