The turnover in the manufacture of electric lighting equipment sector in Belgium has exhibited significant fluctuations from 2013 to 2023. The turnover stood at 389.2 million Euros in 2023. Early years showed moderate declines, with a notable increase in 2015, followed by a sharp drop in 2016. The subsequent years exhibited a steadily declining trend, with interim rebounds in 2019 and 2020. Over the last two years, there was a declining YoY variation of -7.24% and -7.71%, reflecting ongoing market instability. The five-year average CAGR from 2019 to 2023 was -4.53%, indicating a consistent downturn during this period.
Looking ahead, forecasts from 2024 onwards predict continued contraction, with an average yearly decline (CAGR) of -8.3%. This implies the sector could shrink to 231.5 million Euros by 2028, a significant reduction of -35.15% over five years.
Future trends to watch for include:
- Technological advancements driving efficiency and innovation
- Shift towards sustainable and energy-efficient lighting solutions
- Adoption of smart lighting systems integrated with IoT
- Changes in regulatory environments impacting production and sales
