The Gross Value Added (GVA) in Electrical Equipment Manufacturing in Italy has demonstrated fluctuating trends from 2013 to 2023, with varying year-on-year changes. Notably, after a downward trend in the earlier years with some recovery periods, it stood at 12.13 Billion Euros in 2023. The recent two years showed a marginal growth: a 0.54% increase in 2023 after a slight decline of 2.44% in 2022. The Compound Annual Growth Rate (CAGR) over the last five years indicates a modest uptick of 1.47%, suggesting stable demand and production within the sector.
Future projections from 2024 to 2028 forecast a slight but consistent average annual growth of 0.56%, reflecting a conservative but positive outlook for the industry. The overall growth rate for the forecasted period is expected to be 2.83%, indicating a steady expansion albeit at a slow pace.
Future Trends to Watch:
- Technological advancements and automation impacting production efficiency.
- Increasing demand for renewable energy equipment and sustainable manufacturing practices.
- Potential impacts of global supply chain disruptions and economic policies on the industry.