Impact of COVID-19 on the Storage Tank Market
The industrial automation and equipment sector has been impacted due to the outbreak of the COVID-19 pandemic. The consumers’ changing inclinations and buying behavior due to fluctuations in the global economy are expected to influence the storage tanks market over the forecast period. Moreover, the declaration of COVID-19 as a global pandemic has resulted in lockdowns being imposed in numerous countries around the world, which has also led to the closing of international borders along and implementation of strict measures by regulatory authorities in multiple countries. This scenario has caused a severe decline in the global demand for industrial automation and equipment, such as storage tanks. There is a high possibility that the COVID-19 pandemic will have a long-term effect on the consumers' standard of living and preferences.
The pandemic may also result in lowered usage of industrial automation and equipment owing to people’s rising awareness regarding social distancing and the increasing adoption of remote working policies. Moreover, restrictions on public gatherings along with travel bans in several countries are likely to limit the growth of the storage tanks market over the forecast timeframe. The global demand for storage tanks has declined severely owing to the slowdown in the oil & gas, chemical, water, and food & beverage sectors during the pandemic. The increased focus on personal care and hygiene is also likely to affect the future demand for industrial automation and equipment, including storage tanks required for manufacturing applications. Thus, there is uncertainty regarding the future growth of the storage tanks market.
Quarter-Wise Industrial Production and Sales