Over the last decade, the value added of air and spacecraft and related machinery in Canada has shown overall growth despite some fluctuations. From 2013 to 2023, the value increased from 8.61 to 11.14 billion Canadian dollars, marking an average CAGR of approximately 2.07% in 2013 and 6.07% by 2016. The industry faced some volatility in several years, with notable declines in 2016 and 2020. However, recent years have shown a more stable growth trend, with the value added increasing modestly by around 1.81% year-on-year in 2023.
The forecast indicates continued growth, with the value expected to reach 12.17 billion Canadian dollars by 2028, driven by a five-year CAGR of around 1.4%. This suggests a stable yet moderately growing industry.
Future trends to watch for include technological advancements in aerospace engineering, increased investment in space exploration, and stronger demand for aircraft driven by emerging markets. Climate change and environmental considerations could further catalyze innovation within the industry, influencing future value-added figures.
