The output of electrical equipment in Australia, expressed in billion Australian dollars, has demonstrated consistent growth from 2017 onwards, reaching 7.67 billion AUD in 2023. Over the past two years, year-on-year growth rates were modest, with 2.95% in 2022 and 2.69% in 2023. The compound annual growth rate (CAGR) over the last five years (2018-2023) stands at 3.95%. Future growth is forecasted to continue, with an estimated CAGR of 1.6% over the next five years, reaching 8.51 billion AUD by 2028.

Future trends to watch for:

Technological advancements driving increased efficiency in electrical equipment production.
Stronger focus on renewable energy solutions, influencing electrical equipment demand.
Potential impact of global supply chain disruptions on production costs and output levels.