The Industrial Gas Manufacturing sector in Canada has experienced varied growth over the past years, standing at CAD 1.373 billion in 2023. Notable fluctuations include a significant surge in 2018 with a 36.21% increase and noticeable drops in 2016 and 2019 by 6.2% and 16.48% respectively. Over the last two years, the revenues showed slight positive growth rates of 1.69% and 1.64% respectively. The 5-year CAGR up to 2023 was -2.94%, reflecting varied annual performance.
Looking ahead, the forecasted 5-year CAGR for the period from 2024 to 2028 stands at 1.2%, projecting continued growth at an average annual rate. It is important to monitor technological advancements, global market conditions, and economic policies that could impact the industrial gas sector’s stability and expansion. Additionally, environmental regulations and shifts towards sustainable practices will likely shape future trends.
