According to the National Fluid Power Association's (NFPA) most recent data, shipments increased in March 2023 for all fluid power categories compared to the previous month. Shipments for pneumatics, mobile hydraulics and industrial hydraulics were above those made in February when looking at raw index data.
NFPA's 12-month moving average of shipments for pneumatics, hydraulics and total fluid power showed a continued growth trend as well, demonstrating the relatively positive market conditions the industry has experienced.
The year-to-date percent change did decline again in March, reaching 13.6%; in February 2023 it was 16.8% which was a drop from the 21.1% reported in January.
Mobile hydraulic orders received from April 2022 to March 2023 currently stand at 98.0% of those received during the previous year (April 2021 to March 2022). This is a slight dip from orders reported in February 2023 which were 99.6% of those received in the prior period.
While there are some slight declines, overall the fluid power market is anticipated to fair well given current global economic conditions. Growth is anticipated for the industry and the customer markets it serves, although not at the high rates experienced in late 2020 through 2021.