Impact of COVID-19 Outbreak on the Electric Fuses Market
Due to the COVID-19 pandemic, there has been a global crisis across the manufacturing sector and the supply chains of materials and products, which has impacted the electric fuses market across the globe. Additionally, due to the pandemic, there has been a slowdown in the construction and energy sectors. The construction of various buildings, sites, infrastructure, and houses has been stopped, which has negatively impacted the electric fuses market. Electric fuses are used for protecting electric systems from risks of overload and short circuit due to high or low voltages. According to the International Energy Agency (IEA), due to the COVID-19 pandemic, there has been a reduction in the demand for electricity by 2.5% in the first quarter of 2020. Similarly, there has been a negative impact of the pandemic on the renewable energy sector, which has also impacted the electric fuses market.
GLOBAL PRIMARY ENERGY CONSUMPTION (TERAWATT-HOURS (TWH) PER YEAR)
Additionally, the precautionary measures mandated by the governments, such as partial or complete lockdowns to contain the COVID-19 pandemic, have compelled companies to either reduce operations or shut down entirely. There is uncertainty surrounding production owing to the halting of business activities. Furthermore, there have been delays in the delivery of the components and materials from China due to the pandemic, which has heavily impacted the electric fuses market, as China is one of the largest producers and suppliers of electric components, devices, and materials. For example, in India alone, 3,000 MW of solar and wind energy projects have been delayed due to disruptions in the delivery of equipment and components. However, the rising demand for electricity, along with its increasing production across the globe, is expected to boost market growth during the forecast period.
Source: Primary Experts, Secondary Sources, and MRFR Analysis
Source: Secondary Sources