The National Fluid Power Association (NFPA) has released its latest data on fluid power industry growth trends. Shipments for pneumatic, mobile hydraulic and industrial hydraulic components increased in May 2022 compared to the previous month when looking at raw index data the association says in its trend report.
Per the NFPA, the 12-month moving average of shipments for pneumatic, hydraulic and total fluid power components and systems continue to increase. Averages for these shipments have been on a positive growth trend since February 2021.
According to a recent report from Interact Analysis, the mobile hydraulics industry in particular performed well in 2021. It benefitted from growth in construction equipment, material handling as well as positive conditions in the agricultural equipment market. All of these sectors are expected to continue their growth trends, although likely at a slower pace, in the coming years which will benefit the mobile hydraulics segment of the fluid power industry.
In its recent data report, the NFPA shows mobile hydraulic orders received between June 2021 and May 2022 are at 123.6% of those from the prior year (June 2020 to May 2021). In the April report, this percentage was at 129.2%, indicating a slight decline.
Meanwhile, the year-to-date percent change for total fluid power shipments in May 2022 was at 14.9%, an increase over April's percent change of 13.6%.
