"Despite growing demand, the industry has also endured several setbacks, with pandemic related supply chain issues decreasing demand for process control equipment. An appreciation of the Australian dollar, which is favourable for importers, has mostly been offset by a wholesale bypass trend and persistent supply chain challenges, leading to a 2.3% revenue fall across the industry in 2023-24 to a total of $16.7 billion. Revenue is expected to fall at an annualised 0.2% for the five years ending 2023-24."