NFPA’s State of the Fluid Power Industry Survey (SOFP) is a monthly seven-question, opinion-based survey that examines responses from fluid power industry peers on orders, shipments, hiring plans and inventory levels to gauge the change in the monthly, quarterly and annual state of our industry compared to previous benchmarks and predictions.
The latest survey revealed over 60% of U.S. Fluid Power Manufacturers experienced orders growth in February and over 65% project orders growth in March, while only 25% of U.S. Fluid Power Distributors experienced shipments growth in February and 100% project shipments growth in March. Both U.S. Fluid Power Manufacturers and Distributors identified growth in hiring and backlog for February, and the majority also anticipate growth in orders and shipments in the months to come.
Participation is voluntary and all individual responses are confidential, but participation is required to receive the results. The survey takes less than 5 minutes to complete.
SOFP Industry Facts
The SOFP helps members create a simple forecast and is a strong leading indicator for the fluid power industry, which has been statistically proven to lead actual conditions by 3-5 months with over a 90% correlation to NFPA shipments data, providing participating members with a clear planning advantage by helping them:
- Identify the industry’s position in the business cycle
- Anticipate how the industry will do in the months to come
- Track industry backlog and hiring plans
- Analyze the progress of your company compared to others
Update Frequency: Monthly
- State of current month
- Projection for next month
- Projection for next 3 months
- Projection for next 12 months
- State of hiring
- State of backlog
- State of competitiveness vs. alternative technologies for manufacturers
- State of current month by U.S. region for distributors
The National Fluid Power Association (NFPA) has entered into a partnership agreement with UKI Media & Events to convene and co-locate an advanced hydraulics conference for off-highway vehicle and fluid power engineers at iVT EXPO, to be held August 21-22, 2024, in Chicago, IL. iVT EXPO is an annual exposition for the off-highway vehicle design…
There is still time to register for April’s Fluid Power Vehicle Challenge Final Competitions. We need industry attendees to judge all aspects of the final competitions: the races, final presentations and vehicle design reviews. Industry attendees also participate in exclusive networking opportunities to recruit the next generation of talented engineers. Please register by March 1st.…
A new series of quarterly forecast updates from Oxford Economics is now available on the NFPA website at Global Industry Forecasts. These reports cover the global economy, as well as regional and country developments, and some detailed global industry forecasts. Oxford predicts a slow first half of 2024 with US industrial output being particularly stagnate.…