From 2013 to 2023, the production of electrical equipment in the UK exhibited a fluctuating trend with moderate growth, encountering significant dips in certain years, notably in 2020 due to external factors. By 2023, the production stood at ₤13.34 billion, reflecting a 0.39% year-on-year growth. The five-year CAGR leading up to 2023 was 0.56%, indicating a modest but steady improvement post-2020's decline.
Forecasted data from 2024 to 2028 projects a steady increase at an average annual growth rate of 0.32%, culminating in a production value of ₤13.61 billion by 2028. This suggests a stabilizing industry with gradual year-on-year improvements.
Future trends to watch for:
- Technological advancements driving production efficiency.
- Increasing demand for sustainable and green electrical equipment.
- Impact of policy changes and economic fluctuations on production capacities.
- Integration of smart technologies and IoT in electrical equipment manufacturing.