As of 2023, the Electrical Equipment Manufacturing sector in the US stood at $68.24 billion in Gross Value Added (GVA). The forecast indicates a year-on-year increase, starting from $70.47 billion in 2024 to $75.5 billion by 2028. Specifically, the industry is expected to experience a modest annual growth with a Compound Annual Growth Rate (CAGR) of approximately 2% from 2024 to 2028.

Future trends to watch for include:

Technological advancements driving efficiency and productivity within the manufacturing process.
Shifts towards sustainable and energy-efficient products boosting growth.
Potential impacts of geopolitical tensions and supply chain disruptions on market dynamics.