Fluid power order and shipment data from the National Fluid Power Association (NFPA) for August 2023 shows positive trends once again for the hydraulics and pneumatics sector.
The 12-month moving average for total fluid power, hydraulic and pneumatic shipments grew slightly during the month. In July 2023, only pneumatics showed positive gains while total fluid power and hydraulic shipments plateaued, demonstrating more positive activity in August for all segments.
Total fluid power shipments achieved a 6.3% year-to-date percent change (2023 vs. 2022) in August which is a slight decline from the 7.1% recorded in July.
Mobile hydraulic orders were similar to the prior month. Orders received from September 2022 to August 2023 were 93.2% of those received during the previous period (September 2021 to August 2022); in July orders were at 93.7%.
Raw index data for pneumatic, mobile and industrial hydraulic shipments all increased in August from July's data.
Shipment and order data for fluid power components have remained in relatively positive territory for much of 2023 to date, though it has declined on a month-over-month basis as the year has progressed. This is in line with many economic forecasts which indicate the industry, and the various customer markets it serves, will enter a period of slow to flat growth through the end of the year and into 2024 before entering several years of growth starting in 2025.
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.