The National Fluid Power Association (NFPA) has published its data for hydraulic and pneumatic shipments in August 2024 which shows a downward trend from the previous year.
In August, total fluid power shipments increased 5.3% compared to July 2024 but were down -14.9% in comparison to August 2023. When looking at the 3/12 and 12/12 rates of change for total fluid power, hydraulic, and pneumatic shipments, the association reports each of these were negative and trending downward in August.
These trends are in line with what many in the hydraulics and pneumatics sector are reporting. Eric Alström, President of Danfoss Power Solutions, said in an interview with Power & Motion that 2024 has been a tougher year than expected. Several global economic factors are at play, including geopolitical tensions and high interest rates as well as lower demand from many customer markets.
Helios Technologies said in its press release announcing the company's second quarter 2024 results that it recognizes the softening conditions taking place in many of its end markets and it is therefore adjusting its outlook for the year. The company's hydraulics segment experienced sales declines from its agriculture, mobile and industrial customer markets compared to 2023.
The agricultural equipment market — one of the largest customer segments for fluid power — has been plagued by lower crop prices throughout much of the year. In August, the Association of Equipment Manufacturers (AEM) reports total U.S. Ag tractor sales declined compared to 2023 although there was an uptick in sales for 4-wheel drive tractors during the month.
With the lower sales in this and other markets which use hydraulics and pneumatics, demand for many fluid power technologies has been lower as well.
In this media gallery, you can view NFPA's trend data for fluid power orders and shipments in August 2024 and how they compare to previous months.
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.
