Impact of COVID-19 on the Power Boiler Market
Power boilers are closed vessels that convert water into steam, which is then used for various industrial applications. Governments worldwide have imposed lockdowns to curb the spread of the COVID-19 pandemic. Stakeholders in the industry are operating at partial capacity to comply with social distancing, and the demand for products & services is yet to recover. A few industry verticals have been permitted to resume their business operations, which they are finding difficult to commence without other sectors that they are dependent on. For instance, the steel industry in India reported a 69.5% y-o-y increase, cement accounting for over 25-30% of capacity utilization. Auto manufacturers are facing difficulties in operating without the supply of auto components, which is mainly owed to the unequal permissions granted for production commencement.
The outbreak has had adverse effects on the manufacturing sector due to disrupted supply chains, lowered demand, and the shortage of materials and labor. This scenario has built a lot of pressure on the industry players to push their sales and marketing activities.
Industrial Production in the European Union during the COVD-19 Pandemic
According to the MRFR analysis, the increasing need for industrialization and urbanization and supportive initiatives by government authorities, among other factors, are expected to help the market recover. However, with gradual relaxations in the lockdowns, the demand for power boilers is expected to grow as the energy demand is projected to rise with the manufacturing facilities resuming operations.
Source: Primary Experts, Secondary Sources, and MRFR Analysis