Impact of COVID-19 on the Non-Concentrating Solar Collector Market
The COVID-19 outbreak has had serious effects on the global economy since many sectors are affected by the current circumstances, and operations of various sectors have come to a standstill. In the non- renewable energy sector, industry players are facing a lot of challenges due to fluctuating oil prices post the outbreak of the COVID-19 pandemic. Due to the containment measures, travel has almost come to a halt, which has resulted in diminished demand for oil. This scenario will positively influence power generation from renewable energy sources, in turn propelling the growth of the non-concentrating solar collectors market over the projected timeframe. Moreover, rising concerns regarding the environmental impact of using fossil fuels are also driving the growth of the non-concentrating solar collectors market. The spread of COVID-19 has not only caused the loss of human lives but has also triggered a global economic recession. The partial or complete lockdowns in various countries have indirectly or directly impacted several industries, causing disruptions in vendor operations, supply chains, and product commercialization, among other activities.
INVESTMENTS IN RENEWABLE ENERGY, U.S., 2004—2018 (USD BILLION)
The outbreak of COVID-19 has impacted both the demand and the supply of non-concentrating solar collectors. The fluctuating supply and prices of raw materials have also affected the growth of the non-concentrating solar collectors market. Furthermore, in March 2020, the World Health Organization (WHO) declared the COVID-19 outbreak as a global pandemic, resulting in several countries imposing lockdowns. There is a high probability that the COVID-19 outbreak will have a long-term effect on consumers' lifestyles and behavior. The outbreak of COVID-19 has caused a temporary closure of manufacturing plants. China is one of the key hubs for raw materials used in the manufacturing sector. However, the high cost of machinery is a factor that is hampering the growth of the non-concentrating solar collectors market. The Asia-Pacific market is expected to recover in the post-lockdown period, with countries including Japan, China, India, and South Korea witnessing lucrative opportunities to recover from the losses sustained during the COVID-19 pandemic.
Source: Secondary Sources
Source: Primary Experts, Secondary Sources and MRFR Analysis