According to the International Renewable Energy Agency (IRENA), the costs of onshore wind power and utility-scale solar PV fell by around 23% and 73%, respectively, between 2010 and 2017, down to US$6c/kWh for wind (with wind projects now routinely commissioned at US$4c/kWh) and US$10c/kWh for solar. Wind and solar projects are now competitive with thermal power generation, whose costs are higher and range between US$5c/kWh and US$17c/kWh. With every doubling of cumulative installed capacity for onshore wind, investment costs decline by 9%, while the resulting electricity becomes 15% cheaper. In developed countries, solar power has become cheaper than new nuclear power.
Renewable costs have fallen thanks to three main drivers. Renewable technologies have improved since 2010, with more efficient manufacturing and reduced installed costs. Moreover, project developers have gained experience. Finally, competitive procurement is becoming more common, with record low auction prices for solar PV in Dubai, Mexico, Peru, Chile, Abu Dhabi and Saudi Arabia and for wind power in Brazil, Canada, Germany, India, Mexico and Morocco: wind and solar projects are now offering prices as low as US$3c/kWh.
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Tyre market in Bangladesh is forecasted to grow at over 9% until 2020 on the back of growth in automobile sales, advancements in public infrastructure, and development-seeking government policies.
The government has emphasized on the road infrastructure of the country, which has been instrumental in driving vehicle sales in the country.
The tyre market reached Tk 4,750 crore last year, up from about Tk 4,000 crore in 2017, according to market insiders.
The commercial vehicle tyre segment dominates this industry with around 80% of the market share. At least 1.5 lakh pieces of tyres in the segment were sold in 2018.
In the commercial vehicle tyre segment, the MRF's market share is 30%. Apollo controls 5% of the segment, Birla 10%, CEAT 3%, and Hankook 1%. The rest 51% is controlled by non-branded Chinese tyres.
However, Bangladesh mostly lacks in tyre manufacturing setups, which leads to tyre imports from other countries as the only feasible option to meet the demand. The company largely imports tyre from China, India, Indonesia, Thailand and Japan.
Automobile and tyre sales in Bangladesh are expected to grow with the rising in purchasing power of people as well as growing investments and joint ventures of foreign market players. The country might become the exporting destination for global tyre manufacturers.
Several global tyre giants have also expressed interest in making significant investments by setting up their manufacturing units in the country.
This reflects an opportunity for local companies to set up an indigenous manufacturing base in Bangladesh and also enables foreign players to set up their localized production facilities to capture a significant market.
It can be said that, the rise in automobile sales, improvement in public infrastructure, and growth in purchasing power to drive the tyre market over the next five years.
Headline crude prices for the week beginning 14 January 2019 – Brent: US$61/b; WTI: US$51/b
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GEO ExPro Vol. 15, No. 6 was published on 10th December 2018 bringing light to the latest science and technology activity in the global geoscience community within the oil, gas and energy sector.
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