The value added of electric lighting equipment manufacturing in Canada has exhibited robust growth over the last decade. Between 2013 and 2023, the value increased from CAD 476.34 million to CAD 956.56 million, representing significant expansion despite occasional slowdowns. Particularly notable were the years 2016 and 2017 with year-on-year increases exceeding 20%. However, growth rates moderated post-2018, averaging annual increases of around 5-6%. The five-year compound average growth rate (CAGR) leading up to 2023 was 2.43%.
Looking forward, forecasts suggest continued growth in the sector. The value is expected to increase to CAD 1196.3 million by 2028, marking a forecasted five-year CAGR of 3.54% from 2023. This represents an 18.97% growth over the five-year forecast period.
Future trends to watch for include:
- Technological advancements in energy-efficient lighting solutions.
- Government regulations promoting sustainable and eco-friendly lighting products.
- Market consolidation and potential mergers or acquisitions to drive scale and innovation.
- Increasing consumer demand for smart lighting systems integrated with IoT technologies.
