The sentence is correct. Usually you see this on a website when something isn’t working or when something has been removed. Whenever I see that, though, I question its sincerity.

I want know this sentence is correct or not.

'We apologize* for any incovenience this may cause you and thank you for your understanding'

*="Apologize" is US english. I would spell it with an s "Apologise"

Yes. That's good english. It is very formal. It's the kind of thing a company might send out if they had to cancel a show or a delivery. They know this will cause invonvenience to their customers so they are apologising for that without being specific. They hope their customers will understand that this is unavoidable and so they are thanking them for that understanding. The aim is to offer a blanket apology without encouraging the customer to contact them and without getting into any detail about the kinds of inconvenience that might be caused - such as a financial loss, cancelled plans and so on.