ITR’s Q2 2024 U.S. Customer Markets Forecast Report is now available. This report forecasts over 30 different popular fluid power markets. Identify which phase of the business cycle a market is in and where it is headed in the future. Forecasts for fluid power, pneumatics, and hydraulics have been updated. Highlights include:
- Total Shipments index is currently in phase D, recession, and the forecast for the balance of 2024 has been adjusted up to -2.6% from the previously forecasted -10.9%. Additionally, their previously predicted growth expectation of 9.9% in 2025 fell slightly to 7.0%.
- Construction machinery production expectations for 2024 remain at -13.1%, however, Heavy Duty truck production is now predicted to fall only to -3.9% as opposed to the previously forecasted -12.9%. Construction machinery production is now the only industry expected to hit negative double digits in 2024.
- Pneumatic Shipments are in a recession whereas Hydraulic Shipments are still in a slowing growth phase. The current pneumatic recessionary period is forecasted to prolong throughout the rest of 2024 and into early 2025. On a brighter note, ITR forecasts record-high levels of Pneumatic shipments in 2026.
- US Electronic Components Production and US Petroleum Refineries Production are the only two industries currently in the accelerating growth phase.
If you have any questions about interpreting or using the data in this report, please contact Cecilia Bart at cbart@nfpa.com.
Like this post? Share it!
Recent Posts
Q4 2024 ITR Forecast Report Now Available
ITR’s Q4 2024 U.S. Customer Markets Forecast Report is now available. This report forecasts over 30 different popular fluid power markets. Identify which phase of the business cycle a market is in and where it is headed in the future. Forecasts for fluid power, pneumatics, and hydraulics have been updated. Highlights include: If you have any…
Drive Stronger Company Recognition with NFPA’s Sponsorships
The 2025 Annual Conference is right around the corner, don’t miss out on the chance to be a Sponsor! Purchase one of these packages before January 1st, 2025 to be a part of our exciting programming during the second half of our fiscal year (1/1/2025 – 6/30/2025). NFPA sponsorship packages include a gold, silver and…
Hydraulic Cartridge Flow Meters for Data Acquisition
This episode of Fluid Power Forum features Dale Dietel. Dale is the President and CEO of DGD Fluid Power, which specializes in designing and manufacturing hydraulic and electrohydraulic components and systems. Dale gave a presentation at NFPA’s Hydraulics Conference co-located at the 2024 iVT EXPO. His presentation was on advancements in hydraulic technology and data…