The employment in the Manufacture of Fluid Power Equipment sector in Norway stood at 644 FTEs in 2023. Based on the provided forecast data, a declining trend is evident. From 2024 to 2028, employment is expected to decrease year-on-year. Specifically, the employment will drop from 628 FTEs in 2024 to 612 FTEs in 2025, and further diminish to 596 FTEs in 2026, 580 FTEs in 2027, and 564 FTEs in 2028. This trend reflects a continuous average annual decline (CAGR) over the five-year period.
Year-on-year variations:
• 2024-2025: -2.55%
• 2025-2026: -2.61%
• 2026-2027: -2.68%
• 2027-2028: -2.76%
The overall compound annual growth rate indicates that each year sees an approximate 2.65% decline in employment in this sector. This trend is primarily indicative of increased automation, potential global supply chain shifts, or changing market demand.
Future trends to watch for:
• Technological advancements and automation impacting labor needs.
• Shifts in global manufacturing hubs and supply chains.
• Potential policy changes affecting the industry.
• Evolution in market demand for fluid power equipment.
