3 Key Companies in the Renewable Energy Industry
Renewable energy continues to thrive, especially in the increasingly environmentally conscious world we live in today. The industry is steadily growing, and it accounted for around 28% of the global electricity generation before the pandemic hit. Now, it remains resilient and as strong as ever.
In 2020, renewable energy increased by 3%, while the demand for all other fuels declined. Despite lower overall electricity demands and construction delays, the renewables industry continued to thrive mainly because of priority access to the grid, continuous installations, and long-term contracts.
In 2021, renewable energy generation will likely expand by more than 8%, with solar PV and wind contributing around two-thirds of the industry’s growth. Many energy companies currently stand at the forefront of the transformation towards renewable energy and are now key players in the industry. Here are some of the enterprises worth watching closely:
Company #1: Vestas Wind Systems
Vestas Wind Systems is a wind energy company based in Denmark, and it focuses on the development, manufacturing, and installation of wind turbines. They also have a service segment offering contracts, spare parts, and other solutions, and they’ve grown massively in recent years.
Vestas Wind Systems has provided scores of countries worldwide with wind equipment. In fact, they held the title of the world’s largest supplier of wind turbines globally in 2020, thanks to their effective geographic diversification strategies. The company has installations in more than 80 countries across the globe.
The company achieved new installations in 32 markets in 2020, performing strongly in Australia, the Netherlands, France, Poland, Norway, Russia, Brazil, and the US. It also built the V236-15.0 MW, their largest and most powerful offshore wind turbine.
Company #2: Siemens Gamesa Renewable Energy
Siemens Gamesa Renewable Energy is a Spanish-German company selling onshore and offshore wind turbines and other related equipment, and it also offers reconditioning and maintenance services. It’s one of the biggest names in the green energy market and has installed technology in over 90 countries.
Siemens Gamesa installed equipment in 31 markets in 2020, but they reported only 8.7 GW of new installations, 1.2 GW lower than in 2019. It had a slow year of offshore wind in Europe, but it still remains one of the largest suppliers in offshore markets.
The company recently launched its biggest wind turbine with a 14-megawatts capacity and is set to be commercially available in 2024. Once it’s available, it will likely be the most powerful wind turbine in the market today.
Company #3: Ørsted
This Denmark-based multinational power company never falls from the top of these lists, as it is one of the biggest names in the renewables industry. It focuses on many renewable energy solutions, with wind, bioenergy, and thermal power segments.
Ørsted has installed more than a quarter of the offshore wind capacity globally, and it plans to become the #1 company in green energy. The enterprise plans to invest 350 billion Danish crowns by 2027 to further diversify and develop its multiple business segments.
Renewable energy has seen massive growth over the past decade, and despite the many drawbacks the world faced during the pandemic, the industry has remained resilient and has achieved continuous installations worldwide. The transformation towards green energy has never been more palpable, and the companies mentioned above are significant players in this global change.
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