The National Fluid Power Association (NFPA) has released its order and shipment data for June 2024 which shows month-over-month and year-over-year decreases for hydraulics and pneumatics.
Per NFPA's data, June total fluid power shipments decreased 7.6% month-over-month and 16.4% year-over-year. Rates of change for total fluid power, hydraulic and pneumatic shipments were all in negative territory as well and appear to be on a downward trend.
This is in line with data presented by Jim Meil, Principal, Industry Analysis at ACT Research during the NFPA's spring economic webinar. After a period of several ups and downs caused in part by the COVID-19 pandemic, he said the economy is settling a bit which is causing slower growth trends for many markets including fluid power and most of its customer sectors.
High interest rates are a factor as well. Meil and many other economists are projecting improved economic conditions once the U.S. Federal Reserve begins to lower rates; recent news reports indicate this could begin as soon as September. Several market reports indicate 2025 and the remainder of the decade should trend more positively, aided by lowering interest rates and continued investments in infrastructure, manufacturing and other sectors.
READ MORE: Fluid Power Industry on Downward Trend Before Recovery in 2025
In this media gallery you'll find charts showing the current trend lines for fluid power shipments and orders and how they compare with previous years.
The charts in this media gallery 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.
