Impact of COVID-19 on the Global Superconductor Wire Market
The spread of the COVID-19 pandemic has affected the global industrial scenario considerably. In March 2020, the announcement of coronavirus as a pandemic has resulted in strict lockdowns being implemented in numerous countries across the globe. Multiple government organizations have imposed stringent restrictions compelling the industry players to allow their employees to work remotely. The implementation of technologies, including advanced electronics and automated machinery during the pandemic, has not only ensured the continuity of businesses but has also resulted in enhanced work productivity, which has supported the superconductor wires market in coping with the increasing pressure due to the COVID-19 pandemic.
ELECTRICITY GENERATION, 2010-2018 (TWh)
Future investments in the energy and power generation sectors are expected to provide growth opportunities for the global superconductor wires market. The demand for these products has declined temporarily during recent months, owing to the shutting down of businesses globally. However, the demand for superconductor wires is anticipated to recover in the coming months and grow significantly over the forecast timeframe. The fluctuating supply and prices of raw materials have also affected the growth of the superconductor wires 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 the manufacturing facilities. There is a high probability that the COVID-19 outbreak will have a long-term effect on consumer preferences and lifestyles. China is a prominent supplier of raw materials used in the manufacturing sector. However, the high cost of machinery is a factor that is hampering the growth of the superconductor wires market. The Asia-Pacific market is expected to recover in the post-lockdown period, with countries including China, India, Japan, 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