The production in the manufacture of electric lighting equipment sector in Belgium has experienced a significant downward trend over the past decade. From a peak value of 777.3 million Euros in 2015, the production value steadily declined to 401.7 million Euros in 2023. The year-on-year variations indicate fluctuating growth, with notable decreases in years like 2016, 2021, and the forecast for future periods. The compound annual growth rate (CAGR) over the last five years stood at -4.18%, reflecting a consistent decline. The forecast suggests a continued decrease, with an anticipated decrease of 34.11% by 2028 and a five-year forecasted CAGR of -8%.
Future trends to watch for include:
- Adoption of more energy-efficient and innovative lighting technologies.
- Potential market expansion driven by government regulations promoting energy conservation.
- Increasing competition from international players leading to pricing pressures.
- Potential resurgence in demand driven by smart city projects and infrastructure developments.
