In this article, we will look into the 15 biggest wind energy companies in the world. If you want to skip our detailed analysis, you can go directly to the 5 Biggest Wind Energy Companies in the World.
Wind Energy Market: An Analysis
According to a report by Precedence Research, the global wind energy market was worth $81.31 billion in 2022. The market is projected to grow at a CAGR of 10.10% and reach $211.85 billion by 2032. The growth can be attributed to the rise in the demand for renewable energy and government incentives to support the shift to clean energy.
Segment-wise, the offshore segment dominated the market in 2022. The growth can be attributed to modern technology and comprehensive solutions available for the development of offshore wind energy projects. The onshore wind segment is expected to be the most opportunistic segment over the forecasted period. Based on application, the market was dominated by the utility segment in 2022.
Offshore wind farms are becoming a popular trend in the market, providing growth opportunities for deep-water projects with high speed and a favorable operating environment. Countries are working to increase their offshore wind energy production capacity, For instance, on March 12, Reuters reported that Japan aims to be a key player in offshore wind energy development. The current capacity of the country is 136 MW, compared to Britain’s 14 GW and China’s 31 GW. The country is aiming to reach 10 GW by 2030 and up to 45 GW by 2040. The country recently approved legislation allowing the development of wind farms in the exclusive economic zone (EEZ). This will help them build wind farms of larger capacity.
The wind energy sector in the European Union had a substantial rebound in 2023. On February 28, Reuters reported that the sector set a new record for wind farm installations with a significant rise in investments in 2023. In 2022, the market growth was dampened by the geopolitical tension in the European region. However, the EU policies streamlining the permit process and funding are the drivers of market growth in 2023. If the region continues its progress toward a clean transition, WindEurope expects it to reach its ambitious 2030 wind energy targets.
Major Players in the Wind Energy Market
Some of the leading companies in the wind energy market include Iberdrola, S.A. (OTC:IBDRY), Vestas Wind Systems A/S (OTC:VWDRY), and GE Vernova.
Iberdrola, S.A. (OTC:IBDRY) is a leading wind energy company. On March 13, the company announced that its US subsidiary is set to install its fifth onshore wind farm in Illinois. The new park by Iberdrola, S.A. (OTC:IBDRY) will have 334 turbines and a total capacity of 153 MW, generating 550,000 MWh of energy per year. It is equivalent to the consumption of 50,000 homes in the US. The construction of the park will create nearly 300 jobs in addition to the permanent jobs upon the completion of the park.
Vestas Wind Systems A/S (OTC:VWDRY) is one of the top wind energy companies in the world. On March 14, the company announced that it had been awarded a contract for the supply and installation of the turbines for the Cimarron wind farm in Tecate, Baja California. The farm is owned by Sempra Infrastructure and has a total capacity of 582 MW. This project will be the third phase of the Energia Sierra Juarez Wind Complex. Vestas Wind Systems A/S (OTC:VWDRY) will provide the company with 46 4.5 MW turbines and 18 6.2 MW turbines. The order also includes a 10-year service agreement for energy production optimization. The turbines will be delivered by the end of 2024.
Now, let’s have a look at the 15 biggest wind energy companies in the world.
15 Biggest Wind Energy Companies in the World
Methodology
To rank the 15 biggest wind energy companies in the world, we exhausted our research by looking at sources including market reports, our own rankings, and other similar rankings across the web to find the biggest private and public companies. We then screened for renewable energy companies using Finviz and Yahoo Finance stock screeners to make sure we did not miss any public companies. Finally, we compiled a list of the 30 biggest wind energy companies by market cap as of March 13, for public companies, and annual revenue, for private companies. We then selected the 15 biggest wind energy companies from our initial list and ranked them in ascending order of the applicable metrics. Please note that we converted market caps in foreign currencies to USD according to their respective exchange rates, as of March 13.
15 Biggest Wind Energy Companies in the World
15. Northland Power Inc. (OTC:NPIFF)
Market Cap as of March 13: $4.41 billion
Northland Power Inc. (OTC:NPIFF) is ranked among our list of the biggest wind energy companies in the world. The company operates offshore and onshore wind facilities in Europe and Canada. It has a total annual production of over 5,000 GWh. Some of the major offshore wind projects of the company include Hai Long, a 1,022 MW project in Taiwan, and the Baltic Power offshore project with a capacity of 1,140 MW in Poland. The company is also developing two onshore wind projects in New York. As of March 13, Northland Power Inc. (OTC:NPIFF) has a market cap of $4.41 billion.
14. Suzlon Energy Ltd (NSE:SUZLON)
Market Cap as of March 13: $6.13 billion
Suzlon Energy Ltd (NSE:SUZLON) is one of the largest wind turbine manufacturers in the world. Headquartered in Pune, India, the company has an installed capacity of over 20,450 MW and more than 12,860 installed wind turbine generators. The company provides renewable energy services to over 1,900 customers globally. As of March 13, Suzlon Energy Ltd (NSE:SUZLON) has a market cap of $6.13 billion.
13. Acciona S.A. (OTC:ACXIF)
Market Cap as of March 13: $6.76 billion
Acciona, S.A. (OTC:ACXIF) is ranked among the biggest wind energy companies in the world. It is a leading infrastructure and renewable energy company. The company provides a variety of solutions including 100% renewable electricity supply, smart charging, and innovative energy technologies. The company is a leader in wind energy with 9,387 MWP installed capacity and over 6,000 wind turbines. In 2023, the company produced 19,141 GWh of wind energy. As of March 13, Acciona, S.A. (OTC:ACXIF) has a market cap of $6.76 billion.
12. Brookfield Renewable Corporation (NYSE:BEPC)
Market Cap as of March 13: $9.18 billion
Brookfield Renewable Corporation (NYSE:BEPC) is a leading renewable energy company, boasting an experience of over 120 years. The company provides wind, solar, and hydroelectric energy solutions. It has a total installed capacity of 19,000 MW with 18,000 MW in the pipeline. The company boasts a strong wind energy portfolio with a capacity of nearly 10,945 MW and over 170 wind facilities. As of March 13, Brookfield Renewable Corporation (NYSE:BEPC) is valued at $9.18 billion.
11. Siemens Energy AG (ETR:ENR)
Market Cap as of March 13: $12.29 billion
Siemens Energy AG (ETR:ENR) is a major energy technology and renewable energy company. The company provides renewable energy services through its subsidiary, Siemens Gamesa Renewable Energy. The company offers offshore and onshore wind energy services and also provides wind tower operation and maintenance. As of March 13, Siemens Energy AG (ETR:ENR) has a market cap of $12.29 billion.
10. Avangrid, Inc. (NYSE:AGR)
Market Cap as of March 13: $13.81 billion
Avangrid, Inc. (NYSE:AGR) is a leading utilities and renewable energy company. The company serves more than 7 million people and has developed 8.7 GW of renewable energy capacity. The company is building the first large-scale offshore wind project in the US, which will deliver clean energy to 400,000 homes and businesses upon completion. Moreover, it is developing three other projects with a capacity of 1,200, 804, and 3,500 MW. As of March 13, Avangrid, Inc. (NYSE:AGR) is valued at $13.81 billion.
9. EDP Renováveis, S.A. (OTC:EDRVY)
Market Cap as of March 13: $14.79 billion
EDP Renováveis, S.A. (OTC:EDRVY) is a leading renewable energy company, specializing in wind energy. The company has over 270 wind farms and operates in 28 international markets across the world. As of March 13, EDP Renováveis, S.A. (OTC:EDRVY) has a market cap of $14.79 billion. It is one of the biggest wind energy companies.
8. Ørsted A/S (OTC:DNNGY)
Market Cap as of March 13: $21.42 billion
Ørsted A/S (OTC:DNNGY) is a leading renewable energy company, specializing in the development, construction, and operation of offshore and onshore wind farms. The company has an offshore wind capacity of 5 GW in development on the East Coast, and 4 GW of onshore wind and solar projects in operation across Texas, the Southeast, and the Midwest. As of March 13, Ørsted A/S (OTC:DNNGY) has a market cap of $21.42 billion. It is ranked 8th on our list.
7. Vestas Wind Systems A/S (OTC:VWDRY)
Market Cap as of March 13: $28.59 billion
Vestas Wind Systems A/S (OTC:VWDRY) is one of the biggest wind energy companies in the world. The company is an industrial leader in sustainable and clean energy solutions. It specializes in the designing, manufacturing, and installing of wind turbines. The company has a capacity of over 154 GW of wind turbines in 87 countries. It has over 132 GW turbines under service. As of March 13, the company has a market cap of $28.59 billion.
6. GE Vernova
Expected Revenue (2024): $35 billion
GE Vernova is ranked 6th on our list of the biggest wind energy companies in the world. It is a renewable energy subsidiary of General Electric Company (NYSE:GE). The company has nearly 55,000 wind turbines. With an experience of more than 130 years, GE Vernova helps in the generation of nearly 30% of the world’s electricity and has a significant role in energy transition. General Electric Company (NYSE:GE) expects GE Vernova to generate up to $35 billion in annual revenue in 2024.
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Disclosure: None. 15 Biggest Biggest Wind Energy Companies in the World is originally published on Insider Monkey.