Can GE Dominate the World’s Wind Energy Market?
Danish turbine maker Vestas Wind Systems (PINK:VWSYF) is facing a challenge from General Electric (NYSE:GE) in the fight to dominate the world’s wind market. According to one report, the Fairfield-based company has already achieved this feat after Vestas lost its grip on a market it has controlled since 2001. Will it allow GE to take control of the world’s energy market for good?
Conflicting reports put GE either slightly ahead or just behind Vestas, which improved its market share by 1 percent in any estimation. GE’s innovations in the industry and solid brand have allowed it to gain steadily on the Danish company, culminating in a hotly contested fight for first place. With markets emerging in several regions of the world, the struggle for energy supremacy is worth considering.
GE followed the news with a press release on Thursday announcing it had produced the “world’s most efficient high-output wind turbine.” Working closely with a renewable energy institute based in Holland, GE celebrated a decade-long struggle to perfect the technology that could keep it ahead of Vestas in the near future. Vestas, reeling from the encroaching energy giant, refuses to confirm that GE has passed it in the wind-turbine game.