The bank expects Danish manufacturer Vestas to be best placed to benefit from the recovery in original equipment manufacturers' (OEMs) fortunes, along with Nordex, Gamesa and Suzlon.

HSBC says that since January, OEM share prices have outperformed their respective indices, with the exception of Suzlon.

“A feature of the Q4 and Q1 results has been a generally more positive tone from the wind OEMs for 2013.