The hottest topic in Europe’s wind energy sector lately is industry consolidation.

Entrecanales, CEO of Spain’s Acciona Group – majority shareholder of Nordex – has publicly spoken in favour of mergers between European turbine manufacturers, calling for the creation of an “Airbus of wind power” to go toe-to-toe with Chinese players.

Since the remarks emerged, Europe’s remaining four major turbine OEMs – Vestas, Nordex, Siemens Gamesa and Enercon – have all been caught up in merger speculation. Three of them are staying silent and assessing the options, while one has come out straight to say no: long-established German manufacturer Enercon.

Behind the merger talks lies a shared anxiety among European turbine OEMs. Backed by cost and capacity advantages, Chinese turbine manufacturers are making rapid inroads into third-country markets worldwide. Combined, Europe’s big four players account for 94.5% of new installations in their home market, but globally their market share is being rapidly eroded by Chinese rivals.

Entrecanales put it bluntly: scale is the core factor, and industry consolidation is the only way to achieve economies of scale. The CEO of Nordex also drew a parallel with the aerospace industry: if Europe continues with multiple fragmented competitors, it will never compete with China on cost. Airbus is the prime example – it was only when European countries consolidated their aircraft manufacturing sectors that they could hold their own against Boeing. Now the wind industry wants to follow the same playbook.

Turning to Enercon: the company holds a unique position in Europe’s wind industry.

Founded in 1984 in Aurich, northern Germany by Dr. Aloys Wobben, Enercon has been the dominant player in Germany’s onshore wind market since the mid-1990s. It has over 65 GW of cumulative installed capacity worldwide, employs around 13,000 people, and offers turbines ranging from 2 MW to 7 MW. Its latest flagship model, the 7 MW-class E-175 EP5, has just received certification and entered volume delivery.

Yet Enercon has had a rough ride. Following the 2019 market collapse, the company went through years of crisis and comprehensive restructuring, and has only recently turned a corner. In 2025, it posted revenue of around €4.5 billion, up 16% year on year, with a net profit of €12 million – its first profit in years. New orders reached €6 billion, a 40% increase. Put simply: it is fresh out of intensive care and still finding its feet.

CEO Udo Bauer has made his position clear: merger is not on the table.

“We are pursuing our own growth strategy – regardless of what competitors may be considering,” he said. “Having navigated years of crisis and comprehensive restructuring following the 2019 market collapse, we have successfully turned around the business and are relaunching with a new focus as an integrated solutions provider.”

Bauer’s confidence stems from two factors: first, strong sales of its new 7 MW turbine, with orders outperforming expectations; second, the company’s push into wind-storage integration, offering complete wind-plus-storage solutions rather than just turbines. In Bauer’s view, Enercon has only just dug itself out of the mire under its own steam – merging now would likely make it the side dish rather than the main course. Better to get its own house in order first than be absorbed by others.

At its core, the question of whether European turbine OEMs should merge boils down to a choice: consolidate to scale up, or go it alone to carve out their own path?

Proponents of consolidation argue that without integration there can be no scale, and without scale Europe cannot compete with China. Opponents counter that the European market is already concentrated enough, and further mergers would only stifle competition. What’s more, the wide gaps in technology roadmaps and corporate cultures across players mean integration may not deliver the desired results.

Enercon has chosen a third path: first perfect its 7 MW platform and wind-storage solutions, and let its products do the talking. After all, Airbus was built through consolidation – but Boeing never grew strong by merging with others.