The top 10 wind turbine manufacturers continue to dominate the global wind energy market in 2020 due to their significant wind power capacity installations over the recent years. According to the The latest data from BloombergNEF (BNEF), Denmark based wind turbine company Vestas remained the world’s largest wind turbine manufacturer and supplier in 2020, thanks to its wide geographic diversification strategy and strong performance in the U.S. market. Other top 10 wind turbine manufacturers in the world include Siemens Gamesa, Goldwind, GE, Envision, MingYang, Windey, Nordex Group, Shanghai Electric and CSIC. Together, these top 10 world’s largest wind turbine companies account for over 75% of the total global installed capacity every year, and their industrial dominance is expected to continue over the future.
This industry fact sheet is to assist industry professionals, investors, and people in general that are interested in gaining insights into the global turbine industry including:
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Source: Global Wind Energy Council
Wind power is currently one of the fastest-growing renewable energy segments in the world. Since wind is one of the most abundantly available and cost-effective energy resources, wind energy has been widely used as an alternative source to the fossil fuels, to generate electricity around the world. According to a recent market report obtained by BizVibe, the global wind turbine market size was valued at around $100 billion in 2019, and it is expected to reach $134.6 billion by 2023, representing a strong CAGR of 7.2% during the forecast period. A major boost in the investment is expected due to an increase in the capacity of installations, led by countries such as China, which is also the world’s largest wind energy market by capacity. Other major wind energy and wind turbine markets include the US, Germany, India, France and the UK.
Currently, Asia-Pacific is the largest wind turbine market in terms of cumulative installed wind power capacity with nearly 50% share in 2019, followed by Europe and North America with a share of 33% and 20%, respectively. South and Central America and the Middle East and Africa had small shares of less than 3% each in the same year. China nowadays represents over 43% of world’s total wind energy capacity, with the addition of over 20GW per annual. The US had the second-largest annual installed capacity after China with a share of 15% in 2019. Here is a comprehensive look at our wind turbine companies list, breaking down the top companies based on their installed capacities.
Total Capacity (Gigawatts)
The Danish wind turbine manufacturer Vestas is currently the world’s largest wind turbine maker, representing over 16% of the world wind turbine market. The company was founded in 1898 and is headquartered in Aarhus, Denmark. So far, Vestas has installed over 60,000 turbines, which has a total joint capacity of 82 GW, across 76 countries. It has manufacturing facilities in North and Latin America, Europe and Asia.
Siemens Gamesa, the latest merger between Siemens Wind Power and Gamesa, ranked second in the world’s top 10 wind turbine manufacturers list in 2020, primarily due to its strong position in the offshore sector in India and improved position in the United States. Siemens Gamesa is currently the global leader in the offshore wind market. Over the past year, the company commissioned almost two gigawatts in the U.K. alone, including the 1.2GW Hornsea Project One.
Chinese wind turbine supplier Goldwind remains the third largest in the world of 2020. As China continues to be the world’s largest wind energy market and number one wind turbine installer, Goldwind is significantly benefited by this soaring demand, making it the largest wind turbine manufacturer in China. By late 2019, Goldwind has installed a total capacity of over 50GW wind turbines in more than 20 major countries around the world.
With over 25,000 wind turbines installed globally, GE is one of the world’s leading wind turbine suppliers. Its portfolio of turbines features rated capacities from 1.7 MW to 4.8 MW (Onshore) and 6 MW to 12 MW (Offshore). However, GE fell two positions to become world’s 4th largest wind turbine maker in 2020, particularly due to the loss in its home market, where Vestas overtook it as the No. 1 supplier for the past few years.
Envision Energy, based in Shanghai, China, is one of the world’s largest wind turbine manufacturers, it also provides energy management software, and energy technology services. The company has installed over 2400 wind turbines globally and its software that is used in over 6,000 wind turbines in North America, Europe, Latin America and China.
MingYang Wind Power Group is the largest private wind turbine company in China and one of the largest wind turbine manufacturers in the world. The company is mainly engaged in the wind energy and solar energy sectors, ranking the 37th among the World Top 500 New Energy Enterprises and the 1st in offshore wind innovation. In early 2020, MingYang Smart Energy has revealed plans to develop a 10 MW typhoon-resistant floating wind turbine, the project is valued at CNY 2.5 billion.
Windey Co., Ltd is one of the oldest and largest wind turbine manufacturers in China. Its headquarters and R&D centre are seated in Hangzhou, with other three production bases across China. Its products are mainly 1.5 MW, 2.XMW and 3.XMW wind turbines. As of 2020, Windey has more than 1,200 employees, including over 500 technical research & development personnel. It also has over 6,200 sets of wind turbines installed worldwide.
Nordex is a European company that designs, sells and manufactures wind turbines globally. The company was founded in 1985 in Give, Denmark, and is now headquartered in Rostock, Germany, while management is located in Hamburg. Production takes place in Rostock as well as in China. In 1995 Nordex was the first company in the world to mass-produce a 1 MW wind turbine. Today, it operates its business in over 25 countries around the world with more than 5,400 employees.
Shanghai Electric is a Chinese multinational power generation and electrical equipment manufacturing company headquartered in Shanghai. The Company produces and sells thermal generator set, nuclear power units, wind power equipment, power transmission and distribution equipment, and other products. In early 2020, Shanghai Electric installed an 8MW wind turbine at its Shantou Intelligent Manufacturing Base in Guangdong Province, marking the largest unit ever installed in China.
CSIC (China Shipbuilding Industry Corp) Group is a leading Chinese state-owned machinery manufacturing group. Its wind power division HZ Wind operates a complete supply chain in wind power sector including components manufacturing, Wind turbine R&D and manufacturing, Offshore wind project construction and installation, offshore transmission line installation. HZ Wind has total capacity of over 9GW and 1000+ employees globally.
As wind power continues to be one of the most commonly used renewable energy sources in the global market, these top 10 wind turbine suppliers are expected to further strengthen their market dominance by intensively investing on R&D in terms of product innovation, efficiency, and management software etc. It is forecast that the global additions of new wind power capacity for the are estimated at 689 GW over the next 10 years, which will bring cumulative installations to 1,160 GW by the end of 2027 – up from today’s 651 GW – meaning that the demand for wind turbines will be higher than ever. Therefore, the future of world’s top 10 wind turbine manufacturers looks very promising with strong opportunities for growth in the next few years.
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