The number of enterprises in the UK's Manufacture of Electrical Equipment sector is forecasted to slightly decline from 2.93 thousand in 2024 to 2.87 thousand by 2028. The year-on-year variations indicate a gradual decrease with the largest annual decline of 0.69% between 2027 and 2028. This downward trend reflects a Compound Annual Growth Rate (CAGR) of approximately -0.52% over the forecast period. In comparison, 2023 saw a baseline figure not mentioned but implied to be close to 2024's value.
Future trends to watch include:
- Technological advancements driving industry consolidation
- Potential effects of regulatory changes post-Brexit
- Shifts towards sustainable and energy-efficient products influencing market dynamics.
