The world’s largest wind turbine manufacturer has weathered the storm 

By Anders Lorenzen

Unlike many of its competitors, Vestas, the Danish wind turbine manufacturer, has turned its fortunes around.

After enduring some difficult years, in 2024, the world’s largest manufacturer of wind turbines recorded a profit of 3.27 billion Danish Kroner (dk) – a staggering 600% increase compared to 2023. Its turnover increased by 12% to 129 billion dk. 

The wind turbine company has come a long way since it hit rock bottom in 2022, recording a deficit of 12 billion dk. According to Vestas CEO Henrik Andersen, the company took a new approach, steering away from risky projects and prioritising quality over quantity. This strategy has paid off. 

Quality over quantity

CEO Andersen explained: “Our progress in 2024 was driven by our relentless focus on value over volume and improved execution amidst geopolitical uncertainty expected to disrupt societies and businesses in the coming years. In this environment, wind energy is key to building an affordable, secure, sustainable energy system.  And we continue to deliver on our strategic priorities, including ramping up manufacturing to deliver on our order backlog and help the world meet its growing energy needs.”

In 2024, Vestas received orders totalling 17 gigawatts (GW) of wind energy capacity for onshore and offshore wind projects.

The wind turbine giant admits that some level of uncertainty has come back on the agenda since the election of Donald Trump. Despite that, Vestas is confident that 2025 will continue to add to the company’s progress, which still has some confidence in the US market.  In its forecast, it expects further gains compared to 2024, with an expected turnover between 134 to 149 billion dk, and a profit of five to ten billion dk.

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