The value added of electrical equipment in Belgium, primarily expressed in billion euros, has experienced a significant downtrend from 2013 to 2023. Standing at 0.82 billion euros in 2023, the sector has seen fluctuating growth rates over the past years. The recent two years noted declines at -6.7% in 2022 and -7.11% in 2023, while the average CAGR over the last five years has been -5.79%. Looking ahead, forecasted data from 2024 onward indicates a continued decrease, with an anticipated average annual decline of -7.41%, amounting to a total decline of -31.96% by 2028.
Future trends to watch for include:
- Potential technological advancements that could revitalize the sector.
- Increased investment in renewable energy and smart grid technologies.
- Changes in government policies and regulations impacting the industry.
- Global economic conditions that could affect demand for electrical equipment.
