Vestas, SGRE, GE to boost global market share to 60% by 2029 - WoodMac

Siemens Gamesa SG 14-222 DD offshore wind turbine. Image by Siemens Gamesa (www.siemensgamesa.com)

December 4 (Renewables Now) - The world’s largest wind turbine OEMs -- Vestas Wind Systems A/S (CPH:VWS), Siemens Gamesa Renewable Energy SA (BME:SGRE) and GE Renewable Energy -- are seen to increase their combined global market share by the end of the decade, according to market researcher Wood Mackenzie.

The trio is set to hold 60% market share by 2029 from 43% in 2019, with Siemens Gamesa dethroning Vestas as the top installer by 2025, the position it will keep through the end of the decade, WoodMac principal analyst Shashi Barla said.

Vestas and Siemens Gamesa will lead the markets with over 200 GW of installations by 2029, trailed by GE, which is expected to install 12 GW less, WoodMac analysts forecast.

At the same time, German manufacturer Nordex SE (ETR:NDX1) will take the fourth spot in global markets excluding China as its compatriot Enercon GmbH deals with financial troubles.

Xinjiang Goldwind Science&Technology (SHE:002202), sitting on the fourth spot in the 2019 ranking, will be the only Chinese turbine maker to cross the 100 GW mark by 2029.

In the country ranking, China will tower over other markets with 253.9 GW of installed wind power capacity between 2020 and 2029, followed by the US with 96.3 GW and India with 57.2 GW, WoodMac estimates.

Join Renewables Now's free daily newsletter now!

More stories to explore
Share this story
Tags
 
About the author

Sladjana has significant experience as a Spain-focused business news reporter and is now diving deeper into the global renewable energy industry. She is the person to seek if you need information about Latin American renewables and the Spanish market.

More articles by the author
5 / 5 free articles left this month
Get 5 more for free Sign up for Basic subscription
Get full access Sign up for Premium subscription
\