The pump and compressor manufacturing sector in Canada showed high volatility over the past decade with significant fluctuations. After a steep decline of 24.38% in 2016, a recovery phase began, peaking in 2019 at 2.5892 Billion CAD. Revenue dipped in 2020 but gradually increased from 2021 to 2023, showing a 5% year-on-year growth in 2023. The sector stood at 2.6944 Billion CAD in 2023. Projections for 2024 to 2028 indicate moderate growth, with an average annual growth rate (CAGR) of 0.97% over the next five years.
Future trends to watch for:
- Technological advancements and automation in manufacturing processes.
- Increased demand from developing sectors like renewable energy and oil & gas.
- Impact of regulatory changes related to environmental concerns.
