The production of electrical equipment in Canada has shown fluctuations over the past decade, starting at 10.78 billion CAD in 2013 and reaching 12.63 billion CAD in 2023. After a significant dip in 2020, the production rebounded strongly in 2021 and has since continued to grow steadily. The year-on-year variation in 2022 was 1.15%, and in 2023 it was 1.11%, indicating a stabilization phase. The compound annual growth rate (CAGR) over the past five years stood at 1.71%.
Future trends to watch for include a forecasted moderate growth, with the production projected to reach 13.35 billion CAD by 2028. The anticipated CAGR over the next five years is 0.88%, suggesting a slow but steady increase. Factors such as advancements in technology, the shift to green energy, and increased automation could drive future production growth.
