The number of employees in the Electrical Equipment industry in the UK has shown a consistent decline from 2013 to 2023, reaching 60.9 thousand units in 2023. The series experienced fluctuations, with notable declines from 2016 onwards, including an 8.79% drop in 2019 and continuous decreases in the subsequent years, averaging a year-on-year drop of 3.14% in 2023. The Compound Annual Growth Rate (CAGR) for the past five years stands at -3.82%, indicating a steady reduction in the workforce within the sector.
Looking forward, the forecasted data from 2024 to 2028 predicts a continued downward trend. By 2028, the workforce is expected to decrease further, with a projected five-year CAGR of -2.94%, translating to a 13.85% reduction over the forecast period.
Future trends to watch for include:
- The impact of automation and technological advancements reducing the need for human labor.
- Shifts towards renewable energy sources and how this may influence employment in traditional electrical equipment sectors.
- Potential regulatory changes and economic factors affecting industry stability and growth.