Wind turbine makers racked up hefty losses last quarter, swelled by rocketing costs and cut-throat competition despite being more in demand than ever.
Soaring raw material costs have hit several industries but especially hurt the wind supply industry as turbines are 90% made of metals like steel and aluminium.
Delays in the broken supply chain and a more than quadrupling of freight costs since 2020 are also bad for an industry requiring specialised freight solutions to move huge components across the globe. The good news for the industry is that while costs are rocketing, demand is also at very high levels due to the global energy transition away from polluting fossil fuels and more recently in response to countries trying to wean themselves off Russian oil and gas.Current wind targets around the globe indicate that roughly 1 million new turbines will be installed between now and 2050, according to Director of Research at energy transition consultancy Brinckmann, Shashi Barla.
"The mid to long term fundamentals are stronger than ever but this will not preclude the fact that the OEMs are facing challenges in the near term," Barla said. Longer term, it seems likely that Chinese turbine makers, which have not yet made their mark in Europe, could want a piece of the action and even come to dominate it, similar to the solar industry."Otherwise I will find it difficult to imagine how all these growth targets can be met," he said.
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