Impact of COVID-19 on the Global Scrubber System Market
The rapid spread of COVID-19 during the early months of the year 2020, which was followed by nationwide lockdowns enforced by governments across most countries, has severely impacted the global human population and their daily lives. Business operations have been affected due to the challenges in production and the decrease in demand for products and services. Industry players are taking measures to minimize risks and maximize gains. For instance, companies are reducing work hours or are downsizing the workforce temporarily. Companies are ensuring proactive steps to prevent the spread of COVID-19 for safeguarding their employees. Furthermore, organizations are ensuring business continuity through remotely working employees providing operational support, guidance, and troubleshooting.
CRUDE OIL PRODUCTION IN THE US (2012-2021)On the other hand, shipping companies are overlooking or delaying the installation of scrubbers, which, in turn, is posing a risk of a rise in emission levels of harmful substances, such as Sulphur. For instance, the Norwegian firm Wallenius Wilhemsen, a leading transporter of automotive vehicles, reported that the company had cancelled the installation of scrubbers or postponed it till the end of 2020 which may also extend to 2021. This scenario is adversely affecting the sales of scrubbers during the current crisis leading to a slump in revenues generated and a slowdown in the growth of the global scrubber market leading to a decrease in the CAGR.
Source: US Energy Information Administration, Short Term Energy Outlook (STEO)
Source: Primary Experts, Secondary Sources, and MRFR Analysis