Industrials/Multi-Industry: Fluid Power Survey #225: North American orders and demand momentum continues

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Industrials/Multi-Industry: Fluid Power Survey #225: North American orders and demand momentum continues

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Industrials/Multi-Industry

Fluid Power Survey #225: North American

orders and demand momentum continues

Industry Overview

Fluid Power Survey #225, week of May 15, 2026 18 May 2026

This week, we surveyed 50 industrial distributors from North America, EMEA, and APAC Equity

focusing on fluid power products (hydraulics and pneumatics). There has been a clear Americas

upward trend in our demand indicator since the start of 2026. We find continuing Industrials/Multi-Industry

positive momentum in the face of macro uncertainty, particularly in NA to be Andrew Obin

encouraging. Constructive survey results are consistent with our positive short cycle Research Analyst

takeaways from the (see reports) BofA Industrials, Transportation, and Airlines Key BofAS+1 646 855 1817

Leaders Conference (link) and bodes well for continuing PMI improvement. Our demand andrew.obin@bofa.com

indicator improved to 63.0 from 60.0 prior. NA demand improved to 69.2 from 63.5 vs David Ridley-Lane, CFA

Research Analyst

the previous survey. Our outlook indicator decelerated to 72.0 from 74.0 last survey. NA BofAS

outlook improved to 80.8 from 78.8 vs the previous survey. +1 646 855 2907

david.ridleylane@bofa.com

Our key global outlook indicator decelerated to 72.0 from 74.0 last survey. Our Devin Leonard

demand outlook indicator has a meaningful positive correlation with ISM Manufacturing BofAS

PMI (80% correlation) and ISM Manufacturing New Orders (72% correlation). We look it +1 646 855 3698 devin.leonard@bofa.com

from 7/2017 to 5/2026.

Demand improves and outlook decelerated

Our global current demand indicator improved to 63.0 from 60.0 prior. Demand