The electrical equipment manufacturing revenue in Canada stood at 4.6114 Billion Canadian Dollars in 2023. From 2013 to 2023, the sector exhibited fluctuating growth with notable peaks in 2015 and 2017, followed by a consistent decline from 2019 onwards. Over the last two years (2022-2023), the revenue experienced a decline of 2.51% year-on-year. On analyzing a broader window, the compound annual growth rate (CAGR) from 2019 to 2023 was -1.84%, denoting a shrinking market.

Future trends to watch for in electrical equipment manufacturing in Canada include:

Continued downward trajectory with forecasted revenue decreasing at a CAGR of -2.13% over the next five years, reaching 4.0342 Billion Canadian Dollars by 2028.
The industry might face challenges related to technological advancements, evolving market demands, and potential regulatory changes impacting operational efficiency.
Opportunities may arise from the increasing adoption of renewable energy systems, IoT integration, and advancements in smart grid technologies.