The private non-profit expenditure on R&D in engineering and technology in Canada is forecasted to rise steadily from $17 million in 2024 to $21 million by 2028. This represents a consistent year-on-year increase of approximately 5.88%. Over a five-year period, this expenditure is expected to show a compound annual growth rate (CAGR) of around 5.88%. In 2023, the expenditure stood at $16 million.

Future trends to watch for include:

Increased collaboration between private and public sectors to boost innovation.
Potential development in sustainable technologies, given global environmental priorities.
Impact of government policies on R&D funding and tax incentives.