Record Year for the Global Top 10 Turbine OEMs
February 22 2015 - 7:01PM
FTI Consulting, Inc. (NYSE:FCN), the global business advisory firm
dedicated to helping organisations protect and enhance their
enterprise value, today released FTI Intelligence's preliminary
rankings for the world's top five wind turbine original equipment
manufacturers ("OEMs"). These rankings are to be published in the
Global Wind Market Update ― Demand & Supply 2014, which will be
officially released in March 2015. The report is authored by
members of the FTI-CL Energy practice, a cross-practice team of
energy experts from both FTI Consulting and its subsidiary, Compass
Lexecon. Preliminary results are subject to change between now and
the release date of the actual report.
Vestas holds the top spot in the preliminary rankings as the
leading turbine OEM. Siemens is at second place for 2014. At this
time, FTI Intelligence assigns the following OEM market
rankings.
2014 Ranking |
Turbine OEM |
Change |
Commentary |
1 |
Vestas* |
-- |
Remains in lead for second year
running |
2 |
Siemens* |
+2 |
Up from 4th position in 2013 |
3 |
Goldwind** |
-1 |
Down from 2nd position in
2013 |
4 |
GE* |
+1 |
Up from 5th position in 2013 |
5 |
Enercon* |
-2 |
Down from 3rd position in 2013 |
* Based on preliminary data
analysis |
**Based on preliminary data released by
CWEA |
|
|
|
|
Preliminary Rankings Highlights from 2014:
- All top 10 turbine OEMs break individual installation records
in 2014, in what was the highest installation year for the wind
industry.
- Vestas holds the #1 position, with a significant margin over
competition.
- Siemens had a record breaking year for its onshore
business.
- Goldwind holds the #3 position behind Siemens, but remains the
largest turbine OEM in Asia.
- In 2014, GE nearly doubled installations and now holds the #4
position.
- Despite another strong year with respect to installs for
Enercon, other OEMs outperformed on the international arena, and
Enercon holds the #5 position.
- Gamesa remains out of the top five despite a healthy uplift in
its business after a challenging domestic market.
- Suzlon Group relied on the growth of its home market and
Senvion`s strong performance in Germany to attain a position of
#6.
- Nordex is not in the top 10 despite another strong performance
in its core markets that saw an uplift of nearly 20 percent in its
business.
- Two Chinese companies: United Power and Mingyang are in the top
10. Albeit, Sinovel dropped out of the top 15 in 2014, as a rising
star Envision moved into the top 10 for the first time.
Preliminary Findings in the Global Wind Market Update –
Demand & Supply 2014:
- Global wind capacity bounced back with more than 50GW in 2014,
over 40 percent growth on 2013. This was mainly driven by a record
breaking growth in China, Germany and Brazil.
- The interim offshore wind feed-in tariff ("FiT") released in
China in June 2014 provided the guideline for projects commissioned
before 2017, but concerns about the proposed reduction of the
country's onshore wind FiT by the end of June 2015 created a market
rush.
- In October, EU leaders committed to reduce greenhouse gas
emissions by at least 40 percent by 2030, increasing energy
efficiency and renewables by at least 27 percent, lower than the
earlier goal of 30 percent that is not legally binding at the
national level.
- President Barack Obama and Xi Jinping signed an agreement to
combat climate change by cutting carbon emissions. The U.S. pledge
to cut carbon pollution to 26-28 percent below 2005 levels by 2024,
and Chinese pledge that 20 percent of its energy will come from
low-carbon source by 2030, bring climate change back higher on the
public and political agenda.
- In December, the U.S. Senate approved an extension for the
Production Tax Credit ("PTC") for wind through the end of 2014,
leaving little time to boost new project development. The U.S. wind
market may collapse again in 2016 if the PTC is not renewed early
in 2015.
- At a broader policy level, the wind industry continues to see a
transition away from fixed FiTs and towards more market-reflective
support mechanisms in 2014. The latest revision of the renewable
energy legislation in Germany and Poland are a few key
examples.
- Low wholesale electricity prices, prompted by overcapacity in
generation and sluggish demand across the continent, have forced a
number of European-based utilities to cut back offshore plans in
2014. Divesting stakes in onshore and offshore wind projects have
enabled capital to be "recycled" and has become a mainstream
strategy.
- In search of low cost capital, the wind industry has seen a
steady drumbeat of yieldco initial public offerings from major wind
farm operators on both sides of the Atlantic. Several large deals
in 2014 reflect the growing dominance of yieldcos in the M&A
market.
- Consolidation among turbine manufacturers has been a strong
feature in 2014. Following the offshore wind joint venture signed
between Vestas and Mitsubishi, Gamesa and Areva signed binding
agreements for the creation of a joint venture in the offshore
section in July 2014. In November, the French government approved
the proposed take-over of Alstom's power division by GE, which
brings GE back to the offshore wind sector.
- The global wind industry has become leaner and more flexible to
change, having seen the shake out of a quarter of businesses from
the wind market and OEMs focusing on platform based turbine
development.
The Global Wind Market Update ― Demand & Supply 2014 report
will comprise over 175 pages, with more than 60 tables, charts and
graphs illustrating the development in the global wind market. It
will present FTI Intelligence's latest market forecasts for
2015-2020 and a view of the market by 2025.
"2014 was a record year for the wind industry, but it was mainly
driven by the boom- and bust fear created by the regulatory
uncertainty in China and Germany," explained Feng Zhao, Director at
FTI Consulting and Head of Wind Energy within the FTI-CL Energy
practice. "Although the growth in South and East Asia, and Latin
America will remain strong, without a stable market structure in
Europe and the policy consistency in the U.S., the global wind
market is likely to fall in 2016."
"The wind industry has been through a major overhaul shaking out
a quarter of businesses across the supply chain, combined with a
shift away from FiT-based market mechanisms. Despite the industry
showing its resilience and ability to adapt, the record 50GW
installations disguise the underlying challenges facing the
industry," says Aris Karcanias, Managing Director at FTI Consulting
and Co-Lead of the Company's FTI-CL Clean Tech practice.
The report is authored by members of the FTI-CL Energy practice,
a cross-practice team of energy experts from both FTI Consulting
and its subsidiary, Compass Lexecon. The views expressed in this
piece are those of the authors and are not necessarily the views of
FTI Consulting, its other professionals, its management or its
subsidiaries and affiliates. For more information on the FTI
Intelligence Global Wind Market Update – Demand & Supply 2014
report please contact Feng Zhao at feng.zhao@fticonsulting.com or
Aris Karcanias at aris.karcanias@fticonsulting.com.
About the Report
This press release gives a preliminary overview of the Global
Wind Market Update ― Demand & Supply 2014. The Global Wind
Market Update ― Demand & Supply 2014, to be published in March
2015, examines the development of the land based and offshore wind
markets in 2014. Specifically the report provides rankings for the
major turbine OEMs and developers, market segmentation, technology
trends, market structures and penetration rates, and wind market
forecasts for 2015-2020 and predictions through to 2025.
The report reflects FTI Intelligence's current expectations
based on market data and trend analysis. The final results will be
published in the Global Wind Market Update ― Demand & Supply
2014. They may differ from the predictions and expectations
outlined in this press release. FTI Intelligence and FTI Consulting
are not obligated to update any of the information contained in
this press release or the final report.
About FTI Intelligence
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About FTI Consulting
FTI Consulting, Inc. is a global business advisory firm
dedicated to helping organisations protect and enhance enterprise
value in an increasingly complex legal, regulatory and economic
environment. With more than 4,400 employees located in 26
countries, FTI Consulting professionals work closely with clients
to anticipate, illuminate and overcome complex business challenges
in areas such as investigations, litigation, mergers and
acquisitions, regulatory issues, reputation management, strategic
communications and restructuring. The company generated $1.76
billion in revenues during fiscal year 2014. For more information,
visit www.fticonsulting.com and connect with us on Twitter
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