The 12-month moving average of shipments for pneumatic components and systems continued to increase in July 2023 according to the latest data from the National Fluid Power Association (NFPA). Shipments for hydraulics and total fluid power, however, plateaued during the month.
NFPA's data shows the year-to-date percent change (2023 vs. 2022) for total fluid power shipments in July was 7.1%. This was a slight decrease from the 8.7% change reported in June 2023.
Orders for mobile hydraulics from August 2022 to July 2023 are 93.7% of those received during the same period the year before (August 2021 to July 2022). In June, orders were 93.5% of those from 2022, indicating relative stability in this segment of the fluid power industry.
However, when looking at raw index data on a month-over-month basis, pneumatic, mobile hydraulic and industrial hydraulic shipments all declined in July 2023 compared to June and even May.
As noted by several presenters during the NFPA's Industry & Economic Outlook Conference (IEOC) held in August 2023, the fluid power industry and many of its customer markets are likely to see slower growth trends in the coming months. But this should not cause hydraulics and pneumatics manufacturers to panic as it will present an opportunity for many to catch up after the previous periods of stronger growth and prepare for the higher growth trends anticipated in 2025 and beyond.
READ MORE: A “Good” Recession for Hydraulics and Pneumatics
The above charts are supplied by NFPA and drawn from data collected from more than 70 manufacturers of fluid power products by NFPA’s Confidential Shipment Statistics (CSS) program.
