From 2013 to 2023, the Industrial Machinery Value Added in Canada demonstrated a slight upward trend, standing at 25.84 units in value by 2023. The sector experienced significant fluctuations with notable declines in 2016, 2017, 2018, and most dramatically in 2020 due to global economic disruptions. However, recovery was observed in 2022, highlighted by a 12.03% year-on-year increase.
Between 2022 and 2023, the value increased by 2.95%. The Compound Annual Growth Rate (CAGR) over the last five years stood at 1%, indicating moderate growth. Forecasts for 2024 to 2028 suggest a stable CAGR of 0.24%, reflecting steady but slow growth.
Future trends to watch for include technological advancements in machinery, potential impacts of trade policies, and ongoing economic recovery post-pandemic. Additionally, increasing demand for automation and smart technologies may drive industry innovation and value-added growth.
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