In 2024, the forecast for labour costs in the repair and installation of industrial machinery and equipment in the UK stands at £6.14 billion. This marks a noticeable projected increase compared to the previous years, reflecting a gradual year-on-year growth of approximately 1.63% over the next five years, reaching £6.54 billion by 2028. The compound annual growth rate (CAGR) over this period is anticipated to be steady at 0.81% annually. The trend indicates consistent, albeit moderate, growth in labour costs over the forecast period.
Future trends to watch for in this sector include:
- Impact of automation on reducing labour costs.
- Potential shifts due to economic policies or trade agreements.
- Advancements in industrial technology affecting demand for skilled labour.
- Inflationary pressures that could drive higher labour costs.
