Wind Energy Science

This is not a happy story. But it’s a story that strongly hints at an exciting sequel of events and facts. Wind Energy Science (WESCi) and its industry market research division, is closely watching the impact of COVID-19 (coronavirus) on the wind power industry around the world.

We assess the growing impact of coronavirus on wind power business and share insights on how organizations and companies need to plan their response on this pandemic and deal with the uncertainties associated with this pandemic.

Research limitations/implications

Wind Energy Science (WESCi) and its industry market research division, is closely watching the impact of COVID-19 (coronavirus) on the wind power industry around the world. We assess the growing impact of coronavirus on wind power business and share insights on how organizations and companies need to plan their response on this pandemic and deal with the uncertainties associated with this crisis.

This report and the survey are based on several months of research, with Wind Energy Science professionals analyzing thousands of financial reports, strategic roadmaps, and websites.

The report is designed to offer guidance on good practice to wind power professionals, developers, manufacturers, project managers and investors, who assess and prepare their own organizations for the next day.  Unfortunately, we cannot predict the degree of uncertainty surrounding our projections because the pandemic is a truly unprecedented event with no adequate historical paradigm with which to precisely present our prognosis.

• Despite the herculean efforts by central banks and governments in Europe, Asia and the USA WESCi slashes its wind energy global development forecast for next quarter, now sees a 25% contraction and an imminent recession despite ‘Herculean’ stimulus measures.
• Currently, almost all wind energy businesses are increasingly unsure of the long-term impact of the COVID-19 pandemic. This uncertainty led to a sharp and significant reduction in business confidence and manufactures, developers and service providers across the world appear pessimistic about the future – business confidence plunged to a historical low.
• Employment and hiring declined for the first time in nearly ten years with job losses particularly sharp in Austria, the UK, Italy, Spain, Germany, Greece, and Ireland.
• In wind energy engineering export sales are expected to decline, marking the first time since 2009 that export expectations were this pessimistic.
• A powerful uncertainty flow is now rising.
• Targeted and applicable economic policy measures required. Economic policy measures must be tailored and targeted to the specificities, risks and uncertainties of the pandemic. The timing and communication of the measures are vital. The most important goal is to secure investors and public’s trust so that the health crisis does not turn into a systemic economic crisis that holistically affects the labor and financial markets.
• Long-term Emergency Aid Measures for the Wind Energy Industry. The current coronavirus pandemic will hit our economies hard: current scenarios and forecasts predict a deep recession for all the markets. The longer the restrictions imposed the more serious the consequences will be. Added to this is the collapse of global supply chains, which is hitting the wind energy industry particularly hard in China, Germany, the USA and India.

Unfortunately, the results of this study indicate a bleak picture for our industry for the next months. Put simply, it’s tough to be optimistic but giving ourselves a chance not to slip down the spiral of pessimism can produce a constructive persistence and a long lasting resilience for our industry itself. Please mention that this document contains “forward-looking statements” – that is, statements related to future events that by their nature address matters that are, to different degrees, uncertain.