Vestas Warns of Rough 2023 for Wind-Energy Market

January 31, 2023--Researched by Industrial Info Resources (Sugar Land, Texas)--Vestas Wind Systems A/S (Aarhus, Denmark) is the latest renewable-equipment developer to sound the alarm on significant challenges facing the renewable-energy sector in 2023. High material costs, driven in part by supply-chain problems, persistent inflation and slowing approvals for new wind-energy projects are bedeviling industry players, particularly in Europe, where the war in Ukraine is driving up demand for steel and other materials necessary for wind-energy equipment.

Industrial Info is tracking $34.7 billion worth of wind-energy projects across the U.S. that are using, or considering using, Vestas wind turbines. Vestas did receive some good news in the U.S., however, where it obtained high-profile orders from AES Corporation (NYSE:AES), Apex Clean Energy Incorporated and TransAlta Corporation (NYSE:TAC).

Other wind-energy players to hit roadblocks over the past year include Ørsted and Eversource Energy (NYSE:ES).