www.bfpa.co.uk 33 this service also receive a monthly economic update. 2023 saw BFPA’s thirtieth economic forecast of the UK fluid power industry undertaken by Oxford Economics, with the first being commissioned in 1992. The five-year fluid power forecast is produced using BFPA monthly survey data, direct input from both BFPA manufacturer and distributor members and Oxford Economics’ economic forecasting model. Jeremy Leonard, Director of Global Industry Services at Oxford Economics attended a meeting with BFPA member companies in September, to gather views on the current and future prospects for fluid power. The 2023 BFPA Economic Forecast Seminar was held on 11th October at the MTC in Ansty, Coventry, with over 50 delegates attending and supporting speakers Huw Sullivan and Cameron Blackwell of the MTC and Roy McClarty of Hydrogen Vehicle Systems Limited. Feedback from the event was excellent with much interest from our members on the topic of hydrogen. Global information As a member of CETOP, the European Trade Federation for national fluid power associations, the BFPA participates in the exchange of top-level information with other CETOP members. In turn, CETOP exchanges data with other countries. The BFPA offers its members access to this global information about fluid power through the members-only pages of its website. Official statistics The BFPA works on behalf of the hydraulics and pneumatics industries to monitor, collate and keep a watching brief on all the official fluid power production and trade codes and output statistics produced by the Office for National Statistics (ONS) and HM Revenue & Customs (HMRC). This information is also available to members for download from our website. Member testimonials “The monthly, quarterly, and annual Business Intelligence reports we receive from the BFPA are a vital cog in demonstrating the market dynamics in play within the market. This gives the Gates team the ability to work with our senior management teams to demonstrate from a neutral source the market dynamics and confidence within the market enabling us to develop our BFPA Market Forecasting and Statistics Committee/Industry Intelligence Strategy Team. Kevin Mooney (Chair) Moog Industrial Group Daniel Dunn Bosch Rexroth Limited Andy Parker-Bates Festo Limited Karen Swatton Freudenberg Sealing Technologies Peter Rowbottom Gates Hydraulics Dale Houghton HEYPAC Limited Peter Willson Hopespare limited Paul Barnes SMC UK Corporation Sarah Gardner (Secretary) BFPA For more information, please contact Sarah Gardner at the BFPA on sarah@bfpa.co.uk or enquiries@bfpa.co.uk Delegates attending the 2023 BFPA Economic Forecast Seminar at MTC, Coventry. own strategies and gauge our performance v’s the market trends. Such information is essential in demonstrating our performance v’s our peers and for building our business strategies and forward planning for the future.” – Peter Rowbottom, Regional Sales Manager Industrial – North Europe, Gates Hydraulics. “The BFPA distributor statistics have become an integral addition to our monthly Management Accounts. Bench marking our performance against our specific industry markers allows us to focus our attention on improvement and resulting growth in any areas of weakness, but also to pat ourselves on the back when we are performing over and above our ‘average’ competitor. There is a comforting degree of validation to see there is a national wide struggle with supply, or pricing or whatever the market is throwing at businesses from one month to the next. We do feel fortunate to be able to call on such industry bespoke business data.” – Peter Willson, Managing Director, Hopespare Ltd.
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