The value added of lighting fixture manufacturing in Canada has shown significant growth over the past decade, beginning from 454.96 million in 2013 and reaching 942.48 million in 2023. The growth rate was particularly high between 2016 and 2017, with year-on-year increases of 22.07% and 22.8%, respectively, while the recent years (2022 and 2023) showed modest growth, with year-on-year variations of 3.11% and 2.96%. Overall, the Compound Annual Growth Rate (CAGR) over the last five years has been around 3.02%, showcasing a deceleration in growth compared to earlier years.
Looking ahead, the forecasted data suggests a steady increase in the value added, with a projected figure of 1069.9 million by 2028. The anticipated average growth rate over the next five years stands at 2%, indicating a continued but moderate expansion of the industry. The forecasted 5-year growth rate is approximately 10.41%.
Future trends to watch for include:
- Continued innovation in energy-efficient lighting technologies.
- Increased adoption of smart lighting systems.
- Potential market impacts from trade policies or economic shifts.
- Trends in sustainable and eco-friendly manufacturing practices.
