July 3 (Bloomberg) -- Wind turbine makers around the world reported 50 percent fewer orders in the first half of 2009 than a year earlier and the market won’t improve until the last three months of the year, an industry consultant said.

Manufacturers have made “widespread” job cuts and prices for turbines in Europe and the U.S. have fallen 5 to 25 percent in the same period, according to a research-note excerpt posted today on the Web site of MAKE Consulting.

Wind turbine producers, including leaders Vestas Wind Systems A/S and General Electric Co.’s energy unit, face delays and cancellations as banks hesitate to approve financing for wind-park developers amid the credit crunch. Vestas, based in Randers, Denmark, is cutting about 1,900 jobs this year, while LM Glasfiber, the world’s biggest maker of turbine blades, has slashed more than 1,000 positions.

“Supply-side players are left with growing inventories, leading to lower prices and cost-cutting measures,” according to Hoejbjerg, Denmark-based MAKE’s report.

Vestas fell as much as 2.8 percent in Copenhagen and declined 8.5 kroner, or 2.3 percent to 370 kroner at 11:48 a.m. local time. The shares have lost 39 percent the past 12 months.

The U.S. market, where the slump has been “most evident,” may record the fastest recovery as President Barack Obama’s stimulus package and new legislation to limit carbon dioxide emissions will “optimize” the country’s position for growth in renewable energy, MAKE said. “As the U.S. market recovers, the global industry will shortly follow.”

To contact the reporter on this story: Christian Wienberg in Copenhagen at cwienberg@bloomberg.net

Last Updated: July 3, 2009 06:39 EDT