Lincoln Electric Case Study from GWEC's Global Wind Report 2023
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Lincoln Electric has become the global leader in arc welding and cutting, and is renowned as The Welding Experts® worldwide. With the industry’s leading team of experts and most comprehensive portfolio of solutions, Lincoln Electric continue to advance innovation and deliver measurable value to their customers and operations. They also remain true to our guiding principle, “The Golden Rule,” and share a purpose of operating by a higher standard to build a better world. By aligning all of their stakeholders’ interests through a unique, performance-based incentive management system, they continue to generate value and pursue long-term success.
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About the Global Wind Report 2023
The theme of the Global Wind Report 2023 is Wind energy: the coming acceleration.
The report explores the many challenges facing the wind power sector in the context of the combined impacts of financial troubles, supply chain constraints and the energy crisis. The past year has seen wind turbine manufacturers struggle to make profits at the same time as western economies suffered the energy shock caused by Russia’s invasion of Ukraine and the industry felt more acutely the urgency to address shortages in the supply chain.
The traditional hurdles of insufficiently supportive government policies alongside economic and geopolitical concerns have been compounded by the growing problem of constrained supply chains, sparking a race to self-sufficiency in some quarters. Dramatic acceleration is going to take the sector into new territory, with the supply struggling to address growing demand. The industry needs to get through today’s challenges and start thinking seriously about what’s to come.
GWR 2023 assesses how some of these challenges are being addressed with vigour in the key wind energy markets, from the Inflation Reduction Act in the US to Europe’s critical raw materials focus and China’s technological leadership. It also explores the issues surrounding Just Transition, the role of women in the sector, and the burgeoning expansion of offshore wind.