Updated FPASM Brings Potential Fluid Power Data Sources into Focus

Stats Fact of the Week: Week of September 17, 2018

NFPA is always on the lookout for additional data sources to provide more and better market information. While some data sources show a great deal of potential to further our understanding of the fluid power industry, some extra steps are needed to truly bring the data into focus.

One prime example is the U.S. Census Bureau’s Annual Survey of Manufacturers (ASM), an annual survey-based data source that collects shipments of U.S. produced goods from a wide variety of industries, including fluid power products. While the face value of the data is occasionally questioned due to the U.S. Census Bureau’s lack of targeted fluid power product knowledge, the data source’s unmatched U.S. industry representation and unique product detail makes it a market size and segmentation resource you should have on hand, even if only as a directional indicator and/or a secondary data source.

The biggest downside of this data source is timeliness. The ASM data is typically anywhere from one to two years behind our current time-period, which can decrease its usefulness and effectiveness. However, NFPA corrects this issue and makes the data more valuable by using existing fluid power industry data and analysis from our Confidential Shipment Statistics (CSS) program. We take more current industry growth rate percentages to estimate the ASM data forward to a much more current time-period and release the data to NFPA members as the Annual Survey of Fluid Power Manufacturers (FPASM). Then, once the actual ASM data for the estimated time-period is released, the FPASM is updated with that newly released data.

Stats Fact of the Week - Polishing Fluid Power Data Sources

NFPA generally avoids applying estimations to any industry report or data source, except in the cases of very high potential data sources such as the ASM.

To view NFPA’s Annual Survey of Fluid Power Manufacturers, please CLICK HERE.  NFPA login required.

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