The value added of semiconductor and other electronic component manufacturing in Canada stood at 2.2963 billion Canadian dollars in 2023. Over the past decade, the sector has shown fluctuations, with significant year-on-year variations. Between 2013 to 2023, key growth points include a notable 26.34% increase in 2014 and a 20.82% rise in 2016. However, the sector experienced downturns in 2018 and 2019, with year-on-year declines of 10.21% and 7.16%, respectively. From 2020 to 2023, the industry saw a steady annual growth of around 4%, reflecting stability and gradual recovery. The compounded annual growth rate (CAGR) over the last five years leading to 2023 is 3.84%.
For future trends, projections indicate a steady growth pattern with a forecasted 5-year CAGR of 2.68%, leading to a forecasted value of 2.7203 billion Canadian dollars by 2028. Notably, this represents an overall growth rate of 14.16% from 2023 to 2028. Key factors to watch include technological advancements, increasing demand for electronic components in various sectors, and potential supply chain disruptions.
