Impact of COVID-19 on the Global Magnet Bearings Market
The magnet bearings market is substantially affected due to the increasing pandemic situation of COVID-19 across the world. The pandemic outbreak has resulted in numerous countries imposing lockdowns and shutting down businesses. The outbreak of COVID 19 negatively impacted due to defeat manufacturing sector integrated with factory shutdown which in turn has interrupted the supply of components. However, the delay in the manufacturing of magnet bearings products as well as the shutdown of the magnet bearing repair shops across the world is significantly affecting the magnet bearings market. The manufacturers of oil & gas, petrochemicals, power are facing concerns regarding the availability of raw material. In industrial machines sector, compressor, turbine, pumps, motors, and generators have commenced a reduction in production operations and postponed the production of new products.
Further impact of COVID 19 industrial machines sector is analyzed based on regions, including North America, Europe, Asia-Pacific, and Rest of World. In Asia-Pacific, China is mostly affected due to the fall in industrial production integrated with the shutdown of factories. The impact of this will be felt across globally as industries are highly dependent on supply of inputs from China. Some factories declared recently that they will temporarily shut down production of new products due to the COVID 19 outbreak. This closure of factories by major manufacturers resulting in a loss in machines production which in turn, is affecting the industrial machines sector. The industry is facing price fluctuation, the slowdown in the production activities, and disruption in the supply chain owing to the life-threatening coronavirus pandemic. The sales of prominent industrial automation and equipment companies are estimated to be affected during the forecast period.
Industrial Machinery and Equipment Installation Turnover in 5 European Countries from 2015 to 2019 (In EUR Million)