Impact of COVID-19 on the Global Pneumatic Conveying System Market
COVID-19 has spread rapidly across the globe. In March 2020, the declaration of coronavirus as a pandemic has resulted in strict lockdowns being imposed in several countries. Government authorities implemented stringent measures compelling the industry players to allow their employees to work remotely. The adoption of technologies, including advanced electronics and automated machinery during the pandemic, has not only ensured the continuity of businesses but has also enhanced productivity, supporting the pneumatic conveying systems market substantially.
Increasing investments across multiple industry verticals, including pharmaceuticals and food & beverage, are expected to provide growth opportunities for the global pneumatic conveying system market. The demand for these products has been hampered temporarily in recent months owing to the shutting down of businesses globally. However, the demand for pneumatic conveying systems is anticipated to recover in the coming months and grow significantly over the forecast period. The fluctuating supply and prices of raw materials have also affected the growth of the pneumatic conveying systems market. Moreover, in Q1 of 2020, the World Health Organization (WHO) declared the COVID-19 outbreak as a global pandemic, resulting in several countries shutting down manufacturing facilities.
Global Investment in Energy (2017-2020)
There is a high probability that the COVID-19 outbreak will have a long-term effect on consumer preferences and lifestyles. China is one of the prominent suppliers of raw materials used in the manufacturing of pneumatic conveying systems. The rising conflicts between China and several other countries due to the COVID-19 outbreak are expected to hinder market growth. Additionally, the high cost of machinery is a major factor that is hampering the growth of the pneumatic conveying systems market. The Asia-Pacific market is expected to steadily recover in the post-lockdown period, with countries including India, Japan, and South Korea witnessing lucrative opportunities to recuperate from the losses sustained during the COVID-19 pandemic.
Source: Primary Experts, Secondary Sources, and MRFR Analysis