ITR’s Q4 2023 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 Hydraulic Shipments index is currently in phase C, slowing growth, and the forecast for the balance of 2023 remains unchanged. 2024 looks rough with a forecasted decline of -11% compared to 2023.
- Construction machinery is projected to decline 13.1% next year, pulling downward on expectations for hydraulics.
- Pneumatic Shipments index is currently in phase C, slowing growth, but is now expected to finish 2023 up 5.3% over 2022. The trend is downward for 2024, with expected decline of 5.9% versus 2023.
- Looking for a bright spot in 2024? Farm Machinery shipments will be flat. Power Gen, Oil & Gas, Electrical Components sectors are all positive for 2024 and in Phase B Accelerating Growth.
If you have any questions about interpreting or using the data in this report, please contact Pete Alles at palles@nfpa.com.
Like this post? Share it!
Recent Posts
Member Highlights the Value of NFPA’s Conferences
At NFPA, our members’ experiences are the foundation of what we do. We’re excited to share our latest testimonial video featuring Ken Baker, CEO of Bailey International, who underscores the value of attending NFPA events. In his video, Ken highlights how the Economic & Industry Outlook Conference provides invaluable insights for his business. From the…
NAM Regulatory Update: House Passes Critical Minerals Bill
As part of an effort to bring more information about the regulatory and legal environment facing American manufacturers, NFPA is monitoring the newsfeed of the National Association of Manufacturers (NAM) and will be bringing important updates like this to the attention of NFPA members. (November 15, 2024) The House easily passed an NAM-backed bill intended…
Fall 2024 Economic Update Webinar – Recording Available
The most recent NFPA Economic Update Webinar featured Lauren Saidel-Baker of ITR Economics. Learn what to expect from a number of our industry’s most popular customer markets, while also getting the answers you need to the short-term outlook for the fluid power industry. These insights and more are available to NFPA members in the archived recording of the…