From 2013 to 2023, the commercial and service industry machinery manufacturing expenses in Canada exhibited considerable fluctuations. In 2023, the industry expenses stood at CAD 5.7008 billion. Notable variations included a sharp decline in 2020 (-16.68%) due to the global economic impact of COVID-19, followed by a strong rebound in 2021 (17.93%). The compound annual growth rate (CAGR) over the last five years to 2023 was 2.63%.

Future trends to watch for:

Steady growth is anticipated from 2024 to 2028 with a five-year forecasted CAGR of 2.66%.
Technological advancements and increased automation efforts in the industry.
Potential impacts of global economic shifts and sustainability initiatives on manufacturing processes and costs.