ID: MRFR/E&P/1863-HCR | October 2022 | Region: Global | 111 pages
Impact of COVID-19 on the Global Temporary Power Market
The COVID-19 outbreak has crippled the global economy since many sectors have been affected by the current circumstances, and business operations have come to a standstill. Market players face a lot of challenges due to fluctuating raw material prices in the temporary power industry. Due to the COVID-19 outbreak and the containment measures being taken globally, travel has almost come to a halt, which has resulted in changing product and service requirements. These changes are likely to affect the power generation industry, and in turn, the global temporary power market over the forecast period. The spread of COVID-19 has not only caused the loss of human lives but has also triggered a global economic recession. The partial or complete lockdowns in various countries have indirectly or directly impacted several industries, causing disruptions in vendor operations, supply chains, and product commercialization, among other activities.
Global Investment in Energy (2017-2020)
Due to the COVID-19 pandemic, both the demand and the supply for temporary power products and services have been impacted. The fluctuating supply and prices of raw materials have also affected the growth of the temporary power market. Furthermore, in March 2020, the World Health Organization (WHO) declared the COVID-19 outbreak as a global pandemic, resulting in several countries imposing lockdowns. There is a high probability that the COVID-19 outbreak will have long-term effects on consumers' lifestyles and buying behavior. The outbreak of COVID-19 has caused the temporary closure of manufacturing plants. China is the most prominent supplier of raw materials used in the global temporary power industry. However, the high cost of machinery is a factor that is hampering the growth of the temporary power market. The Asia-Pacific market is expected to recover in the post-lockdown period, with countries including Japan, India, and South Korea witnessing lucrative opportunities to recover from the losses sustained during the COVID-19 pandemic.
Source: Primary Experts, Secondary Sources, and MRFR Analysis