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February 15, 2019

Vestas leads 2018 onshore wind turbine installation: Report

Danish wind energy company Vestas is the leading onshore wind turbine company in the world in terms of installed capacity

By Jack Unwin

Danish wind energy company Vestas is the leading onshore wind turbine company in the world in terms of installed capacity, according to research group Bloomberg NEF (BNEF).

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Wind Power Market seeing increased risk and disruption

The wind power market has grown at a CAGR of 14% between 2010 and 2021 to reach 830 GW by end of 2021. This has largely been possible due to favourable government policies that have provided incentives to the sector. This has led to an increase in the share of wind in the capacity mix, going from a miniscule 4% in 2010 to 10% in 2021. This is further set to rise to 15% by 2030. However, the recent commodity price increase has hit the sector hard, increasing risks for wind turbine manufacturers and project developers, and the Russia-Ukraine crisis has caused further price increase and supply chain disruption. In light of this, GlobalData has identified which countries are expected to add the majority of wind power capacity out to 2030. Get ahead and download this whitepaper for more details on the current state of the Wind Power Market.
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In 2018, 45GW of onshore wind turbines was installed worldwide, representing a 3% decline on the 47GW installed in 2017. Of this, Vestas installed 10.1GW, or 22% of the market share.

BNEF found that four manufacturers accounted for 57% of wind turbines deployed in the world; Vestas, China’s Goldwind, US-based GE Renewable Energy and Spanish company Siemens Gamesa.

Goldwind went from third to second place, installing 6.7GW. Most of this was installed in China, with only 5% installed in the rest of the world. GE Renewable Energy was third with 5GW installed, of which 60% was in the US. Siemens Gamesa went from second to fourth place, with 4.1GW commissioned in 2018.

Vestas said: “Together with our 2018 results, this proves our strategy is working […] we continue to lead the industry on key parameters such as sales, profitability and technology.”

BNEF head of wind research David Hostert said: “Last year was a bit of mixed picture in terms of global onshore wind installations, with only 45.5GW installed. Still, add to that 4.3GW offshore wind and 2018 ended slightly lower than 2017. Now it is the time for manufacturers to buckle up for two stormy years ahead: we predict demand for around 60GW of onshore capacity in both 2019 and 2020 with increases in all regions.

“However, a lot of this impressive-sounding volume rides on extremely competitive pricing, add-on products and services, and new financing models. This will be tough to deliver for the big four, let alone the smaller turbine makers.”

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Free Report
img

Wind Power Market seeing increased risk and disruption

The wind power market has grown at a CAGR of 14% between 2010 and 2021 to reach 830 GW by end of 2021. This has largely been possible due to favourable government policies that have provided incentives to the sector. This has led to an increase in the share of wind in the capacity mix, going from a miniscule 4% in 2010 to 10% in 2021. This is further set to rise to 15% by 2030. However, the recent commodity price increase has hit the sector hard, increasing risks for wind turbine manufacturers and project developers, and the Russia-Ukraine crisis has caused further price increase and supply chain disruption. In light of this, GlobalData has identified which countries are expected to add the majority of wind power capacity out to 2030. Get ahead and download this whitepaper for more details on the current state of the Wind Power Market.
by GlobalData
Enter your details here to receive your free Report.

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