In 2023, the fluid power equipment industry in the UK recorded 6.32 million hours worked. Forecasted data from 2024 onwards shows a consistent decline with 5.7161 million hours in 2024 and sequential yearly drops to 3.5047 million hours by 2028. This translates into year-on-year decreases of 9.97% in 2025, 10.85% in 2026, 11.92% in 2027, and a similar trend in 2028. The compound annual growth rate (CAGR) over the five-year period is a decline of about 12.77% annually.
Future trends to watch for include:
- Technological advancements potentially reducing labor dependency.
- Market shifts due to sustainability requirements impacting industry dynamics.
- Economic conditions affecting manufacturing and industrial operations.
- Emerging markets possibly altering global fluid power equipment demand.
