From 2013 to 2023, the electrical equipment manufacturing output in the UK showed fluctuations but an overall growth trend, reaching £13.8 billion in 2023. Significant year-on-year variation included a -5.71% drop in 2013, a notable increase of 3.36% in 2017, and a substantial 3.25% growth in 2021. The compound annual growth rate (CAGR) for the past five years up to 2023 stands at 1.09%.
Forecasts indicate continued moderate growth with the sector expected to reach £14.06 billion by 2028, reflecting a 5-year CAGR of 0.29% and a cumulative growth rate of 1.48%.
Future trends to watch for:
- Technological advancements in smart manufacturing and automation
- Growth in renewable energy equipment demand
- Potential impacts of changing trade policies and regulations
