The value-added of the commercial and service industry machinery manufacturing sector in Canada has shown considerable fluctuations from 2013 to 2023. After a rise in 2014, the sector experienced a significant drop by 2015. However, recovery was observed in 2016 with a continued trend of moderate growth until 2019. The year 2020 marked a substantial decline, possibly linked to global disruptions. Recovery resumed in 2021 and strong growth was seen through to 2023, where the sector stood at 3.0586 billion Canadian dollars.
Recent year-on-year variations highlight the volatility: a 10.61% increase in 2023 follows a 15.19% rise in 2022 and a notable 20.46% growth in 2021, reflecting a robust recovery phase. The five-year CAGR to 2023 stood at 3.86%, indicating healthy long-term growth.
Future trends to watch for:
- Continued moderate growth with a five-year CAGR forecast of 2.72%.
- Expected advancements in automation and AI, contributing to efficiency and output.
- Potential impacts of global supply chain adjustments and evolving trade policies.
- Sustainable manufacturing practices gaining prominence, possibly influencing operational dynamics and competitive advantage.
