By 2029, the world's three major wind turbine manufacturers will account for 60% of the global market

According to the latest research by Wood Mackenzie, the top three wind turbine producers, namely Vestas, Siemens Gamesa and General Electric, will increase their total global market share from 43% in 2019 to 60%
by 2029.

Following Enercon's financial problems and its expected turnaround by 2023, Nordex has emerged as a strong competitor in global markets other than China
.

Wood McKenzie said the scale of global operations, onshore and offshore wind business, large balance sheet, proximity to the largest asset owners and financial strength will prove beneficial to leading Western turbine OEMs and help consolidate global market share
outside China.

Turbine OEMs in Western countries are expected to have a combined market share of more than 10 percent in the Chinese market this year, the highest level in the past decade, as the Chinese government ends feed-in tariffs (FIT).

The subsidy phase-out in the Chinese market has triggered a recent spike in the market, and the market share of secondary market participants has climbed
significantly.
China's goal of achieving carbon neutrality by 2060 is likely to attract new players
due to a significant increase in demand.

Shashi Barla, principal analyst at Wood Mackenzie, said: "Some companies will target the offshore market with turbines above 10 MW, while mainstream companies are looking to leverage 5-7MW turbine technology to enhance their share
.
”

Vestas currently tops the global rankings, but will face stiff competition
in the coming years due to Siemens Gamesa's aggressive expansion in overseas markets.
Barla added: "Siemens Gamesa will improve to the number one in the world around 2025 and maintain that position until 2030
.
”

The world's eight largest wind turbine OEMs will more than
double their cumulative installations between 2020 and 2030.
According to Wood Mackenzie's analysis, by 2029, Vestas and Siemens Gamesa will exceed 200GW, while GE will be 12GW
below that figure.
In addition, Goldwind will be the only Chinese OEM
to break through the 100GW mark by 2029.

Siemens Gamesa strengthened its market leadership in 2020 with more than 15GW of operational projects and more than 17GW of pending projects
.
The equalization of energy costs (LCOE) goal forces many turbine OEMs to pursue turbines
above 15 MW.

The joint venture MHI Vestas is expected to accelerate much-needed investment
in the next generation of 15MW turbines.
These technologies will increase Vestas' offshore wind farm market share beyond 2025 and reduce costs
.
GE will continue to wait for mass production of the Haliade X in 2021 for delivery to customers
starting in 2022.

In China, despite increased competition from other OEMs, Shanghai Electric Wind Power Equipment Company and Mingyang Smart Energy are expected to consolidate China's offshore wind market with a total market
share of 60% over the next decade.