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Vestas No Longer Leader in Wind Turbine Market

GE (NYSE: GE) Takes its Place

Written by Swagato Chakravorty
Posted February 12, 2013 at 4:47PM

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.

Bloomberg reports:

“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.


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