Impact of COVID-19 on the Global Thermoelectric Generators Market
The COVID-19 outbreak has negatively affected the global economy as the operations of various sectors have come to a standstill. Some of the major industries using thermoelectric generators include automotive, oil & gas, healthcare, consumer electronics, manufacturing, marine, and aerospace & defense. In the power generation industry, companies are dealing with several challenges due to a decline in demand for electricity amid COVID-19. Furthermore, industries such as consumer electronics and manufacturing have stopped operations completely, which has drastically impacted the thermoelectric generators market globally. Most companies in the thermoelectric generators supply chain have seized operations to ensure the safety of employees. However, some companies are operating at minimum capacity to support essential industries, such as power generation and manufacturing. Additionally, the automotive sector has witnessed a substantial decline in demand due to the lockdowns imposed in various nations.
FIGURE: DECLINE IN DEMAND FOR AUTOMOBILES IN MAJOR ECONOMIES SINCE THE LOCKDOWN
Furthermore, the revenue generation for numerous manufacturing companies across the globe has declined due to the reduced demand for manufactured goods. Manufacturing companies across the globe have shut down operations and are facing numerous difficulties in restarting business operations. Some of the common difficulties faced by manufacturing companies across the globe include disruptions in the supply chain, low revenue generation due to low sales, inability to operate at 100% due to social distancing norms, and lack of human resources. The decline in demand for manufactured goods and consumer electronics has directly impacted the demand for thermoelectric generators. However, as economies are planning to resume business to increase revenue generation gradually, the demand for thermoelectric generators is expected to resume its average growth rate by early 2021.
Source: Primary Experts, Secondary Sources and MRFR Analysis
Source: Secondary Sources