The industrial cooling and ventilation equipment market in Belgium showed an upward trajectory from 2013 to 2023, reaching a value of 3.05 billion Euros in 2023. Post-2015, the market regained momentum following a dip, with significant increases observed in 2016 (+22.44%) and subsequent steady growth, especially from 2018 to 2020. Year-on-year growth in the last two years (2022-2023) was modest at around 1.66% on average. Over the past five years, the compound annual growth rate (CAGR) averaged 2.43%.
Future projections up to 2028 predict a continued but more moderate growth trajectory with a 5-year forecasted CAGR of 1.17%, implying a slightly tempered pace compared to historical trends. Key trends to watch for moving forward include:
- Technological advancements in energy-efficient cooling solutions
- Increased demand driven by industrial and commercial expansions
- Potential regulatory impacts concerning environmental standards
The continuing focus on sustainability and climate change mitigation may further influence market dynamics and innovation trends.
