ID: MRFR/IA - E/2789-CR | February 2020 | Region: Global | 118 pages
Impact of COVID-19 on the Water Electrolysis 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 water electrolysis market over the forecast period. Moreover, the announcement of COVID-19 as a global pandemic has resulted in lockdowns being imposed in several countries worldwide, which has also led to the closing of international borders and the 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, and water electrolysis products & services are no exception. There is a high possibility that the COVID-19 pandemic will have long-term effects on the consumers’ standard of living and preferences.
The pandemic may also result in reduced 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 and travel bans in several countries are likely to limit the growth of the water electrolysis market over the forecast timeframe. The global demand for water electrolysis products & services has declined severely owing to the slowdown in the electronics & semiconductors, chemicals, power plants, pharmaceuticals, and petroleum 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 water electrolysis products & services. According to the MRFR analysis, there is uncertainty regarding the growth of the water electrolysis market. However, the market is expected to stabilize by Q4 2020.