The electric lighting equipment market in Belgium saw significant fluctuations between 2013 and 2023. The turnover peaked at €767.7M in 2015, followed by a sharp decline. In 2023, the turnover stood at €389.2M, marking a year-on-year decrease of 7.71%. Over the last two years, the sector contracted by an average of 7.47% annually. The CAGR from 2019 to 2023 was -4.53%, indicating a consistent downward trend.
From 2024 onwards, the forecast predicts further decline with a 5-year CAGR of -8.3%, culminating in a turnover of €231.5M by 2028. This represents a significant decrease of 35.15% over the forecasted period.
Future trends to watch for include advancements in energy-efficient lighting solutions, potential regulatory changes favoring sustainable practices, and heightened competition from international players. Market adaptation to smart lighting technologies may also shape the trajectory of this sector.
