The output of electrical equipment in Canada experienced various fluctuations from 2013 to 2023. After a decline in 2014, the value rebounded with a notable growth in 2015. From 2016 to 2019, there was a steady increase in output, reaching a peak in 2019, followed by a decline in 2020 likely due to the pandemic. The years 2021 and 2022 saw a moderate recovery, with the year-on-year growth rates reflecting this trend. In 2023, the output stood at 12.38 Billion Canadian Dollars, indicating a 1.4% increase from the previous year. Over the last five years, the compound annual growth rate (CAGR) has averaged 1.25%.
Future trends to watch for include:
- Technological advancements driving demand for advanced electrical equipment.
- Government policies and investments in green energy solutions impacting production trends.
- Changes in global supply chains and their effects on Canada's electrical equipment sector.
The forecasted CAGR for the next five years is projected at 1.03%, indicating a stable but modest growth trajectory ahead.
