After a decade of fragmentation, the top five global turbine OEMs are strengthening their hold on the industry. By 2028, they are expected to control three quarters of the sector. The leading three western turbine OEMs will increase their market share from 47% - or 32GW - in 2019 to more than 60% - or 48GW - by 2028, according to new research from Wood Mackenzie.
Vestas, Siemens Gamesa (SGRE) and GE will draw upon strategic relationships with major asset owners to execute large-scale projects while also investing in new products and technologies. Vestas will see its market share elevated to an average of 20% over the next five years.
SGRE will surpass 100GW of cumulative installed capacity by the end of 2019, becoming the second turbine OEM after Vestas to reach this milestone. Vestas reinforces its leading position by being the first turbine OEM to install more than 10GW of annual capacity during 2019. Vestas, SGRE, GE and Goldwind will each install around 10GW in 2020 due to surge in US and China market activity. Goldwind’s leading position in China, combined with large projects in Australia and Canada, will see the company take the number two spot for the very first time in 2020.
Ten of the top 15 turbine OEMs in 2020 will be Chinese, capitalising on a domestic demand surge. Feed-in-tariff (FiT) phase-out in China is expected to trigger a surge in order volume to a combined 56GW in 2019 and 2020.
