The number of persons employed in the electrical equipment sector in the UK is forecasted to decline over the coming years. In 2023, the actual number stood higher than the recorded forecast for 2024. Starting from 2024, the trend indicates a consecutive annual decrease: -2.57% in 2025, -2.59% in 2026, -2.61% in 2027, and -2.62% in 2028. The anticipated compound annual growth rate (CAGR) from 2024 to 2028 suggests a consistent downward trajectory, averaging a -2.6% decrease per year.
Future trends to watch for include:
- Technological advancements that may either reduce or increase employment needs.
- Potential economic changes that could impact industrial growth and hiring.
- Government policies promoting renewable energy that might influence employment shifts within the sector.
