Vestas No Longer Leader in Wind Turbine Market
GE (NYSE: GE) Takes its Place
In 2012, General Electric Co. (NYSE: GE) regained leadership of the world’s wind turbine market, toppling Vestas Wind Systems A/S (CPH: VWS) off the top spot after almost 12 years.
Other companies also experienced shifts according to Bloomberg, with Siemens AG (NYSE: SI) going into third place (up from ninth), Enercon GmbH going up one place from fifth to fourth, and Suzlon Energy Ltd. (NSE: SUZLON) also rising one place from sixth to fifth. The data was compiled by Navigant Consulting Inc.’s BTM Consulting unit, and a final report is expected sometime in March.
Back in 2000, Denmark’s Vestas won the top spot by overtaking rival NEG Micon A/S, which Vestas later acquired. However, just last week Vestas reported a second annual loss. It has reduced its workforce by 30 percent.
“It’s been part of their identity at Vestas that they’re the biggest in the world,” said Jacob Pedersen, an analyst at Sydbank A/S in Aabenraa, Denmark. “From a Vestas point of view I would fear Siemens a lot more than GE. Siemens is more global in their reach. GE is extremely dependent on the U.S. market.”
The wind turbine company’s shares are down about a third over the past year, though today they closed up 3.4% in Copenhagen.