Vestas said it is laying the ground to lead a “more mature and unsubsidised” future wind industry that is likely to see more consolidation, as the OEM unveiled full-year results that saw revenue and earnings fall in 2017 amid downwards price pressure.

The Danish group said revenue and profits remain at “a healthy level” despite the downturns, which it said came after a year of “fierce competition, price pressure and the continued maturity of the wind energy sector”.