What is Market outlook

The breakout of the Covid-19 toward the end of 2019 sent shockwaves across the world. To prevent the spread of the disease and save lives, many countries have resorted to observing country-wide lockdowns, damaging the normalcy of their economy. As a result, the world economy lost trillions of dollars during this period. The renewable energy sector, too, was not spared from being affected by the pandemic. An amalgamation of the effects of the pandemic on the global economy and fluctuating oil prices resulting from country-wide lockdowns across the world further triggered its impact on the renewable energy industry. This chapter highlights the challenges that the energy sector has experienced due to the pandemic in terms of raw material availability, supply chain, market uncertainty, employment, and energy security.