The industrial machinery manufacturing sector in Canada has demonstrated consistent growth, standing at 6.5508 Billion CAD in 2023. Over the preceding decade, the industry showed significant resilience, recovering from a dip in 2020 to exhibit robust growth. Notably, year-on-year variations dipped in the past two years at 4.13% in 2022 and 3.93% in 2023, while maintaining an average annual growth rate (CAGR) of 4.36% over the last five years.
Future trends to watch for:
- Automation and advanced manufacturing technologies
- Increased investments in renewable energy machinery
- Global supply chain disruptions and reshoring
- Focus on sustainable and environmentally friendly machinery
- Continued recovery from pandemic-related impacts
