info@marketresearchfuture.com   📞 +1 (855) 661-4441(US)   📞 +44 1720 412 167(UK)   📞 +91 2269738890(APAC)

Copper Demands Decline Due to Cancelation of Wind Energy Projects

By Shubhendra Anand , 13 February, 2024

The clean energy transformation leads to a surge in wind energy production. The clean energy transition is expected to be achieved by 2050. Therefore, wind energy continues to acquire more funds for the production and research facilities to develop renewable energy in 2023. Floating offshore production of wind energy requires more technical infrastructure for commercial distribution. However, offshore wind project cancellations give rise to concerns regarding copper demands in 2023.

The copper industry sees an increasing demand in 2023 after offshore wind cancels the wind projects in 2023. The copper prices have increased up to 2 percent in October 2023 resulting in rise in copper prices to highest levels in the industry since September. The copper industry faced a decline in the Copper Monthly Metals Index (MMI) in November; the copper prices fell by 0.59 percent from October to November 2023. The copper demand also affected the electric vehicle sales in 2023. Electric vehicle sales keep rising, but the growth pace started showing signs of exhaustion. The decline in market sales of electric vehicles and wind energy project cancellations led to lesser demand for copper in the industry. Electric vehicle sales affected copper demands as they require four times more copper than conventional engine vehicles.
 
Experts believe copper market dynamics are affected due to the fluctuating copper demands in 2023. The copper market sees minimal need, while the issue of oversupplying copper persists in the renewable energy sectors. The renewable industry sees significant setbacks in 2023 due to a lack of infrastructure for wind energy production, increasing copper prices. Major wind energy projects are canceled due to supply chain disruptions, higher interest rates, and tax-related problems in 2023. These fluctuating market conditions are the main reasons behind the decline in copper demand.
 

        Decline in Coopper MMI Results in 0.59 Percent from October to November 2023

COPPER-DEMAND.jpg

Latest News

Overview.png
Africa Off-Grid Solar Solutions Rural Electrification Market Sees Surge in Investment and Innovation in 2025

In 2025, Africa is witnessing significant transformation in the off-grid solar drive rural electrification. With a fast-growing population, and steady expansion of commercial sectors, the demand for clean and affordable energy solutions has been…

Read More

India-MedTech-Market-in-2025.jpg
Policy Shifts and Economic Impact on India MedTech Market in 2025

The India MedTech market in 2025 is set for profound shifts owing to new regulations as well as the increased focus on domestic manufacturing. With the post-pandemic healthcare needs soaring, the government's policy spending in 2025 aims to turn…

Read More

Indian-Fermented-Drinks-Market-in-2025.jpg
Health Trends and Innovations are Set to Drive the Indian Fermented Drinks Market in 2025

The market for fermented beverages in urban areas of India is expected to grow tremendously by the end of 2025. This increase is attributed to the growing interest in health and wellness, shifting towards more functional drinks, and fermented…

Read More

New-Tax-Credit-Boosts-U.S.-Wind-Energy-Projects-in-2025.jpg
Policy Pulse New Tax Credit Boosts US Wind Energy Projects in 2025

In 2025, the United States (U.S.) Energy and Power (EnP) market is seeing renewed momentum as a new federal tax credit for wind energy projects takes effect under the Inflation Reduction Act (IRA) expansion. The revised Production Tax Credit (PTC)…

Read More

s-Impact-on-Product-Transparency.jpg
Inside 2025’s Clean Label Surge: Gen Z’s Impact on Product Transparency

The year 2025 in the clean label market is undergoing a major shift spurred by ever-increasing Gen Z clean-label product demand. This generation is known for focusing on health, sustainability, and transparency of the ingredients, and it is a…

Read More

Author Pic
Shubhendra Anand

Head Research