The industrial machinery manufacturing sector in Canada saw substantial growth from 2013 to 2023, reaching a total value of 1943.6 Million Canadian Dollars in 2023. The highest annual growth was observed between 2014 and 2019, highlighted by a CAGR of 9.05% in 2019. The sector faced a setback in 2020 with a -10.47% year-on-year drop, attributed possibly to the COVID-19 pandemic. However, recovery was swift, with subsequent years showing double-digit growth, including a 15.14% increase in 2021 and 12.46% in 2022, culminating in a 10.36% rise in 2023 and a five-year CAGR of 7.47%.
Future trends to watch for include advancements in automation and digitalization within the industry, which may further drive productivity and growth. Additionally, the forecasted five-year CAGR of 4.86% indicates steady, although slightly slower, growth compared to the past five years, projecting an overall increase of 26.8% in value by 2028.
