Global wind turbine OEM 2019 market share

Consolidation intensifies as the top five turbine OEMs increased their combined market share

Wood Mackenzie's Global wind turbine OEM market share analyses the dynamic forces affecting changes in global turbine OEM market share as well as the leading turbine OEMs in major wind markets, including both onshore and offshore.

What are the key findings?

China’s Big Three (Goldwind, Envision and MingYang) recorded the highest ever installs in 2019, challenging the West’s Big Three (Vestas, GE, and SGRE), who also all registered record installations last year. Supply constraints for the Chinese Big Three enabled tier-II Chinese OEMs such as Windey and CRRC to make a surprise splash into the global top 10 and 15 rankings respectively for the first time. This trend of growth of tier II Chinese OEMs bodes well with Wood Mackenzie projections from 2019-H2 global wind turbine market share forecasts report published in Oct’19.

Western Turbine OEMs reinforce and grow global dominance

Vestas became the first wind turbine manufacturer to install more than 10 GW of wind capacity in a single year (2019), the Danish OEM grid-connected 11.3GW, up 1.5GW YoY with installs in over 35 markets, while the Americas contributed more than 50% for the first time, driven by the US, Mexico and Argentina. SGRE climbed to the second position, dominating the 1.9GW UK offshore market and achieving over 1GW of onshore installs in the US and Spain. SGRE becomes the second turbine OEM to surpass 100GW of cumulative installations globally after Vestas breaching this mark in 2018. GE grew global dominance by connecting projects in 24 markets, with first-ever installs in five markets (Greece, Oman, Jordan, Kazakhstan and Chile) reaching 8.7GW, a 60% increase YoY

High reliance on Enercon’s German home market and higher technology costs slowed the company’s growth, exacerbating financial difficulties reduced market share with 1.6GW of global capacity, a decline by 1.2GW YoY . Despite the lower activity in 2019, Enercon leveraged the latest generation cost-effective EP3 series (>15% of total installs) across AMER, EMEARC and APeC markets, showing signs of future recovery. Nordex’ installations declined by a modest 140MW compared to 2018 reaching 2.5GW globally, due to lower activity in the Americas and no installations in APAC. This was partly offset by increased installs in EMEARC, particularly in Finland, with first series commissioning of Delta4000 turbines. This platform will reinvigorate future success for Nordex, which already has 40% of the order backlog.

Smaller players face challenges as global markets transition towards auction mechanisms

Smaller regional players, including Senvion, Suzlon, INOX, XEMC and WEG, lost market share in 2019 due to challenging market conditions and financial difficulties. Senvion installation activity totalled with 1.1GW of capacity, up 400MW from 2018 after commissioning large projects in Chile and Australia. Suzlon commissioned 0.4GW in India declining more than 50% YoY, while INOX commissioned meagre 250MW as the Indian market has transitioned to auction systems, grid connection and land procurement challenges slowed down the project commissioning activity.

Chinese OEMs exports increase, but still mostly dependent on domestic market

Despite eight Chinese OEMs ranking among the top 15 globally, only 0.6GW was exported, showing China’s significant dependence on the domestic market. Goldwind became the first company to surpass 50GW of cumulative capacity in APAC with 99% of its capacity in China, including projects it self-developed 4.4GW. Goldwind triumphed on the broad product portfolio of GW 2S and GW 2.5S catering to low-wind and ultra-low wind speed regimes, contributing to more than 85% of its 8+GW installed capacity. Envision pioneered the low-wind speed 3.XMW segment in China, capturing 40% share in this segment; and its own development assets of 0.4GW provided additional sales channel to installations. MingYang grew market share by nearly three percentage points – doubling installations in China to 4.4GW, including record offshore activity (over 500MW) driven by projects in Guangdong

Envision exported turbines to four countries with exports to three (India, Argentina and France) of them for the first time. Goldwind exported modest 60+MW while gearing up for record exports in 2020.

Turbine OEMs leveraging offshore growth to increase global share

SGRE recorded highest offshore grid-connected capacity with 2.5+GW representing a quarter of its global capacity, driven mainly from success of 2nd generation offshore turbine SWT-7.0-154. Despite a record 1GW of capacity on V164 turbine, MHI Vestas’ market share declined marginally due to an increase in global demand. As the Chinese offshore market gain traction, turbine OEMs competition intensifies. Chinese OEMs challenge SEwind’s offshore market leadership. For the third consecutive year, SEwind installed more offshore capacity than onshore. Its offshore leadership position is primarily attributed to technology licensing from SGRE - geared SWT-4.0-130 and Direct Drive SWT-6.0/7.0-154 turbines. Envision installed 700MW with 97% of the capacity in Jiangsu province and the ventured into a new province Zhejiang for the remaining capacity. Goldwind managed to successfully position the 6.XMW platform with first commercial installations on GW171/6X00 and GW154/6X00 turbines.

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