Slow U.S. Onshore-Wind Market Growth 'Frustrating,' but Vestas Remains a Good Pick

The growth in the U.S. onshore-wind market has been frustratingly slow but remains an attractive opportunity in the medium term, Citi said, highlighting Danish wind-turbine maker Vestas as its top pick. "For a market that in theory offers structural growth, progress in onshore wind has been frustrating: we expect 2024 to be the second consecutive year of flat volumes," Citi analysts wrote in a research note. U.S. tax-credit guidance is gradually coming through, but slow permitting times, grid bottlenecks and higher rates contribute to slower-than-expected growth, they said.