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.
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