The business enterprise R&D expenditure in the manufacture of machinery and equipment in Canada is forecasted to reach CAD 978 million in 2024. This is projected to grow to CAD 1090 million by 2028. In 2023, the expenditure stood at CAD 945 million, making the 2024 forecast represent a 3.5% increase year-over-year. The average compounding annual growth rate (CAGR) over the next five years (2024-2028) is expected to be 2.7%, indicating steady growth driven by anticipated technological advancements and industry innovations.

Future trends to watch for include:

Increased focus on automation and smart machinery technology, potentially driving further R&D investments.
The influence of governmental policies and incentives aimed at promoting innovation in the manufacturing sector.
Escalating global competition pushing Canadian firms towards more aggressive R&D strategies.