In 2023, the turnover in the UK Manufacture of Electrical Equipment sector stood at a previously recorded value. Projections from 2024 to 2028 show a steady and marginal increase in turnover from £13.97 billion in 2024 to £14.08 billion in 2028. The year-on-year percentage increase hovers around 0.2% to 0.3%. This suggests a stable, albeit slow, growth pattern. The Compound Annual Growth Rate (CAGR) over the five years is likely to exhibit a similar incremental pace.
Future trends to watch for include:
- Technological advancements driving efficiencies and new products.
- Increasing demand for sustainable and energy-efficient equipment.
- Economic and regulatory impacts post-Brexit influencing manufacturing and export markets.
