Electric lighting equipment working hours in Belgium have shown significant fluctuations over the past decade, with a notable downward trend. In 2023, the value stood at 2.9663 million hours, representing a 3.77% decline from the previous year. The year-on-year variations reveal considerable instability, with some increases like in 2015 (28.99%) and 2021 (15.84%) but mostly declines, particularly after 2018. Over the last five years, there's an observable contraction in the market, with the compound annual growth rate (CAGR) averaging at -4.44%.
Forecasts indicate a continuous decrease in working hours from 2024 onwards, with the expected CAGR of -7.48% over the next five years. By 2028, the industry will have contracted by 32.22% compared to 2024.
Future trends to watch for:
- Technological advancements in energy-efficient lighting solutions
- Potential shifts toward automated manufacturing processes
- Impact of European Union regulations on industry standards
- Market responses to evolving consumer preferences for sustainable solutions
